It's been a long journey but we're finally starting to make some sense of it all.
In Episode #408 of 'Musings', Juan & I discuss: why the initial entry point for most westerners will be through investing, why we still continue to find BTC fascinating, suggested recommendations to actually learn about it, why it takes such a long time to fully comprehend and why you should only look at it if you've got a long time horizon.
Massive thanks to Dave Jones, Cole McCormick & McIntosh for the support! Really does warm our hearts <3
Timeline:
(0:00) - Fully sick intro
(2:50) - Definition
(4:43) - How much do we want?
(8:53) - Investing focus
(14:58) - Buying a portion of the internet
(18:24) - Resources for learning
(24:29) - Boostagram Lounge
(29:46) - Bitcoin adjacent topics
(33:18) - The tech is confusing
(37:16) - But Bitcoin is rational
(40:47) - The current financial system is insane
(45:49) - Summary
(52:44) - Predictions
(56:36) - V4V: Support the podcast
Intro Music by 'Signs Of New Growth':
https://podcastindex.social/@SignsOfNewGrowth
Connect with Mere Mortals:
Website: https://www.meremortalspodcast.com/
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Value 4 Value Support:
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We can be Mere Mortals. Welcome
Mere Mortalites to
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00:00:09,384 --> 00:00:12,303
another edition of Musings
Here at the Mere Mortals.
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You got Juan on this corner.
And Kyrin here as it.
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Is, 31st of August 2023.
And I come to you sick,
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sick as a dog, folks,
and someone who's
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just watched a recent
live of me as well,
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they said, Damn, you could just
add as fuck. Now that correct.
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I am definitely congest
the shit, but that's okay.
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We travel on.
At least we are far apart here.
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But not to get too far
for you in the airwaves.
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And whether you watching a video,
whether any of those new
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podcasting apps out there
that might allow you
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to send through
small fractional amounts
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of Bitcoin like the TV. And today
we're going to be talking
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all about Bitcoin.
Now, this is a topic I came up
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with a few weeks ago.
Something easy, right?
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There's not going to be
a particularly long, etc.,
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I particularly think.
But it's also not going
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to be something where
we're going to get into
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weeds or the technical
levels of bitcoin or some.
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It might not
even get to political,
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it might not get into some
of the largeness of what
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Bitcoin is or isn't,
because that's
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what we do here, right?
Many more. Let's let me model.
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We're not going to be
doing that, but
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we'll be probably going
to have a conversation
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about its Bitcoin
in its gentleness to do with it
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being Bitcoin and talking about
just your average individual.
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Be a model out there,
consuming it, using it,
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participating with it.
Why would you use it?
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Everything like that.
Now, maybe what we've
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learned over the past
two years because, well,
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even three years
because we did an episode,
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episode 44
on cryptocurrencies back
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in, I think this was April
of 2020. So it was very good
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three and a half years
past that basically.
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And that was a couple
of things we said in there which
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were completely ignorant
and which. And interestingly.
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Think we've learned some stuff.
Yeah, yeah. And interestingly
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enough as well, you know,
Fossil at three years
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will probably be able
to look back on this episode
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and go, Fuck, we're
still pretty ignorant.
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And so maybe. Not with this.
I think I think. If you want to
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if you want to scratch,
if you want to scratch a
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little bit of the surface
around me Immortals,
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one of the main reasons
I wanted to do this
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podcast was basically
because it was the
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the idea that there's
a law podcast out there
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like the Joe Rogan
or like Friedman appeared
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or a tier or Tim Ferriss,
which is the top
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talking to the top, you know,
you're talking to tip top
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and how they get their.
But I wanted to talk
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to mere mortals
or talk about ideas
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and to be very me
and more like way
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to kind of showcase or discover
as you're going
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through a conversation
or even throughout the journey
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of people of okay, cool. We're
just talking about a topic
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which you don't experience,
but maybe we can try
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to connect and show how a just
your average individual
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might consume this particular
top of your content.
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No. Yeah, definitely.
I pulled this particular
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little definition,
but it comes from bitcoin Reddit.
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Okay. Which was created
trying to guess when.
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Bitcoin read it.
I mean, it'd be hilarious
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if it was even before the the.
For the white paper.
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I would I don't
I can't have been too long
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after it's after it's
kind of release I want to say
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February 2019. 2019. Sorry. 29 TS
I was like, Damn, dude.
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Yeah, that was not too
long after, you know?
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I mean, us guys like it,
but it was September nine, 2010,
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so it was all year plus.
Oh, yeah, yeah, yeah.
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So a little while later
now they have a little
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summary around this as Bitcoin
is the currency of the internet
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distributed worldwide,
decentralised digital money,
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unlike traditional currencies
such as dollar bitcoins
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are issued amounts
without any central
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authority whatsoever.
There is no government company
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or bank in charge of Bitcoin.
As such, it is more resistant
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to wild inflation
and corrupt banks.
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With bitcoin you could be
your own bank.
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Now, I don't know how much
of that was written like then
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and never changed
or whether it's changed
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over time. But it's interesting
that they had a lot of
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the bank corrupt banks,
which I could only assume
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was to do with the 2008
global financial crash
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and maybe a lot of like
banking thing and corrupt
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things around it.
So there's a bit
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of a detail about it now.
We could get into many other
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definitions of Bitcoin. Honestly,
my recommendation would be
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go read the white paper, like,
go read the white paper,
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go away for a year,
go read it again,
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Go away for now two years.
Come back and read again.
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That's probably a good way
of really knowing because.
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To be honest. That to be honest.
But I wanted to start a
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particularly
in a different stream
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for this question,
and then we can go
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and I think you go
to a few other topics
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that we could talk about,
but my mom was there's a talking
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about the rate of Bitcoin.
I went in there not too long ago
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and I saw this particular person.
I was like, Oh, this is
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I wanted to ask you this
because I wasn't sure
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what my answer was. Would have
I'll have an answer
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for the age old question.
If Bitcoin was mainstream,
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how much would you need
to be well-off
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and in this particular
post that he's done
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or she has done, there's no mats,
although it's at source,
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I do math, but they've said,
you know,
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if it was to become this,
this and this and this, basically
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all you did is point for Bitcoin.
That's it. That's what
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it will be being well off.
I wanted to partner up
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with the question
of being for you content.
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Do you have a target of
when enough is enough and
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what's your reasoning for
calling it enough? Hmm.
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No, I don't.
Yeah, it's it's more of a
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I want this thing.
I want as much of it as I can.
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So the deal so there's no
particular target for me
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and that will change
because it is
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my interactions with it
are very, very different
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now than they were
when I, when I first
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acquired some in 2017,
held on to it,
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did all the wrong things,
you know, left in on exchange,
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sold it just before and I
before it picked up again.
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Classic sort of sort of deal
And now it's it's my approach to
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it is very much more different
to to what it was say
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in that 2020
when we were discussing. But I'll
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I'll maybe get on to that so and
to answer in fullness and
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no there's no target per
say it's more
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I just want this thing and so
yeah the more the better.
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Like an undefined limit for you
basically as long as you're
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operating and living
beyond those means.
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20 21,000,001 Bitcoin. Funnily
enough, I actually saw a,
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a very similar thing
on, on Twitter, which was
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someone saying
if you wanted to retire
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with on Bitcoin,
how many would you need,
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how much would you need?
And through his and he did
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use math in this and his answer
was 3 to 5 bitcoin in in. Sorry
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if you wanted to retire
in five years on bitcoin,
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how much would you need?
And he said 3 to 5. That was
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that was his thing.
So let's get to
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some other random numbers being.
Absolutely not helpful
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because it doesn't
take into account any of your
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personal circumstances.
But that is okay. Let's just.
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Be on the point that
there's a. Number for you.
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Yeah, for me, I mean,
just quickly, for me looking at
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and I was thinking about
that question of like,
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well, is it one Bitcoin is a two,
Bitcoin, is it ten? Is it 100,
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is it a thousand?
Jake's folks, we don't
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we're not even close.
So that was Bitcoin.
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But you know, for me
personally, I went
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I think more and more
the way that I look at is
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just as another
investment asset and one
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but in one aspect of it.
But I conceptualise it
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as like percentage
or the size of it. I look at it
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in the same way that I might
look at holding cash
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in somewhere else.
So holding an asset
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like a property
or holding shares, it's
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like I can be confident and happy
that I've got 510,
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50% of my net worth
against that particular asset.
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It offsets against inflation
and offsets against other assets.
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So then from a whole
financial position,
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I'm in a position
where it's okay, you're
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levered to provide
hopefully profit
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if certain things go right
and some others don't,
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and this one's
going to be supporting.
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So there's one
aspect to that for sure.
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But then the other,
I think in a very similar vein,
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what you're talking about
now, it's going to have more.
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I just want to have more sitting
there in a secured way in
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not in the hopes, but in
almost the understanding
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that one day it's
going to become a much
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higher operating force
than what we see
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in today's world.
What that looks like,
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again, you know, I can't even
conceptualise again
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whether it becomes
the overwhelming currency
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and that is currency.
There is no fiat
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and we call things in
Satoshi, right? Who knows.
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But I go the future
seems like he's going to
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have a hand with Bitcoin,
so I want to have more of that
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just to be able to participate,
more of whatever comes next.
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That sort of the mentality. Yeah.
You brought up the word
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that I wanted to talk about,
which was investing.
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And so if you go back
to that episode 44,
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you could see we were
so focussed upon that
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almost the entire episode.
Now this was on cryptocurrencies
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and not on Bitcoin,
but the whole episode
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was revolving around, okay,
what are these things?
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And you know,
can I make money from it?
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It wasn't like as bad
as you'll see on some
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some crypto podcast. It could day
and there's definitely some hard
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well there's definitely once
there's some like interviews
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where they'll bring in some
you know quite notable You know
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I'm just like bitcoin as I'm
something just people
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in the industry
or expertise or crypto
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kind of like what do you reckon
because going to be. Predictions
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like that. Yeah. So this is
when I'm saying this,
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I'm thinking more along
the lines of the pomp. Anthony
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Pompliano his, his.
It's very much
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00:09:45,585 --> 00:09:51,841
that that lens of viewing
it is through investing which,
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which kind of makes sense
because when you first
200
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come out of it such a geeky
you know,
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the people who got into it
initially were the geeks,
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the tech people,
the libertarians, the PAP's
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really financially repressed
but also innovative type
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individuals.
And the the thing now is,
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as it gets more
and more mainstream,
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it's kind of probably
in the investing type
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of stage. That's
when we entered into it.
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This is probably, you know, the
2013 to 2023 stage where
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00:10:20,201 --> 00:10:28,043
it's like, oh, this is
maybe even a little bit
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late in that 2017 to 2023.
And I think going forward,
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it will hopefully kind of be
a bit more
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behind the scenes again and is
going to be more of a a use case
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in real life sort of deal.
So, you know, what did we talk
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we talked about
investing in that one.
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What didn't we talk about?
We didn't
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00:10:44,976 --> 00:10:48,438
talk about micropayments.
We didn't talk about
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00:10:46,479 --> 00:10:50,774
financial repression.
We didn't talk about how
218
00:10:48,438 --> 00:10:53,318
it can be disaster proof.
We didn't talk about
219
00:10:50,774 --> 00:10:54,570
governmental shenanigans.
We didn't talk about
220
00:10:54,570 --> 00:10:57,740
it being a source of truth,
of being one of the really open
221
00:10:57,740 --> 00:11:01,159
of openness markets
that you can get. And then we
222
00:11:01,159 --> 00:11:04,163
talked a little bit
about number go up.
223
00:11:04,288 --> 00:11:08,250
So, yeah, definitely.
I think in in terms of
224
00:11:08,250 --> 00:11:12,837
how we view it now, it's
there's an investing side to it.
225
00:11:12,837 --> 00:11:16,634
But the all of
those things I just listed
226
00:11:16,634 --> 00:11:22,139
are the things that are
much more interesting
227
00:11:18,885 --> 00:11:25,600
and much more
why it would, you could
228
00:11:22,222 --> 00:11:27,436
view it as an investment
because it can do
229
00:11:25,600 --> 00:11:28,269
all of these things
and that's that
230
00:11:28,269 --> 00:11:32,899
what is what would give me
a surety now compared to
231
00:11:32,982 --> 00:11:35,860
2017 Kyren who had some,
but it was just like,
232
00:11:35,860 --> 00:11:38,739
I don't know why
I've got this thing, but
233
00:11:38,822 --> 00:11:42,784
it's, it's doing something
like it's an investment, I guess.
234
00:11:42,784 --> 00:11:46,871
Yeah. Yeah.
No I think the is the,
235
00:11:46,871 --> 00:11:49,750
the in a lot of assets
when they begin writing
236
00:11:49,750 --> 00:11:52,628
or like in the early days
they're going to be more
237
00:11:52,628 --> 00:11:56,381
so than not quite high
in the variability
238
00:11:56,381 --> 00:12:00,594
of where they sit
in terms of day to day
239
00:11:57,758 --> 00:12:02,221
movement, month to month
movement year in year.
240
00:12:02,221 --> 00:12:03,556
And Bitcoin did that.
There's obviously
241
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a lot of other assets
that you can talk through or did
242
00:12:05,057 --> 00:12:08,018
something like that.
When you have a lot
243
00:12:06,683 --> 00:12:10,019
of that variability,
I think it just attracts you.
244
00:12:10,019 --> 00:12:11,522
Maybe back
then when we were talking
245
00:12:10,479 --> 00:12:12,940
about it, just two tracks
of the view of,
246
00:12:12,940 --> 00:12:17,986
Well shit, this thing can
jump up 20% tomorrow
247
00:12:14,817 --> 00:12:19,447
and that drops 16%.
And like I remember
248
00:12:19,447 --> 00:12:23,325
2021, a lot of people were
getting into the whole
249
00:12:23,408 --> 00:12:26,287
like, Oh, do the day
trading against crypto, you know,
250
00:12:26,287 --> 00:12:28,748
like all because a drop of that
you do a short leverage
251
00:12:28,748 --> 00:12:31,542
on a thousand
and you make all this money
252
00:12:31,542 --> 00:12:34,461
and people do make some money.
Obviously there's
253
00:12:34,461 --> 00:12:35,629
there's going to be losers
at the other
254
00:12:35,629 --> 00:12:39,799
end of that particular
traded awesome So a lot of people
255
00:12:37,005 --> 00:12:41,594
are losing money as well
but the like
256
00:12:39,884 --> 00:12:44,554
where we sit right right
we get we're late August 2023.
257
00:12:44,679 --> 00:12:47,640
The price of bitcoin
if you want to talk
258
00:12:46,056 --> 00:12:50,644
about the price of Bitcoin
hasn't necessarily
259
00:12:47,640 --> 00:12:52,772
moved a whole deal
over the last few months.
260
00:12:50,644 --> 00:12:56,484
Yes, it has dropped.
Yes, it's going up. Yes, it's,
261
00:12:53,980 --> 00:12:59,736
you know, crap crawled.
But I'm more excited
262
00:12:56,484 --> 00:13:01,989
for two parts.
One so of the price
263
00:12:59,736 --> 00:13:04,450
being low enough
that I can comfortably
264
00:13:01,989 --> 00:13:07,995
still pick up I sort of round
number style bitcoin enough
265
00:13:05,743 --> 00:13:11,499
that I'm happy with that
but to it getting to
266
00:13:07,995 --> 00:13:12,792
a more stable perspective,
kind of like a share
267
00:13:12,792 --> 00:13:15,461
kind of like an a
an asset, like a property
268
00:13:15,461 --> 00:13:21,299
where I'd like those assets,
it then becomes useful
269
00:13:21,299 --> 00:13:25,721
in so many other metrics
that then become almost
270
00:13:24,427 --> 00:13:29,015
the important things
and the valuable things
271
00:13:25,721 --> 00:13:30,225
within that of Bitcoin.
So, you know, it's
272
00:13:30,225 --> 00:13:33,312
no longer the conversation
of people, which, you know,
273
00:13:33,312 --> 00:13:34,855
to be honest, if we're talking
to the average people
274
00:13:34,855 --> 00:13:38,567
a lot out there
and you say, Hey, are you
275
00:13:38,650 --> 00:13:41,946
get gatherings of Bitcoin
for yourself
276
00:13:39,735 --> 00:13:45,282
or are you buying some I think
still predominantly
277
00:13:42,403 --> 00:13:46,283
the are going to be well you know
I heard is going to
278
00:13:46,283 --> 00:13:48,284
to X next year
or the next halving
279
00:13:48,284 --> 00:13:51,705
is going to make a real high.
I wanted to get to the point
280
00:13:51,705 --> 00:13:55,793
where it's been either
stable for so long or it moves,
281
00:13:55,793 --> 00:13:58,629
but it moves
in a more gradual sense
282
00:13:58,629 --> 00:14:00,673
where the conversation
can become, Oh yeah, cool.
283
00:14:00,673 --> 00:14:03,466
I'm using bitcoin
because easy to send money
284
00:14:01,340 --> 00:14:08,639
to my parents over overseas.
And you know that I had
285
00:14:04,717 --> 00:14:10,724
a close friend of mine.
He bought diamonds by me
286
00:14:08,639 --> 00:14:14,269
and you know whose particular
individual is now, he did not use
287
00:14:12,643 --> 00:14:15,855
cryptocurrency.
He used cash. Right.
288
00:14:15,855 --> 00:14:19,607
It went through some banks
and whatnot. Get it have to go
289
00:14:18,023 --> 00:14:21,610
through the process of re
obtaining this particular cash.
290
00:14:21,610 --> 00:14:23,696
Now, I'm not saying
it would have been easy
291
00:14:23,696 --> 00:14:25,822
to retrieve
this particular Bitcoin
292
00:14:25,822 --> 00:14:28,033
or whatever cryptocurrency
he was going to be using,
293
00:14:28,033 --> 00:14:30,785
but the actual price of sending
something like that
294
00:14:30,785 --> 00:14:34,373
perhaps being returned
if the other party
295
00:14:31,995 --> 00:14:35,582
was to be trusted seems a hell
of a lot easier.
296
00:14:35,582 --> 00:14:39,711
So there's this valley in
the the usage of Bitcoin
297
00:14:39,711 --> 00:14:43,631
or what it offers as well beyond
just the price, which
298
00:14:43,716 --> 00:14:48,846
I think still doesn't sit as
sort of the prime example
299
00:14:46,427 --> 00:14:49,804
for a lot of people.
But I have a good feeling
300
00:14:49,804 --> 00:14:51,432
that it's going to get
started getting there
301
00:14:51,432 --> 00:14:55,394
a lot sooner than
maybe what we would have
302
00:14:52,932 --> 00:14:59,148
thought back in 2017 or 2020.
Yeah, yeah,
303
00:14:56,562 --> 00:15:03,818
probably In this episode,
I don't want to focus on
304
00:14:59,148 --> 00:15:06,822
any trend of convincing
Stone So, you know,
305
00:15:03,903 --> 00:15:08,197
I listed off a whole bunch
of those things there
306
00:15:08,197 --> 00:15:10,241
about why I think it is
good for people
307
00:15:10,241 --> 00:15:12,285
who have no access
to a financial system.
308
00:15:12,285 --> 00:15:15,998
But you know, to do that, I would
then have to get
309
00:15:14,288 --> 00:15:16,956
into the properties of it
and then I would have to start
310
00:15:16,956 --> 00:15:20,376
talking about decentralisation.
Then I would have to be
311
00:15:18,750 --> 00:15:22,337
talking about, okay,
well this is how
312
00:15:20,376 --> 00:15:23,297
the miners work and thing.
And it's just honestly,
313
00:15:23,297 --> 00:15:24,756
we're not the best ones
for doing that.
314
00:15:24,756 --> 00:15:28,719
There are we'll list
some resources off
315
00:15:25,716 --> 00:15:29,636
at the end for people who
what I want to
316
00:15:29,636 --> 00:15:33,432
showcase is here is like,
okay, I've done my
317
00:15:31,096 --> 00:15:37,019
three years of homework.
I've gained a very high
318
00:15:33,432 --> 00:15:40,063
level of surety
that this is not a scam,
319
00:15:37,101 --> 00:15:42,316
that this is actually
something important.
320
00:15:42,399 --> 00:15:44,360
And you can kind
of be saying like, well.
321
00:15:44,360 --> 00:15:48,072
KHAN Well, you know, if it
if it's so important,
322
00:15:48,072 --> 00:15:50,823
then why are you investing in it
as in like,
323
00:15:50,823 --> 00:15:54,410
I'm putting money into it still,
and this is where it's
324
00:15:52,951 --> 00:15:56,956
kind of like
I view it a bit different
325
00:15:54,410 --> 00:15:59,582
as to how I view something like
stocks, for example,
326
00:15:59,582 --> 00:16:02,086
which I tend to have
invested in in the past
327
00:16:02,086 --> 00:16:05,089
and those I've always been
rather apathetic about.
328
00:16:05,129 --> 00:16:09,342
It's that's a big distance
between me and a mining stock.
329
00:16:09,342 --> 00:16:13,138
I you know, there's some relation
because I did a mining
330
00:16:11,052 --> 00:16:14,597
engineering degree
so I might have a bit
331
00:16:13,138 --> 00:16:15,975
more insight
when reading an annual
332
00:16:15,975 --> 00:16:19,644
report that the average
Joe Blow might get.
333
00:16:19,687 --> 00:16:23,856
But there's always this thing of,
okay, it's this thing,
334
00:16:23,941 --> 00:16:28,320
It's just sitting there.
It might pay me some
335
00:16:25,317 --> 00:16:30,489
dividends, which are nice.
It might go up, it might go down
336
00:16:30,489 --> 00:16:35,535
a relatively track
that over over time and
337
00:16:35,619 --> 00:16:40,289
but there's always just been this
like, I don't care. There's
338
00:16:39,123 --> 00:16:42,375
nothing about in this.
There's nothing
339
00:16:40,289 --> 00:16:44,878
that's interesting
about this thing to me
340
00:16:42,375 --> 00:16:50,842
other than it can make me money.
Whereas now the with Bitcoin,
341
00:16:48,465 --> 00:16:52,510
it's something like
I want this thing
342
00:16:50,842 --> 00:16:54,929
because I think it's
going to be super useful
343
00:16:52,510 --> 00:17:00,019
in the future. I think it's
the equivalent
344
00:16:56,181 --> 00:17:01,812
of being able to just buy
a portion of the Internet,
345
00:17:00,019 --> 00:17:06,275
you know, if you could have just
whatever the Internet is,
346
00:17:03,730 --> 00:17:07,483
you don't really know it,
but you can kind of see like,
347
00:17:07,483 --> 00:17:12,405
Oh, this thing's going to change.
How information works can change
348
00:17:10,237 --> 00:17:15,034
how the world works.
You know, if I could just
349
00:17:12,405 --> 00:17:18,327
have a piece of that
and an easy piece of that
350
00:17:15,034 --> 00:17:22,207
so I don't have to do all
the hard work of creating
351
00:17:18,327 --> 00:17:23,250
an Internet company, you know,
that's that's kind of it.
352
00:17:23,250 --> 00:17:25,711
That's kind of how
I view it, which is good.
353
00:17:25,711 --> 00:17:28,212
But it's also dangerous
as well because, yeah,
354
00:17:28,212 --> 00:17:32,468
all I know is I want more of it.
But it's kind of like, you know,
355
00:17:32,468 --> 00:17:35,471
I still got to make sure
and my surety of this is
356
00:17:35,636 --> 00:17:40,058
way higher than any other thing
I've ever invested in.
357
00:17:40,058 --> 00:17:41,351
But there's still like,
All right.
358
00:17:41,351 --> 00:17:43,729
And I still need to not go
too overboard.
359
00:17:43,729 --> 00:17:46,147
I still need to keep
some of the reserves
360
00:17:46,147 --> 00:17:48,650
for the unpredictable,
the unthinkable, that, you know,
361
00:17:48,650 --> 00:17:51,653
it goes to zero or
it's hacked or whatever.
362
00:17:51,737 --> 00:17:55,949
Know, not that you can
hack bitcoin, but for all
363
00:17:56,032 --> 00:17:57,366
you know, you
can't predict the future.
364
00:17:57,366 --> 00:18:03,539
And so this is where it's like I
it's it's something I invest in,
365
00:18:03,539 --> 00:18:07,336
but I don't view it the
same as a investment in
366
00:18:07,419 --> 00:18:12,298
a house or in stocks or.
Yeah, yeah, that's a good point.
367
00:18:12,298 --> 00:18:17,054
I think rather than just trying
to go and articulate or try
368
00:18:15,426 --> 00:18:19,722
to prove this again,
we could, I could do a
369
00:18:17,054 --> 00:18:21,974
okay job again.
But he said it best when
370
00:18:19,722 --> 00:18:24,519
I got to be that great.
But I actually wanted to
371
00:18:21,974 --> 00:18:26,145
ask you was give people
have these questions just like
372
00:18:26,145 --> 00:18:30,233
we did for many years
and we still do what Yeah.
373
00:18:30,233 --> 00:18:33,569
What podcast what resources
do you keep going back to
374
00:18:33,569 --> 00:18:37,574
to help you go, okay,
if I need to validate something,
375
00:18:37,574 --> 00:18:40,701
I'm going
to check out this podcast or this
376
00:18:39,201 --> 00:18:41,662
particular resource.
So I'm going to read this
377
00:18:41,662 --> 00:18:45,999
to really said to myself
on, yeah, okay, I could,
378
00:18:46,083 --> 00:18:49,211
I could just the source,
plus the semi experts
379
00:18:49,211 --> 00:18:52,631
maybe fool experts on what
they're actually
380
00:18:50,420 --> 00:18:55,634
talking about because I
sort of start off just
381
00:18:52,631 --> 00:18:58,971
quickly with one, right?
Peter McCormack
382
00:18:55,634 --> 00:19:02,974
So with what Bitcoin did now here
in particular, he does
383
00:19:03,057 --> 00:19:06,644
bring on ads into his podcast
and he is influenced by,
384
00:19:06,644 --> 00:19:09,856
you know, other players
in the market which matter
385
00:19:09,940 --> 00:19:11,525
which, you know,
pertains in that way.
386
00:19:11,525 --> 00:19:13,484
So maybe it could be
influence, you could say,
387
00:19:13,484 --> 00:19:16,195
but genuinely not all of them.
Again, same with podcasts.
388
00:19:16,195 --> 00:19:18,906
It's not every single episode
I'm saying to you I'll listen to,
389
00:19:18,906 --> 00:19:24,413
but that one, I guess, is been
the closest to me of,
390
00:19:20,159 --> 00:19:27,749
Hey, this is both hitting
general news conversations
391
00:19:24,496 --> 00:19:30,001
about Bitcoin in a level
that it's not,
392
00:19:27,749 --> 00:19:31,961
you know, I'm not talking
down to the block, so down to,
393
00:19:31,961 --> 00:19:34,964
you know as you saying,
what's this link?
394
00:19:34,964 --> 00:19:38,801
How does it actually work and why
even to the point of,
395
00:19:37,175 --> 00:19:40,804
you know, why small blocks
or big blocks. Right.
396
00:19:40,804 --> 00:19:44,307
Do you believe
it allows me a model? Not really,
397
00:19:44,307 --> 00:19:46,894
But there's
a lot of information on
398
00:19:46,894 --> 00:19:49,520
the conversations that I've had
in those platforms,
399
00:19:47,935 --> 00:19:52,148
both with like, you know,
what I was saying to
400
00:19:49,520 --> 00:19:54,483
you really young go.
He's I think was 13
401
00:19:52,148 --> 00:19:57,487
or 14 years old
to more experienced people
402
00:19:54,483 --> 00:20:00,615
to discuss both finances,
Bitcoin at large, which I found
403
00:20:00,615 --> 00:20:04,661
that type of podcast to be really
beneficial beneficial
404
00:20:02,659 --> 00:20:07,205
in the sense of I can
sometimes go and inspect
405
00:20:07,205 --> 00:20:09,415
some way with a talking
to a variety of people
406
00:20:09,415 --> 00:20:13,002
from different areas of life
and kind of reasoning around,
407
00:20:13,002 --> 00:20:17,173
Oh yeah, I can see
this different perspective
408
00:20:14,171 --> 00:20:18,674
as to why they utilising
Bitcoin beyond,
409
00:20:18,674 --> 00:20:24,972
beyond just the investing
conversation. Yeah. Yeah, that's
410
00:20:22,511 --> 00:20:26,182
a, that's a good one.
I had this all at the end
411
00:20:26,182 --> 00:20:30,811
but I'll bring it forward. Yeah.
So the me and Andre
412
00:20:27,226 --> 00:20:33,815
a antonopoulos is just the goat.
He has been there the longest.
413
00:20:33,815 --> 00:20:38,945
He articulates
the main important things
414
00:20:35,776 --> 00:20:41,490
that I find the most fascinating.
The most, the biggest. Why?
415
00:20:41,490 --> 00:20:43,951
This will be a huge
revolutionary change.
416
00:20:43,951 --> 00:20:48,497
And it is pretty
much focussed around the
417
00:20:44,742 --> 00:20:49,163
the financial repression
sort of stuff
418
00:20:49,163 --> 00:20:53,251
of being able to actually
help out people
419
00:20:51,040 --> 00:20:56,587
in other countries
who don't have access
420
00:20:53,251 --> 00:20:58,173
to the standard system
that we have here in Australia.
421
00:20:58,173 --> 00:21:01,969
And this is where
once again I can see why
422
00:20:59,508 --> 00:21:05,763
we were focussed on
the investing stuff when we
423
00:21:04,096 --> 00:21:09,308
first talked about it.
And then now it
424
00:21:05,763 --> 00:21:13,814
kind of like looking back
and just adding some other pieces
425
00:21:11,019 --> 00:21:15,356
that are from my life in.
I can see all, you know what?
426
00:21:15,356 --> 00:21:19,486
I can see how this would
have made things better
427
00:21:16,482 --> 00:21:20,487
in Argentina if, if,
if they were using that.
428
00:21:20,487 --> 00:21:23,448
There are, I can see in Colombia
and Venezuela,
429
00:21:23,448 --> 00:21:28,369
you know, if they had a
more sound money,
430
00:21:24,907 --> 00:21:29,746
this would have helped out
in better ways.
431
00:21:29,746 --> 00:21:32,499
So I think he's awesome.
The thing is,
432
00:21:32,499 --> 00:21:36,002
there are so many podcasts
and there's books,
433
00:21:36,086 --> 00:21:38,046
the Bitcoin standard,
that's a pretty good one.
434
00:21:38,046 --> 00:21:39,673
If you just want to know
more about money,
435
00:21:39,673 --> 00:21:45,386
that's kind of the go to one.
And he doesn't
436
00:21:42,925 --> 00:21:49,057
even talk about Bitcoin that much
in it. It's more about money.
437
00:21:49,057 --> 00:21:52,519
And then this is why Bitcoin
is the best type of money.
438
00:21:52,519 --> 00:21:54,186
But yeah, it depends
on your flavour.
439
00:21:54,186 --> 00:21:56,815
If you want a philosophy
one, you know, go to
440
00:21:56,815 --> 00:21:58,942
what is Money
by Robert Breedlove.
441
00:21:58,942 --> 00:22:04,489
If you want a news type
one bitcoin dad and generation
442
00:22:01,403 --> 00:22:07,742
Bitcoin from two podcast
is that we interact
443
00:22:04,489 --> 00:22:11,203
with the talk show type element.
You mentioned what Bitcoin did.
444
00:22:11,203 --> 00:22:15,291
I actually had this little
experience today because
445
00:22:15,375 --> 00:22:18,336
before we deployed crypto,
Ben On strip crypto.
446
00:22:18,461 --> 00:22:23,967
Yeah, yeah, yeah. So he's
one of the biggest kind
447
00:22:21,464 --> 00:22:25,551
of like crypto influences,
if you want to call him that.
448
00:22:25,551 --> 00:22:29,722
I'm this guy,
whatever reason got kicked
449
00:22:26,720 --> 00:22:32,392
out of his own company,
which is I always find hilarious,
450
00:22:30,973 --> 00:22:35,436
like how does that
manage to happen? And
451
00:22:35,519 --> 00:22:38,315
I went to the show where they
were kind of announcing it
452
00:22:38,315 --> 00:22:40,817
and then I'm like, Oh,
I'm already here. I might as well
453
00:22:39,566 --> 00:22:43,153
watch a little bit.
I've never actually
454
00:22:40,817 --> 00:22:44,070
bothered to tune in.
Well, what's it like?
455
00:22:44,070 --> 00:22:49,116
Yeah, and they covered the
same news more or less.
456
00:22:49,201 --> 00:22:53,622
They obviously your news sources
are going to be different.
457
00:22:53,704 --> 00:23:00,127
And so but it's
kind of like more crypto
458
00:22:56,165 --> 00:23:01,922
news in a positive light.
That's what
459
00:23:00,336 --> 00:23:03,714
they're talking about.
And what I've really noticed
460
00:23:03,714 --> 00:23:07,719
with watching them
was the the this show,
461
00:23:07,719 --> 00:23:12,432
which I would probably
call a lesser quality one,
462
00:23:09,011 --> 00:23:15,977
just in terms of
is this going to help you
463
00:23:12,432 --> 00:23:18,270
in your your life
make good decisions?
464
00:23:18,270 --> 00:23:20,898
I would put this on the
lower end of the scale.
465
00:23:20,898 --> 00:23:23,567
And what I noticed
it was all about the
466
00:23:21,607 --> 00:23:25,820
personalities, you know,
that were fire
467
00:23:23,567 --> 00:23:29,950
and all things left and right,
lots of camera cuts,
468
00:23:26,488 --> 00:23:31,660
making cracking jokes.
So talking about, you know, how
469
00:23:31,660 --> 00:23:34,078
someone in the office
had lost some money
470
00:23:34,078 --> 00:23:36,455
just this last day
and how he did this.
471
00:23:36,455 --> 00:23:39,250
And it was all exciting.
It's like, oh, really? Like, hmm,
472
00:23:39,250 --> 00:23:42,878
I could see why you would
maybe get sucked into us,
473
00:23:42,962 --> 00:23:44,506
but I would just say,
like most of the people
474
00:23:44,506 --> 00:23:49,219
we just listed off, the rather
the personalities
475
00:23:47,092 --> 00:23:51,930
aren't that strong.
I don't feel like
476
00:23:49,219 --> 00:23:53,390
Peter McCormick's of it.
Yeah, it was really glad.
477
00:23:53,390 --> 00:23:56,434
Yeah, relatively bland.
Robert Breedlove,
478
00:23:56,434 --> 00:24:00,313
The two other shows
I mentioned that they all
479
00:24:00,396 --> 00:24:03,900
that they're not very
in-your-face extravagant,
480
00:24:03,983 --> 00:24:05,234
you know
and this is where I would kind of
481
00:24:05,234 --> 00:24:06,653
say like, you know,
getting back to the money
482
00:24:06,653 --> 00:24:10,906
type of things, boring is better.
Eric Voorhees is another
483
00:24:08,320 --> 00:24:14,952
good guy to to listen to.
Just he's not he doesn't
484
00:24:10,906 --> 00:24:16,371
talk about Bitcoin per se.
It's more about crypto.
485
00:24:16,371 --> 00:24:21,460
And, um, but once again,
Bitcoin is the
486
00:24:21,542 --> 00:24:26,464
strongest part of crypto
I guess, and the cryptocurrencies
487
00:24:24,003 --> 00:24:28,549
and all that sort of shit.
So yeah, well let's transition.
488
00:24:28,549 --> 00:24:30,551
Yeah, let's, let's
just stop in that one.
489
00:24:30,551 --> 00:24:33,805
So I want to talk a little
bit more around that,
490
00:24:33,846 --> 00:24:35,723
probably some, some
interesting foundations
491
00:24:35,723 --> 00:24:39,478
I guess for me and more lights.
But let's jump
492
00:24:36,557 --> 00:24:40,311
into the Boostagram Lounge
to a couple of these ones.
493
00:24:40,311 --> 00:24:43,981
We can showcase
some aspect of people
494
00:24:41,520 --> 00:24:46,067
sending through
fractional bitcoin
495
00:24:43,981 --> 00:24:48,236
in the form of citations
here at the mere mortals
496
00:24:46,067 --> 00:24:50,529
boost ticket
that I'm going to bring
497
00:24:48,236 --> 00:24:51,405
bring that up.
Has there been any that's
498
00:24:51,405 --> 00:24:56,243
particularly been dropped off
by Satoshi's dream carnival.
499
00:24:56,243 --> 00:25:00,499
Now I should have been
okay for this week.
500
00:25:00,582 --> 00:25:05,921
I can just check into the
the I'll be account
501
00:25:02,500 --> 00:25:07,213
just to make sure, but I'm
pretty sure what what
502
00:25:07,213 --> 00:25:11,259
what we see in there is what
we've got this last week
503
00:25:11,343 --> 00:25:14,221
or was that or was I saying
that stuff was missing and I.
504
00:25:14,221 --> 00:25:17,641
Know I don't know I don't think
or haven't recently seen more.
505
00:25:17,641 --> 00:25:23,480
But let me let me kick it off.
So again, folks, the boostagrams
506
00:25:20,268 --> 00:25:26,273
are format for individuals
to send through
507
00:25:23,480 --> 00:25:27,233
some form of combination
coming through to us
508
00:25:27,233 --> 00:25:30,612
with some treasure
attached to it, which is the form
509
00:25:29,109 --> 00:25:33,781
of stages. So when I call out,
as you'll see here, that
510
00:25:32,071 --> 00:25:35,575
dependable Dave Jones,
he said through a comment,
511
00:25:33,781 --> 00:25:36,826
my weekly Bruce told me
more like Nation
512
00:25:36,826 --> 00:25:40,997
12,112 sets of cron jobs.
Dave Jones directly
513
00:25:40,997 --> 00:25:45,544
sending through a form of payment
plus a common directly to us here
514
00:25:45,544 --> 00:25:49,088
where we can actually decide to
then split that off
515
00:25:46,752 --> 00:25:51,967
into its many ways.
And this is once again
516
00:25:49,088 --> 00:25:54,344
using no bank and no intermediary
apart from, you know,
517
00:25:54,344 --> 00:25:56,930
potentially stream
taking some in terms
518
00:25:54,885 --> 00:25:58,097
of the operative
or the actual action behind it.
519
00:25:58,097 --> 00:26:01,268
So both, Dave, appreciate that.
But for everyone else, that's
520
00:26:01,268 --> 00:26:04,854
kind of how it works.
Yep. Do we go on here
521
00:26:02,394 --> 00:26:06,815
from McIntosh?
Craig Discussion Address.
522
00:26:06,897 --> 00:26:08,316
One of the interesting
things to me is this
523
00:26:08,316 --> 00:26:10,777
sometimes stark contrast
between two of you.
524
00:26:10,777 --> 00:26:13,989
2121 South said using fountain.
Absolutely.
525
00:26:13,989 --> 00:26:17,951
Does that have different
monthly goals? Yeah. There are.
526
00:26:17,951 --> 00:26:19,243
There are definitely
some differences there.
527
00:26:19,243 --> 00:26:21,997
There's some similarities
for sure, but there's
528
00:26:21,121 --> 00:26:24,082
definitely some
some very stark contrast
529
00:26:21,997 --> 00:26:26,625
in the way that we do
think training, thinking, etc.,
530
00:26:26,625 --> 00:26:30,255
which is which is good.
And then another one
531
00:26:27,794 --> 00:26:31,964
from Macintosh.
This says Interesting
532
00:26:30,255 --> 00:26:33,133
conversation, gentlemen,
much to think about, really
533
00:26:33,133 --> 00:26:34,259
looking forward
to the next episode
534
00:26:34,259 --> 00:26:36,344
of Bitcoin Macintosh
generation Bitcoin.
535
00:26:36,344 --> 00:26:42,392
So here we are. One of those.
Podcasts who doesn't 121
536
00:26:38,555 --> 00:26:45,894
touch on using found it.
I guess you could call
537
00:26:42,474 --> 00:26:49,273
that those one missed call calls.
One was 7777 sets.
538
00:26:49,273 --> 00:26:52,318
So trying. To boost.
It is a great talk voice.
539
00:26:52,318 --> 00:26:55,529
I felt the same way about
my show being valuable.
540
00:26:55,614 --> 00:26:57,699
Sometimes I'm lazy and
all the time I'm focussed.
541
00:26:57,699 --> 00:27:01,036
Producing content
means constantly being
542
00:26:58,991 --> 00:27:02,077
reminded to be consistent.
But that was on
543
00:27:01,036 --> 00:27:05,414
the episode around experimenting
with new formats for to making
544
00:27:03,622 --> 00:27:07,625
digital content.
Yeah. Yep. Yep, yep.
545
00:27:07,625 --> 00:27:12,130
All I can say from that
episode is I'm glad we did that
546
00:27:09,586 --> 00:27:15,174
because it has focussed
me and highlighted to me
547
00:27:15,215 --> 00:27:17,844
it's like a lesson I
have to keep remembering.
548
00:27:17,844 --> 00:27:21,138
If I put energy
and I focus on something,
549
00:27:21,221 --> 00:27:25,059
it tends to get better.
Yeah, it hit a thought.
550
00:27:22,848 --> 00:27:27,895
It had a thought it.
But yeah, there is, there is
551
00:27:26,685 --> 00:27:29,897
just sometimes you get
stuck into a groove,
552
00:27:27,895 --> 00:27:31,273
you get stuck into things
and yeah, yeah, we are very,
553
00:27:31,273 --> 00:27:33,609
very different people
in some regards.
554
00:27:33,609 --> 00:27:40,075
I think another highlight
from this last week was going
555
00:27:36,654 --> 00:27:42,242
I went to a wedding and
you know, the reason
556
00:27:40,115 --> 00:27:46,538
we're, we're such
good friends with the
557
00:27:42,242 --> 00:27:48,625
with this this guy Joey
even in the speech
558
00:27:46,623 --> 00:27:52,420
as I was coming up with it
I was like, you know what
559
00:27:48,625 --> 00:27:55,757
this he I actually mean
these things like
560
00:27:52,420 --> 00:27:58,468
in terms of loyalty this
because it's a look
561
00:27:55,839 --> 00:27:59,594
you can get mixed you know
speeches and stuff.
562
00:27:59,594 --> 00:28:00,761
You can kind of
like you're trying
563
00:28:00,761 --> 00:28:03,138
to just find something
that kind of works.
564
00:28:03,138 --> 00:28:07,394
It kind of makes sense to him.
But no, I was I was genuine
565
00:28:05,974 --> 00:28:08,728
when I was saying, like,
this dude is like the most
566
00:28:08,728 --> 00:28:13,107
loyal person I've ever met.
I've never met anyone who
567
00:28:10,105 --> 00:28:15,693
has been more in my camp.
Everything. All time
568
00:28:13,732 --> 00:28:17,653
I interact with him, he's
he's like 100% go Kyran.
569
00:28:17,653 --> 00:28:22,575
Which is just, you know what?
No one else is like that.
570
00:28:19,530 --> 00:28:26,371
No one does that. So, yeah, it's
there's triangulation
571
00:28:24,618 --> 00:28:27,997
where it's like one
and I a different
572
00:28:26,371 --> 00:28:29,540
in some small regards.
But I think when it comes
573
00:28:27,997 --> 00:28:31,542
to the big things
where I'm we're pretty
574
00:28:29,540 --> 00:28:32,000
much on the same page.
Absolutely.
575
00:28:32,000 --> 00:28:34,712
Both of us hype bitcoin
so by the time I see
576
00:28:34,712 --> 00:28:36,673
what I wrote up
Richard appreciate all.
577
00:28:36,673 --> 00:28:42,220
Of you're just buying it
so I can dump. Well yeah
578
00:28:39,675 --> 00:28:43,054
this is an internal
internal piece here
579
00:28:43,054 --> 00:28:47,808
but we're going to share
that's the me more or less likes
580
00:28:44,263 --> 00:28:49,853
It's not it's not to
this this happens
581
00:28:47,892 --> 00:28:53,189
on a quite regular basis.
The kind will decide to
582
00:28:49,853 --> 00:28:54,898
add to his bitcoin pile.
And very shortly after,
583
00:28:54,898 --> 00:28:57,902
whether it's hours
or date, the market will.
584
00:28:58,027 --> 00:29:01,740
Tell us afterwards. Yeah. Yeah.
So you know, usually he'll
585
00:29:01,740 --> 00:29:04,742
if he lets me know I know
absolutely certainty
586
00:29:04,826 --> 00:29:06,411
that Mark is going to take
for a little bit.
587
00:29:06,411 --> 00:29:08,829
I know I've got to either
put in my short so you know
588
00:29:08,829 --> 00:29:10,874
I've got to put it short
like straight afterwards
589
00:29:10,874 --> 00:29:14,376
or buy a little bit later
so I can take some winnings.
590
00:29:12,750 --> 00:29:15,420
So yeah, but.
But it's only for things
591
00:29:15,420 --> 00:29:18,131
I'm, I'm sure about
and then other things
592
00:29:18,131 --> 00:29:20,924
where I have no idea
what I'm doing. Absolutely.
593
00:29:20,924 --> 00:29:25,137
Pot luck. I'll, I'll nail
it just just cool you. You'll
594
00:29:23,928 --> 00:29:25,846
there's another example
can't sell that
595
00:29:25,846 --> 00:29:27,682
particular particular
set of shares
596
00:29:27,682 --> 00:29:29,976
you know just before
they actually toppled down
597
00:29:29,976 --> 00:29:31,519
nobody was going out
but he just did that.
598
00:29:31,519 --> 00:29:35,898
So I wouldn't even know
that annual report was coming out
599
00:29:33,855 --> 00:29:38,276
within the next day.
It didn't. Yeah, it's.
600
00:29:38,358 --> 00:29:43,448
Yeah, that's just life. I just.
I love guys, but just talking
601
00:29:40,862 --> 00:29:45,115
to a point around
some of the foundational
602
00:29:43,448 --> 00:29:47,285
information, right?
So back on to Bitcoin
603
00:29:47,285 --> 00:29:50,288
and you know you were
talking through on.
604
00:29:50,329 --> 00:29:53,333
Oh yes, know this, this
myriad of conversations
605
00:29:53,333 --> 00:29:57,961
and sometimes, you know,
the boring the boring book
606
00:29:56,085 --> 00:30:00,964
or the boring podcast
or the boring conversation
607
00:29:57,961 --> 00:30:02,925
interview, whatever is
sometimes the best source
608
00:30:01,089 --> 00:30:05,511
of information.
And that can be a play
609
00:30:02,925 --> 00:30:07,806
a part in a lot of things.
Although if
610
00:30:05,511 --> 00:30:09,057
he gets a lot of eyeballs
and then it's
611
00:30:07,806 --> 00:30:11,392
a good piece of content,
well it could have
612
00:30:09,057 --> 00:30:12,769
all of that extra flavour.
It's still good content,
613
00:30:12,769 --> 00:30:15,980
but a separate expert
I was thinking about was
614
00:30:16,064 --> 00:30:20,943
a lot of what I guess
makes Bitcoin glamorous is,
615
00:30:20,943 --> 00:30:22,612
you know, the money
that you can make
616
00:30:22,612 --> 00:30:25,615
and the percentages
that it goes up and oh,
617
00:30:25,656 --> 00:30:27,826
fraudsters are using it
and it's being used
618
00:30:27,826 --> 00:30:31,663
by the bad guys
and they're going to come
619
00:30:29,160 --> 00:30:34,414
and get you now,
all of that is true
620
00:30:31,663 --> 00:30:36,125
in some sense right away,
as it wouldn't be said,
621
00:30:36,125 --> 00:30:39,837
but a very big aspect,
I think, in the in the journey
622
00:30:39,837 --> 00:30:43,007
of understanding things
in general. And so here in big
623
00:30:43,007 --> 00:30:44,759
Bitcoin, I think something
that probably both of us
624
00:30:44,759 --> 00:30:48,136
have encountered from 20 2020
and all the conversation
625
00:30:46,885 --> 00:30:51,766
we've had on the
podcast going to today is
626
00:30:51,849 --> 00:30:57,939
more both more interesting
and you find out a lot
627
00:30:54,685 --> 00:31:02,652
more about the reasons of
Bitcoin by understanding
628
00:30:58,064 --> 00:31:04,863
other adjacent systems,
concepts, ideas,
629
00:31:04,863 --> 00:31:06,321
and I find that to be
very true myself.
630
00:31:06,321 --> 00:31:11,577
So I'm going to ask you
what is an adjacent
631
00:31:08,407 --> 00:31:13,663
concept system idea
that you've learned a lot
632
00:31:11,661 --> 00:31:16,207
about that hasn't solidified just
thoughts about Bitcoin.
633
00:31:16,207 --> 00:31:18,876
And so for me,
you know, just give you
634
00:31:17,625 --> 00:31:24,089
a bit of time. For me, it
definitely has been learning more
635
00:31:21,336 --> 00:31:25,842
about the more general
financial system as a whole.
636
00:31:25,842 --> 00:31:29,220
So, you know, I like finances,
I like money, I like economy,
637
00:31:29,220 --> 00:31:31,471
and I knew it somewhat
all through my life.
638
00:31:31,471 --> 00:31:36,644
But it hasn't been
until very recently really
639
00:31:32,515 --> 00:31:39,314
taking in time around.
Ray Dalio puts out
640
00:31:36,728 --> 00:31:40,647
some really good content
on LinkedIn
641
00:31:39,314 --> 00:31:44,736
and a few other places
articles used to be
642
00:31:40,647 --> 00:31:47,654
he created Bridgewater
Hedge Fund became massive
643
00:31:44,818 --> 00:31:50,282
hedge fund. He's now
no longer the chief
644
00:31:50,365 --> 00:31:52,743
investing officer so it's
kind of like stepped away,
645
00:31:52,743 --> 00:31:54,871
but he's got a lot of knowledge
about the economy in general
646
00:31:54,871 --> 00:31:58,958
and it's things like that,
information like that,
647
00:31:56,748 --> 00:32:00,919
which is why I like know again
the Peter McCormack podcast,
648
00:32:00,919 --> 00:32:05,256
because of what Bitcoin did next.
He's talking broadly around,
649
00:32:05,256 --> 00:32:08,425
you know, economic factors
quite often where it's it's
650
00:32:08,425 --> 00:32:10,886
in understanding a lot
of those fundamentals
651
00:32:10,886 --> 00:32:14,348
and the concepts are happening
that then the idea of Bitcoin
652
00:32:14,348 --> 00:32:19,144
makes even more and more sense
where you're not so much
653
00:32:15,849 --> 00:32:22,272
selling me Bitcoin. And I think
the more I go through it, I go,
654
00:32:22,272 --> 00:32:24,275
you know, with people
who are really stubborn
655
00:32:22,941 --> 00:32:25,442
about Bitcoin or don't want to
conceptualise
656
00:32:25,442 --> 00:32:29,029
what the idea means.
I get it. I see. I see
657
00:32:26,611 --> 00:32:32,951
perspectives from it.
But the more why is it up
658
00:32:29,029 --> 00:32:34,786
to at least for me, it's
if I could do a better job
659
00:32:33,034 --> 00:32:38,873
or if I had to go do it again.
It's learning the adjacent
660
00:32:35,286 --> 00:32:40,666
of the economy, the whole
or the financial system
661
00:32:40,666 --> 00:32:44,962
as a whole
to understand the holes,
662
00:32:41,500 --> 00:32:46,756
the issues, how we generally work
so actually works
663
00:32:46,756 --> 00:32:49,549
best is what we just see
at face value.
664
00:32:49,549 --> 00:32:53,096
And then it almost kind of
just falls into place
665
00:32:53,136 --> 00:32:57,307
where Bitcoin fits
into that equation. Now that's
666
00:32:55,847 --> 00:32:59,059
at least for me.
How does that sit with you
667
00:32:57,307 --> 00:33:01,144
at all?
We are so on the same page
668
00:32:59,059 --> 00:33:02,730
sometimes. A scary
like you asked me
669
00:33:02,730 --> 00:33:05,650
the exact question
I wanted to be ask this unreal.
670
00:33:05,650 --> 00:33:09,988
We couldn't you know,
we don't prep that much before
671
00:33:07,986 --> 00:33:11,739
we prep individually.
We don't prep together
672
00:33:09,988 --> 00:33:13,407
for these episodes
just to keep it conversational,
673
00:33:13,407 --> 00:33:16,451
but polish
it. Good, good job. One
674
00:33:16,536 --> 00:33:19,454
for me, it was. I wrote
this big long spiel
675
00:33:19,454 --> 00:33:22,165
about how it's confusing
and if you once again
676
00:33:22,165 --> 00:33:26,753
go back to that episode,
I was confused about
677
00:33:23,750 --> 00:33:29,214
logging into the ledger.
I was like, But how do you
678
00:33:26,796 --> 00:33:31,174
log into the ledger?
Like, how does that work?
679
00:33:31,174 --> 00:33:36,221
And and a 51% attack.
You know, I was if you'd ask me,
680
00:33:34,761 --> 00:33:38,473
what's the chance of a 51% attack
being feasible,
681
00:33:38,473 --> 00:33:41,477
I would have said,
you know, maybe 20%
682
00:33:41,519 --> 00:33:43,855
or something like that.
But it's just like,
683
00:33:43,855 --> 00:33:47,817
no, to do that,
it would be the equivalent
684
00:33:45,022 --> 00:33:53,114
of, you know, collecting
the sand on an ocean. And it just
685
00:33:50,111 --> 00:33:54,865
it doesn't make sense.
So but it's so confusing.
686
00:33:54,865 --> 00:33:58,786
And so I had little idea
about open source,
687
00:33:56,241 --> 00:34:01,788
I had little idea and open source
software and projects.
688
00:34:01,873 --> 00:34:05,751
I had a little idea about
just software in general,
689
00:34:05,751 --> 00:34:10,547
how it's implemented,
how it's put out, how
690
00:34:10,630 --> 00:34:13,592
you know, it's tested
before it goes into
691
00:34:13,592 --> 00:34:18,056
various functions.
What the alpha is,
692
00:34:14,802 --> 00:34:20,349
what the beta is,
how different people
693
00:34:18,097 --> 00:34:23,351
can use it, how you can
section off certain areas,
694
00:34:20,349 --> 00:34:26,731
these sorts of things.
I had little idea you mentioned
695
00:34:24,811 --> 00:34:29,733
about the monetary stuff.
Another good resources
696
00:34:26,731 --> 00:34:33,653
landlord and help
newsletters are just fantastic
697
00:34:31,318 --> 00:34:35,280
and any podcast is on
and then also just
698
00:34:35,280 --> 00:34:38,992
voluntary participation,
you know value for value.
699
00:34:39,034 --> 00:34:44,164
All of those played together too,
if some of those were missing.
700
00:34:44,164 --> 00:34:48,210
And look,
I'm not open source, I'm
701
00:34:44,664 --> 00:34:52,297
still relatively newbie about it.
And you know,
702
00:34:49,295 --> 00:34:55,300
in terms of the internal
firings, the dramas,
703
00:34:52,422 --> 00:34:57,637
why certain projects
succeed, why, why others don't,
704
00:34:56,260 --> 00:34:59,554
I'm still trying
to learn about that,
705
00:34:57,637 --> 00:35:05,936
to be honest. But all of that
was required to to learn about
706
00:35:02,766 --> 00:35:08,271
Bitcoin, which is like,
unfortunately
707
00:35:06,019 --> 00:35:09,773
for people, you know,
Bitcoin is even worse than
708
00:35:09,773 --> 00:35:13,360
the other cryptocurrencies
because it has miners
709
00:35:13,360 --> 00:35:15,237
and then it has,
you know, the mempool
710
00:35:15,237 --> 00:35:19,282
and it's got SHA256
and then self-custody
711
00:35:16,905 --> 00:35:21,536
and lightning. And there's
just so many things
712
00:35:21,536 --> 00:35:25,664
where you can go.
You can hear someone say
713
00:35:25,664 --> 00:35:28,876
Lightning Network.
The Lightning Network's
714
00:35:26,666 --> 00:35:30,670
never going to scale.
Bitcoin's doomed. And it's like,
715
00:35:30,670 --> 00:35:33,380
Well, shit,
now I have to learn about
716
00:35:31,628 --> 00:35:35,173
Lightning Network to see
if this is true or not.
717
00:35:35,173 --> 00:35:40,929
And I think, you know, we haven't
really compared it
718
00:35:40,929 --> 00:35:44,474
to other cryptocurrencies.
We've focussed just on Bitcoin.
719
00:35:44,474 --> 00:35:48,855
It's it's kind of the easiest
out of them to understand
720
00:35:46,686 --> 00:35:51,398
in some ways just code wise,
because I think it's
721
00:35:51,398 --> 00:35:53,985
it's like what,
31,000 lines or something?
722
00:35:53,985 --> 00:35:59,739
Like it's not. There's not.
To I've heard that number being
723
00:35:57,697 --> 00:36:01,909
checked around somewhere,
you know it was
724
00:35:59,824 --> 00:36:04,911
something that one dude
or a very small group
725
00:36:01,909 --> 00:36:06,454
of people managed to,
to get up and have like
726
00:36:06,454 --> 00:36:09,125
the fundamental parts
of it running.
727
00:36:09,125 --> 00:36:13,670
But there's just so much
getting stacked on
728
00:36:10,208 --> 00:36:15,882
top of it where it's like
if you come in absolutely
729
00:36:13,753 --> 00:36:16,840
fresh and you're
trying to understand it,
730
00:36:16,840 --> 00:36:23,014
it can be very, very difficult.
And yeah, yeah, that was,
731
00:36:20,344 --> 00:36:24,389
that was kind of just my,
my general thoughts on
732
00:36:24,389 --> 00:36:28,186
like the confusing nature of it.
Thankfully,
733
00:36:28,186 --> 00:36:31,688
once again, I think we're
in that middle stage where it's
734
00:36:31,688 --> 00:36:34,150
if you're viewing it
as an investment,
735
00:36:34,150 --> 00:36:37,903
you kind of need to know
about all of these things
736
00:36:35,233 --> 00:36:38,987
to have that surety.
But hopefully in
737
00:36:38,987 --> 00:36:41,532
just five years time
it's just behind
738
00:36:41,532 --> 00:36:44,784
the back of everything.
And so stuff just works so well.
739
00:36:44,784 --> 00:36:49,039
And I think this is the
interesting type
740
00:36:46,871 --> 00:36:50,416
to extract from that
because quickly,
741
00:36:49,039 --> 00:36:52,126
just Google that, right?
So in the early years
742
00:36:50,416 --> 00:36:55,338
of Bitcoin, I was saying
it was around about 3000
743
00:36:52,126 --> 00:36:57,672
lines, source code. And right now
Bitcoin core source code
744
00:36:57,672 --> 00:37:02,052
contains around hundred
thousand lines of code. Okay, Now
745
00:37:02,052 --> 00:37:03,846
what it makes me
think about the complexity
746
00:37:03,846 --> 00:37:06,932
but also about the
understanding of for me,
747
00:37:06,932 --> 00:37:12,230
sort of like the gap in the world
as to where Bitcoin sort
748
00:37:09,768 --> 00:37:16,858
of like fills in the gaps.
It's I don't
749
00:37:12,230 --> 00:37:18,193
necessarily think that the if you
read the white paper,
750
00:37:18,193 --> 00:37:20,737
Bitcoin white paper, you read it
ten years from now
751
00:37:20,737 --> 00:37:24,742
and 20 years from now, it doesn't
change the white paper. It hasn't
752
00:37:23,282 --> 00:37:27,369
just all of a sudden
decided to be altered.
753
00:37:24,742 --> 00:37:27,994
It's completely different.
It's the same.
754
00:37:27,994 --> 00:37:30,831
It's still the same
very core principles.
755
00:37:30,831 --> 00:37:34,210
Sure they are.
As you just talked about,
756
00:37:32,541 --> 00:37:37,003
there's a lot more lines
of code being added
757
00:37:34,210 --> 00:37:40,173
potentially, you know,
savings of potential
758
00:37:37,003 --> 00:37:42,009
loopholes or improvements
or, you know, he's talking about
759
00:37:42,009 --> 00:37:48,516
like the next layer
up of lightning. But the more
760
00:37:45,179 --> 00:37:50,768
I think about it is
there's there's
761
00:37:48,599 --> 00:37:55,188
kind of two streams here
that I can see. One in
762
00:37:51,393 --> 00:37:56,856
Bitcoin is the fundamental
absolute principles
763
00:37:55,188 --> 00:37:57,900
that you can find
on the kind of like
764
00:37:57,900 --> 00:38:00,902
the original lines of code
in the white paper of
765
00:38:01,112 --> 00:38:04,532
where does it fit
the gaps of the world
766
00:38:01,987 --> 00:38:05,407
that we see at large.
And, you know,
767
00:38:05,407 --> 00:38:06,367
everyone's going to have
their own view.
768
00:38:06,367 --> 00:38:10,036
If you are from Argentina,
from Spain, from Greece, you've
769
00:38:10,036 --> 00:38:12,581
probably had an experience
of hyperinflation.
770
00:38:12,581 --> 00:38:16,418
You kind of get a different
understanding about why Bitcoin
771
00:38:16,418 --> 00:38:18,920
might be a great thing
or other assets like that
772
00:38:18,920 --> 00:38:21,882
if you're in another country,
had an experience that maybe less
773
00:38:21,882 --> 00:38:24,719
so if you're incredibly
fortunate, you're probably
774
00:38:23,509 --> 00:38:25,927
only thinking about it
as an investment assets, right?
775
00:38:25,927 --> 00:38:27,054
What do you care
if you're a billionaire?
776
00:38:27,054 --> 00:38:29,472
Okay, I'll just put it
some percentage over there.
777
00:38:29,472 --> 00:38:32,976
And what do I care so much?
Maybe if you're really
778
00:38:31,016 --> 00:38:35,980
philanthropic drop
that you really do care, but that
779
00:38:35,980 --> 00:38:40,943
foundational information
that Bitcoin won't necessarily
780
00:38:37,940 --> 00:38:42,820
or will change
what will change and
781
00:38:41,027 --> 00:38:45,030
make it really complex.
I think it's the future.
782
00:38:45,030 --> 00:38:47,615
It's just humanity and
the systems of humanity.
783
00:38:47,615 --> 00:38:49,201
Because if you just
leave it alone,
784
00:38:49,201 --> 00:38:51,911
you leave Bitcoin alone
in its own natural system.
785
00:38:51,911 --> 00:38:54,164
And Jeff, you talks about this
and I've seen
786
00:38:54,164 --> 00:38:55,958
a lot of other people
talk about it.
787
00:38:55,958 --> 00:39:00,628
If you were to let A.I.
run with it, there's quite good
788
00:39:00,755 --> 00:39:03,132
conversations played out by
and you characterise
789
00:39:03,132 --> 00:39:04,967
how with the chat
GPT or other similar
790
00:39:04,967 --> 00:39:07,594
well, they'll go and pick bitcoin
to operate it
791
00:39:07,594 --> 00:39:10,889
for financial system
and go on their merry way.
792
00:39:10,972 --> 00:39:13,601
What complicates
that a lot is humans and.
793
00:39:13,601 --> 00:39:17,813
It's the human systems
because it's a lot of the things
794
00:39:16,019 --> 00:39:19,565
we're talking about.
You kind of have to imagine
795
00:39:19,565 --> 00:39:24,778
your current world
in front of you that jammed in
796
00:39:21,525 --> 00:39:26,405
with this bitcoin, right.
And how it actually operates.
797
00:39:26,405 --> 00:39:28,907
You know, you've you've had this
in conversations with your dad.
798
00:39:28,907 --> 00:39:34,914
I've had this conversation
with older individuals as well
799
00:39:30,576 --> 00:39:36,998
where I honestly cannot
demonstrate to them a world
800
00:39:36,998 --> 00:39:38,833
where it would be seen
as Bitcoin,
801
00:39:38,833 --> 00:39:41,295
kind of like jammed in
into the existing
802
00:39:41,295 --> 00:39:44,255
fabric of existence
that just doesn't
803
00:39:44,255 --> 00:39:48,010
doesn't go through.
And while I think it
804
00:39:46,092 --> 00:39:49,219
maybe you think as well,
that's probably
805
00:39:48,010 --> 00:39:51,514
what's going to eventually
happen in some way, shape or form
806
00:39:51,514 --> 00:39:55,184
as it starts going towards that,
more complexity
807
00:39:53,556 --> 00:39:58,978
is going to just exist,
whether it's more
808
00:39:55,184 --> 00:40:00,398
layers, whether it's more not so
much intermediaries,
809
00:40:00,398 --> 00:40:03,983
but just security support,
supporting general, you know,
810
00:40:03,192 --> 00:40:04,568
because there's going
to be a lot of people
811
00:40:04,568 --> 00:40:06,403
who are not going to do
self-custody right.
812
00:40:06,403 --> 00:40:10,657
It just won't happen.
And Jeff you monochrome
813
00:40:07,570 --> 00:40:14,286
they've sort of released
with a spot there with ETF
814
00:40:10,657 --> 00:40:17,414
and you know there's some angle
so you can start
815
00:40:17,456 --> 00:40:22,085
being part of the asset but then
as we're talking through
816
00:40:20,291 --> 00:40:24,255
you know, holding the keys
yourself, you mean holding
817
00:40:22,085 --> 00:40:25,505
the actual coins
to operate it another way?
818
00:40:25,505 --> 00:40:29,342
So are you starting
to murk up the benefits
819
00:40:29,342 --> 00:40:31,429
of actually
what Bitcoin can possess?
820
00:40:31,429 --> 00:40:35,056
Right. So
and in all I'm saying this
821
00:40:35,056 --> 00:40:39,228
not in any of the details.
It's just I think like
822
00:40:36,809 --> 00:40:40,813
Citi will be formed
due to humans, due to the systems
823
00:40:40,813 --> 00:40:43,231
that we play around it.
Because if we were
824
00:40:42,106 --> 00:40:44,650
all just monkeys,
Bitcoin was just
825
00:40:43,231 --> 00:40:48,278
going to do its own thing,
it would be clean. Yeah,
826
00:40:46,068 --> 00:40:51,282
I think the honestly,
the most confusing thing
827
00:40:48,278 --> 00:40:53,826
about it is because
it is so rational
828
00:40:53,826 --> 00:40:58,873
that it's kind of what's, what's
that quite where it's,
829
00:40:58,956 --> 00:41:04,545
it's kind of like
if you're a God,
830
00:41:01,541 --> 00:41:05,503
I hate watching this.
Basically it's
831
00:41:05,503 --> 00:41:09,090
the punchline is if
you're a madman, if you're
832
00:41:09,175 --> 00:41:11,342
you know, if you're
the only sane person
833
00:41:11,342 --> 00:41:15,514
in a world of Mad Men, you know,
are you actually sane
834
00:41:13,512 --> 00:41:17,807
or are you insane? That's yeah,
that's a good point. Actually,
835
00:41:16,681 --> 00:41:19,434
another way to say it,
I was thinking then was,
836
00:41:19,434 --> 00:41:22,855
you know, Memorial is
we are not rational.
837
00:41:22,938 --> 00:41:26,442
We are emotional. Right.
And we play in
838
00:41:24,731 --> 00:41:28,110
an emotional world.
Bitcoin is rational in the sense
839
00:41:28,110 --> 00:41:31,155
that it doesn't give it
don't give us
840
00:41:29,068 --> 00:41:33,199
how we're operating.
It just operates
841
00:41:31,155 --> 00:41:36,409
in that particular way.
The same thing with, you know,
842
00:41:36,494 --> 00:41:39,038
for right now, don't go kill me
someone out there
843
00:41:39,038 --> 00:41:40,748
but immutable things
where it's, you know,
844
00:41:40,748 --> 00:41:43,751
gravity or something else
about photon that.
845
00:41:43,876 --> 00:41:46,253
The sun's going
to be there tomorrow.
846
00:41:46,253 --> 00:41:48,297
Yes. Goes out of that.
It's sort of like
847
00:41:47,086 --> 00:41:51,300
set in the west.
It doesn't actually matter
848
00:41:48,297 --> 00:41:52,800
what your systems are.
It just operates in that way.
849
00:41:52,800 --> 00:41:57,972
It just is it doesn't
actually need humanity
850
00:41:53,969 --> 00:42:00,643
in its in its base
corridors and humanity
851
00:41:57,972 --> 00:42:03,978
for it to be what it is.
Yes, you could get all, you know,
852
00:42:04,063 --> 00:42:07,690
philosophical here and it's like,
well you know,
853
00:42:05,105 --> 00:42:09,902
you need a perceiver
to actually perceive
854
00:42:07,690 --> 00:42:13,655
an event or an action or an item
for that to exist in
855
00:42:10,652 --> 00:42:14,697
what is the minds of us.
But it just is a concept.
856
00:42:14,697 --> 00:42:17,826
And I just think about it
like the universe,
857
00:42:15,532 --> 00:42:20,411
the whole concept that things
like some bitcoin kind of slides,
858
00:42:19,327 --> 00:42:24,541
it is one of them that on its own
it's got this
859
00:42:22,039 --> 00:42:25,668
rational way of acting.
And as we injected
860
00:42:25,668 --> 00:42:29,797
into the more emotional,
more irrational human systems
861
00:42:29,797 --> 00:42:33,467
that we have play around with,
that's when it all goes haywire
862
00:42:33,550 --> 00:42:35,510
to the point
that I don't actually know
863
00:42:33,884 --> 00:42:37,679
what would be easier,
whether it would just be like,
864
00:42:37,679 --> 00:42:39,306
you know, drop
everything that we do right now
865
00:42:39,306 --> 00:42:43,851
from a financial system
or, you know, humanitarian system
866
00:42:41,891 --> 00:42:45,938
and go to that,
or whether it's like
867
00:42:43,851 --> 00:42:47,231
transition is going to be.
What will cause less chaos.
868
00:42:47,231 --> 00:42:49,148
Yeah, Yeah. Well,
I mean, this is the thing
869
00:42:49,148 --> 00:42:52,235
I wrote down, you know,
probably the hardest thing
870
00:42:50,775 --> 00:42:53,653
about it,
the most confusing thing
871
00:42:52,235 --> 00:42:55,655
about it,
is the financial aspect of
872
00:42:53,653 --> 00:43:00,827
because you can go, you know,
why do we need this, why what's,
873
00:42:57,907 --> 00:43:02,413
you know, And then,
you know the question,
874
00:43:00,827 --> 00:43:03,998
what is money? It's it's
a damn good question
875
00:43:03,998 --> 00:43:07,126
because the more
you start to look into it, money
876
00:43:07,126 --> 00:43:10,628
is the weirdest thing out there.
It just is.
877
00:43:10,628 --> 00:43:14,717
It's so hard to penetrate.
And especially when it's,
878
00:43:14,800 --> 00:43:17,677
you know, it's not backed
by anything archival.
879
00:43:17,677 --> 00:43:20,179
It's this thing
that you can then use.
880
00:43:20,179 --> 00:43:22,891
You can just print it
out of nowhere, but there's some
881
00:43:21,514 --> 00:43:25,893
constraints around it.
But we, we,
882
00:43:22,891 --> 00:43:27,813
we aim for 2% inflation.
But that's not that doesn't mean
883
00:43:27,813 --> 00:43:32,610
that we only print 2% a year.
You know, that's
884
00:43:29,606 --> 00:43:33,818
all of this other just.
About and just,
885
00:43:33,818 --> 00:43:36,112
just so that I had such
interesting conversations
886
00:43:36,112 --> 00:43:41,034
in in plethora of like formats
ticktock, commentary in person.
887
00:43:41,034 --> 00:43:43,746
Yeah, I've noticed.
I'm not even talking
888
00:43:42,494 --> 00:43:44,829
about bitcoin
not even talking about
889
00:43:44,829 --> 00:43:48,791
just purely talking
like inflation. I'm like,
890
00:43:46,956 --> 00:43:53,005
Hey, is inflation needed?
That's the you will get
891
00:43:48,791 --> 00:43:54,465
honestly that conversation
you you will definitely be
892
00:43:54,465 --> 00:43:57,384
in the losing end
of general consensus
893
00:43:57,384 --> 00:43:59,802
because that will just come.
How'd you get your needs.
894
00:43:59,802 --> 00:44:04,099
Yes to win to win an
argument about inflation.
895
00:44:04,182 --> 00:44:06,893
The winner is
the one who is irrational
896
00:44:06,893 --> 00:44:11,690
because the only way that
you can win that argument
897
00:44:11,773 --> 00:44:14,818
because trying to explain
what inflation is rationally,
898
00:44:14,818 --> 00:44:17,403
it's a fool's errand, man.
I've tried it. I've tried it
899
00:44:16,277 --> 00:44:20,699
with my roommate. I've tried
with my brother. You know, I'll
900
00:44:18,697 --> 00:44:23,409
I'll stop talking.
And it's like my brain
901
00:44:20,699 --> 00:44:26,704
turns to mush.
I'm not a complete idiot,
902
00:44:23,409 --> 00:44:28,539
I But as soon as I start
saying, like, you know, this is
903
00:44:28,539 --> 00:44:30,876
this is what happens
when this and
904
00:44:30,876 --> 00:44:33,503
and then they're like,
but why this happen?
905
00:44:33,503 --> 00:44:37,340
Or, you know, why is it 2%
or 3% or, you know, that
906
00:44:37,423 --> 00:44:40,219
aiming for 2% now
maybe it should be 3%.
907
00:44:40,219 --> 00:44:44,722
You know, how is CPI,
consumer price inflation,
908
00:44:44,806 --> 00:44:48,559
how is that different?
And why or why has that
909
00:44:45,807 --> 00:44:52,271
changed over the years?
It's just like, no, the best way
910
00:44:50,019 --> 00:44:56,527
to explain it is to be irrational
and you'll get closer
911
00:44:53,898 --> 00:44:59,530
to explaining
why it's a good thing
912
00:44:56,527 --> 00:45:02,740
or why it exists at all, or why
it makes sense is to be. Somewhat
913
00:45:02,740 --> 00:45:05,744
very someone who talks
about inflation very well.
914
00:45:05,744 --> 00:45:08,956
I don't know
if it's Eric Voorhees
915
00:45:05,952 --> 00:45:13,085
or someone else, but
they do a really good job
916
00:45:09,039 --> 00:45:19,590
of describing inflation as a,
you know, as a utility
917
00:45:15,795 --> 00:45:21,009
within the system versus
whether it's actually
918
00:45:19,675 --> 00:45:22,094
needed or not.
But I can't remember who it is.
919
00:45:22,094 --> 00:45:26,681
Yeah. Had done does the people
who I hang around with
920
00:45:26,681 --> 00:45:30,393
like the Bitcoin is that they say
inflation is theft,
921
00:45:30,561 --> 00:45:33,230
that that's slightly
too strong for me
922
00:45:33,230 --> 00:45:38,610
but it's not far off. Yeah.
That exact like inflation
923
00:45:36,190 --> 00:45:41,320
is theft. It's definitely like
a particular person says
924
00:45:41,320 --> 00:45:43,657
I can't remember who it is
our but yeah yeah
925
00:45:43,657 --> 00:45:46,492
inflation itself
it's actually a book
926
00:45:44,324 --> 00:45:48,119
as well so you can go
look that up again.
927
00:45:48,119 --> 00:45:51,539
But to be frank though,
like, you know overall
928
00:45:51,623 --> 00:45:54,710
and this is kind of like
my summary around bitcoin,
929
00:45:54,793 --> 00:46:01,592
there is things
adjacent to Bitcoin
930
00:45:57,755 --> 00:46:06,096
that if you've been scared
to kind of jump into it or
931
00:46:01,592 --> 00:46:08,347
to try to understand it, I again,
there are some very
932
00:46:08,347 --> 00:46:10,141
straightforward
path to take around that,
933
00:46:10,141 --> 00:46:14,980
which is we've named a few,
but it's the adjacent
934
00:46:12,226 --> 00:46:19,400
systems of play which I think
will lead you to discovering it
935
00:46:16,940 --> 00:46:22,403
anyways, right.
Which you wouldn't
936
00:46:19,400 --> 00:46:25,449
have 20 years ago. And by that
I mean 20 years ago
937
00:46:23,572 --> 00:46:27,826
when you brought up
the conversation of inflation,
938
00:46:27,826 --> 00:46:31,914
price and value.
Right? The difference
939
00:46:29,244 --> 00:46:32,831
between present value,
it is very hard
940
00:46:32,831 --> 00:46:37,293
when you're operating the system
without the entire system
941
00:46:34,583 --> 00:46:40,088
that exists, you can kind of
throw yourself back into some
942
00:46:40,088 --> 00:46:42,882
500 years in the past
and look at a different history.
943
00:46:42,882 --> 00:46:45,885
They'll find that it is
5000 years back, right?
944
00:46:45,969 --> 00:46:50,349
And you go shit with
inflation when it rocks like a
945
00:46:49,514 --> 00:46:52,934
little bit about a rock,
some of that shit that
946
00:46:50,349 --> 00:46:54,936
wasn't inflation then.
And so there's well.
947
00:46:54,936 --> 00:47:00,275
There's a story in what in the
in the bitcoin standard
948
00:46:57,688 --> 00:47:04,195
where it wasn't 5000 years ago
it was probably a couple hundred
949
00:47:01,902 --> 00:47:06,155
where these islanders
would use this limestone rock,
950
00:47:06,155 --> 00:47:09,076
which they would mine
from another island.
951
00:47:09,076 --> 00:47:12,371
But it was the harder to mine.
So it's kind of like, you know,
952
00:47:12,371 --> 00:47:17,376
gold inflates by supply.
So if you want to put it
953
00:47:15,289 --> 00:47:19,585
like that, you can kind of
say that was. But yeah,
954
00:47:19,585 --> 00:47:22,797
but I don't think it's
a concept of finite
955
00:47:22,797 --> 00:47:26,175
resources, it's value,
it's price, it's
956
00:47:26,260 --> 00:47:29,512
discovering those systems.
So that's obviously
957
00:47:29,512 --> 00:47:31,389
the more financial,
economical side.
958
00:47:31,389 --> 00:47:33,976
You've talked about it
in the opposite side
959
00:47:32,349 --> 00:47:38,856
where you could also go down
the humanitarian, the, you know,
960
00:47:36,103 --> 00:47:41,108
kind of trying to support states
or parties or individuals
961
00:47:41,108 --> 00:47:44,402
which are in the receiving end
of some pretty horrendous
962
00:47:44,402 --> 00:47:48,614
dealings in the way that even
they are limited to the
963
00:47:45,653 --> 00:47:51,869
access to monetary funds,
whether it's a, you know,
964
00:47:48,865 --> 00:47:55,079
authoritarian system.
And an Afghan lady
965
00:47:51,952 --> 00:47:59,166
wanting to flee from
the Taliban, you know,
966
00:47:55,079 --> 00:48:02,588
how can she flee with what
like you can't own like
967
00:47:59,166 --> 00:48:04,338
you literally fleeing.
You can carry
968
00:48:02,588 --> 00:48:06,925
what you can carry on you.
So maybe some gold is
969
00:48:04,338 --> 00:48:08,802
useful in that case, or.
Cure amendment
970
00:48:06,925 --> 00:48:11,346
or seed prices, right? Yeah.
You can remember 12 words
971
00:48:09,135 --> 00:48:15,641
and you can you can take out
a fortune in and it doesn't
972
00:48:15,641 --> 00:48:17,268
you don't need much
imagination to see how
973
00:48:17,268 --> 00:48:22,273
this would have been useful for,
you know, Jewish
974
00:48:19,021 --> 00:48:25,943
people escaping the Nazis
and, you know, 1938
975
00:48:22,273 --> 00:48:29,864
or something like that.
And, and why? Oh, like, you know,
976
00:48:29,864 --> 00:48:32,326
the gold in my teeth
is getting extracted
977
00:48:32,326 --> 00:48:37,539
at the border is that, you know,
it's very much harder
978
00:48:35,329 --> 00:48:40,291
to get into my mind and
and and get those 12 words
979
00:48:37,539 --> 00:48:44,003
out of me. Yeah. Yeah.
So I think it's in the adjacent,
980
00:48:44,003 --> 00:48:47,007
the knowledge
and information that I go,
981
00:48:47,215 --> 00:48:51,844
shit, that is how you will
find your way into what it was
982
00:48:51,844 --> 00:48:55,724
20 years ago
where there would really
983
00:48:52,512 --> 00:48:57,516
be a separate system.
Now there is something
984
00:48:55,806 --> 00:48:58,559
which you could say, okay,
well here's an option.
985
00:48:58,559 --> 00:49:01,355
And as you start thinking
through that option,
986
00:49:01,355 --> 00:49:03,940
it almost, yeah,
we found this, right?
987
00:49:03,940 --> 00:49:06,902
We're talking about it
three years later. And I think
988
00:49:05,733 --> 00:49:07,777
it's going to happen
three years from now.
989
00:49:07,777 --> 00:49:09,487
It'll just become you know,
we're already saying
990
00:49:09,487 --> 00:49:13,784
we're quite, quite high surety of
why we're going down
991
00:49:12,032 --> 00:49:16,202
the path of Bitcoin.
We bloody ask you
992
00:49:13,784 --> 00:49:18,038
to send us through
fractional Bitcoin
993
00:49:16,202 --> 00:49:19,206
as payment of value
because we believe in it
994
00:49:18,038 --> 00:49:20,916
that much. We basically made
a decision, what,
995
00:49:20,916 --> 00:49:25,086
a year and a half ago now no ads.
You know, we don't want
996
00:49:23,585 --> 00:49:28,047
to, you know,
don't want to you to
997
00:49:25,086 --> 00:49:30,592
pay us now the other way
the predominantly it's through
998
00:49:29,090 --> 00:49:32,135
the utilisation satoshis
fractional bitcoins
999
00:49:32,135 --> 00:49:36,597
because we believe it
and I think at least be
1000
00:49:32,844 --> 00:49:38,934
I found my way by learning
about adjacent things. And for me
1001
00:49:37,391 --> 00:49:42,938
it was a kind of a joy that more
which was kind of like
1002
00:49:40,268 --> 00:49:46,148
led me to that realisation
of Bitcoin seems useful
1003
00:49:42,938 --> 00:49:49,695
and useful beyond
the conversation of Hey Price.
1004
00:49:49,777 --> 00:49:53,949
Hmm. Yeah, yeah.
I guess in summary, for me
1005
00:49:50,862 --> 00:49:57,869
it was the, the thing
that convinced me of its utility
1006
00:49:55,574 --> 00:50:00,621
is that it works. I needed to see
how it worked with
1007
00:50:00,621 --> 00:50:03,083
people being able
to send it to us
1008
00:50:03,083 --> 00:50:06,460
through the podcast.
I needed to be able
1009
00:50:04,418 --> 00:50:09,213
to see how I could use it
in my everyday life
1010
00:50:06,460 --> 00:50:11,800
to buy some banana bread.
I needed to use it to support
1011
00:50:11,800 --> 00:50:14,219
people across the world myself.
I needed to use the
1012
00:50:14,219 --> 00:50:18,931
Lightning Network and say,
Oh wow, this stuff
1013
00:50:15,469 --> 00:50:20,809
is instantaneous.
And there's there's no go back.
1014
00:50:20,809 --> 00:50:25,188
There's no there's no
you know, look, I
1015
00:50:25,188 --> 00:50:28,190
don't run a business,
so I've never had to have
1016
00:50:28,275 --> 00:50:31,360
the dealing of chargebacks
of of things like that.
1017
00:50:31,360 --> 00:50:35,824
But just in every,
every I interact with it
1018
00:50:35,907 --> 00:50:39,369
because I've been careful.
There have been positive
1019
00:50:37,324 --> 00:50:40,911
interactions. Once again,
don't don't rush
1020
00:50:40,911 --> 00:50:45,041
into this sort of stuff.
If you're being willy
1021
00:50:41,996 --> 00:50:47,501
nilly test things out, you know,
and it still is a bit of a nerve
1022
00:50:47,501 --> 00:50:50,047
wracking experience
when you know, okay,
1023
00:50:50,047 --> 00:50:55,092
the responsibility is all on me
to safeguard this stuff.
1024
00:50:55,177 --> 00:50:58,012
And in the future
there'll be alternative
1025
00:50:58,012 --> 00:51:00,891
options where it will
it won't be all on that.
1026
00:51:00,891 --> 00:51:04,603
But, you know,
that's it's, it is cool.
1027
00:51:04,643 --> 00:51:07,981
Even just over the past year,
seeing how it's getting
1028
00:51:07,981 --> 00:51:13,402
more hidden behind the scenes
fountain, for example,
1029
00:51:09,565 --> 00:51:14,070
you can now though,
literally saying
1030
00:51:14,070 --> 00:51:18,074
they're supporting like vault 11,
which basically means
1031
00:51:15,614 --> 00:51:19,701
you'll be able to use it
as a lightning wallet, you know,
1032
00:51:19,701 --> 00:51:23,246
kind of functional way,
which would be super cool.
1033
00:51:23,246 --> 00:51:25,998
So it's kind of like
another integration
1034
00:51:25,998 --> 00:51:31,253
Living room of Satoshi bit Refill
Macintosh sent us that link,
1035
00:51:31,253 --> 00:51:33,923
which was about Bitwage
and being able to yeah,
1036
00:51:33,923 --> 00:51:37,344
if you're in
where was it like Colombia
1037
00:51:37,344 --> 00:51:42,056
or Australia
getting paid for from i.e.
1038
00:51:42,056 --> 00:51:45,851
you're the first to be able
to get paid in bitcoin
1039
00:51:45,851 --> 00:51:48,188
like they'll do the conversions
for you and things like that.
1040
00:51:48,188 --> 00:51:51,190
Like there's just so much
cool stuff on this. Stick
1041
00:51:51,190 --> 00:51:53,025
with what I've been saying
previously,
1042
00:51:53,025 --> 00:51:56,987
which is it's the only
real cryptocurrency
1043
00:51:54,110 --> 00:51:59,949
that I've come across.
All the rest. All the rest
1044
00:51:57,822 --> 00:52:03,202
are kind of crypto assets.
They have a currency
1045
00:51:59,949 --> 00:52:06,581
type thing to them, but they're
doing other things
1046
00:52:04,371 --> 00:52:08,041
and that doesn't mean
they're not valuable.
1047
00:52:08,041 --> 00:52:12,336
But yeah, my, my analogy
would be something along
1048
00:52:12,336 --> 00:52:16,340
the lines of okay,
you see the internet
1049
00:52:13,797 --> 00:52:17,467
coming up in 1990
and you're like, This thing's
1050
00:52:17,467 --> 00:52:20,679
going to change the world.
Would you rather
1051
00:52:20,679 --> 00:52:24,849
be able to earn a portion
of the Internet or like
1052
00:52:24,932 --> 00:52:30,230
be able to somehow, you know,
garner that energy
1053
00:52:27,561 --> 00:52:33,440
from the Internet?
Or would you rather own
1054
00:52:30,230 --> 00:52:35,527
a portion of Instagram? You know,
both will kind of do well.
1055
00:52:35,527 --> 00:52:40,114
But having the Internet,
it would probably be better.
1056
00:52:40,114 --> 00:52:42,199
I'd be cool.
I feel like it'd be cooler
1057
00:52:40,782 --> 00:52:44,577
as well. Yeah, definitely.
So that's some some thoughts
1058
00:52:44,577 --> 00:52:47,121
why we have to do this.
Come on, man,
1059
00:52:45,494 --> 00:52:49,456
give me some predictions.
What price predictions
1060
00:52:47,121 --> 00:52:54,670
will it flip? Anything occur?
How much of your net worth
1061
00:52:51,376 --> 00:52:56,630
your portfolio
is going to end up being?
1062
00:52:56,630 --> 00:53:02,554
You know, in Bitcoin? What? Well.
I mean, if the
1063
00:53:02,554 --> 00:53:05,139
if fiat crashes and
Bitcoin becomes the king,
1064
00:53:05,139 --> 00:53:07,601
then it's going to be like
100% bitcoin and something
1065
00:53:06,557 --> 00:53:11,228
be worthless.
But I I'm going to look,
1066
00:53:07,601 --> 00:53:13,273
I'm going to say.
Well, if flipping ever
1067
00:53:11,313 --> 00:53:14,523
occurred, do you think.
I don't think so.
1068
00:53:14,523 --> 00:53:19,905
But I also think
that at the 2024 halving,
1069
00:53:19,987 --> 00:53:24,201
we're going to see
like slightly a few months
1070
00:53:20,614 --> 00:53:28,121
afterwards we'll see
Bitcoin finally go over
1071
00:53:24,284 --> 00:53:29,956
100,000 try dollars.
I'd sustain it
1072
00:53:28,204 --> 00:53:31,958
for a little while.
Yep. Yep. Nice. All right.
1073
00:53:31,958 --> 00:53:34,710
My, my, my kind of
predictions are.
1074
00:53:34,710 --> 00:53:38,757
Will a flipping occur?
I don't think so, but man,
1075
00:53:35,836 --> 00:53:41,300
I really hope so.
Just for the balls.
1076
00:53:38,757 --> 00:53:45,222
Just for the. Absolutely.
Just with Husky. Just me. Asking.
1077
00:53:45,222 --> 00:53:49,851
Husky is the the shortest
of the stupidest meme coin that
1078
00:53:47,766 --> 00:53:51,436
I found. And I love it.
I was actually buying some today
1079
00:53:51,436 --> 00:53:53,730
just because it's
so it's so much fun man.
1080
00:53:53,730 --> 00:53:57,692
The such I love it. I love that
I love that place.
1081
00:53:57,692 --> 00:54:02,030
But it it there's there's
this guy called Matt Odell.
1082
00:54:02,030 --> 00:54:06,284
He's got another pretty good show
called Rabbit Hole Recap.
1083
00:54:06,284 --> 00:54:09,996
And he's got one called
Citadel Dispatch. Those are more
1084
00:54:08,286 --> 00:54:11,998
the tech type ones. I didn't
talk about tech ones,
1085
00:54:10,496 --> 00:54:15,001
but if you want
more of a tech type thing,
1086
00:54:11,998 --> 00:54:18,463
they're good.
And he's got this quote,
1087
00:54:15,210 --> 00:54:19,505
which is stay humble
and stock sets.
1088
00:54:19,505 --> 00:54:24,635
And what I have noticed is
there are a lot of bitcoiners
1089
00:54:22,509 --> 00:54:26,929
who aren't that humble.
Like they'll even repeat
1090
00:54:24,635 --> 00:54:31,141
that mantra. But I think a dose
of humility of of doge
1091
00:54:31,141 --> 00:54:34,311
flipping Bitcoin even even
just for a little bit.
1092
00:54:34,396 --> 00:54:38,023
It'd be hilarious.
I think that would be
1093
00:54:35,230 --> 00:54:39,400
that would be pretty good
price predictions
1094
00:54:38,023 --> 00:54:41,318
and all that stuff.
Yeah. Like, look, I have no idea.
1095
00:54:41,318 --> 00:54:44,780
I wouldn't, I certainly don't
and would,
1096
00:54:44,780 --> 00:54:47,826
would not encourage people
to invest in it unless like
1097
00:54:47,826 --> 00:54:49,661
you're interested in it
and you're interested
1098
00:54:49,661 --> 00:54:55,750
in the things that
we've been talking about. What I
1099
00:54:53,373 --> 00:54:59,211
would just say is like,
I'm very hesitant the halving.
1100
00:54:59,295 --> 00:55:00,922
Everyone says,
you know, the halving
1101
00:55:00,922 --> 00:55:03,173
and then it's a year
after the halving roughly.
1102
00:55:03,173 --> 00:55:08,554
That's when, when it,
when it peaks again, it, it
1103
00:55:06,760 --> 00:55:12,224
kind of makes sense.
But I've yet to see this is
1104
00:55:10,724 --> 00:55:13,934
one of those things
I've been very influenced by your
1105
00:55:13,934 --> 00:55:17,563
goal goals, one of,
of not assuming things of
1106
00:55:17,646 --> 00:55:21,192
and this is one of those things
that sounds like
1107
00:55:18,940 --> 00:55:25,195
a pretty big assumption
on a lot of people's pot
1108
00:55:21,192 --> 00:55:26,530
that halving happening,
halving happens, bull
1109
00:55:26,530 --> 00:55:30,492
market comes afterwards
and I'm just one of like
1110
00:55:30,577 --> 00:55:34,289
I've heard some semi
convincing arguments
1111
00:55:34,289 --> 00:55:38,126
as to why they occurred
not due to the halving
1112
00:55:38,376 --> 00:55:42,797
or the halving was only
a 20% impact of that and it was
1113
00:55:42,797 --> 00:55:45,090
all the macro factors
and things like that.
1114
00:55:45,090 --> 00:55:50,722
So yeah, just, just
to, to counter one thing
1115
00:55:47,217 --> 00:55:52,974
there, I would actually
I won't make a prediction,
1116
00:55:50,804 --> 00:55:58,480
but I would just say
like don't assume that price
1117
00:55:55,726 --> 00:56:00,690
goes up in 2025 could
be 2026, could be 2027.
1118
00:56:00,690 --> 00:56:02,775
But probably from.
What I'm hearing,
1119
00:56:02,775 --> 00:56:04,235
there is long term
current thinking.
1120
00:56:04,235 --> 00:56:06,403
Ten. Yes, 100 billion
Bitcoin. Yes Yeah.
1121
00:56:06,403 --> 00:56:10,492
Yeah, sure, why not?
But I'd certainly just would not
1122
00:56:10,492 --> 00:56:17,164
get caught up into the hype of
it is going to be
1123
00:56:14,244 --> 00:56:20,168
this in two years time.
Like bull market comes
1124
00:56:17,164 --> 00:56:21,795
after this and I'm like,
what if it doesn't? You know
1125
00:56:21,795 --> 00:56:25,965
what if it what if it just stays
at the same price
1126
00:56:23,003 --> 00:56:27,759
for the next two years? You know?
Are you comfortable with that?
1127
00:56:27,759 --> 00:56:29,802
If you're not comfortable
with that, don't
1128
00:56:28,467 --> 00:56:31,929
don't invest in it.
Like don't. They. Don't buy it.
1129
00:56:31,929 --> 00:56:37,268
They're buying down a little bit.
You know, that's the thing. Good.
1130
00:56:37,268 --> 00:56:39,228
Like, thank you very much
and we'll sort of tidy up there.
1131
00:56:39,228 --> 00:56:40,646
Once again,
we have been talking about
1132
00:56:40,646 --> 00:56:43,565
Bitcoin the whole time and
anything adjacent to it.
1133
00:56:43,565 --> 00:56:45,275
And we just talk through
the beast privilege.
1134
00:56:45,275 --> 00:56:47,695
But so once again,
if you want to be
1135
00:56:46,027 --> 00:56:49,114
supporting the podcast,
the main call out here is
1136
00:56:49,114 --> 00:56:52,784
we are a Valley Valley podcast.
You can't get you can't go to
1137
00:56:51,157 --> 00:56:54,994
any of the new podcasting
apps out there.
1138
00:56:52,784 --> 00:56:58,789
Just talked about a few. There's
custom attic, there's there's.
1139
00:56:58,789 --> 00:57:02,501
Ten fountains, probably the one
I would recommend at the moment
1140
00:57:02,501 --> 00:57:05,003
just because they're doing
a lot of cool things.
1141
00:57:05,003 --> 00:57:07,507
A lot of cool things. Absolutely.
And look, if you want to know
1142
00:57:07,507 --> 00:57:09,050
about a little more
about founded, go on.
1143
00:57:09,050 --> 00:57:12,554
Listen to the Memorial
podcast interview that we done
1144
00:57:10,592 --> 00:57:15,347
with the Fountain. Oscar, Oscar,
Marion Barry, multi
1145
00:57:15,347 --> 00:57:19,643
talk of the journey that I'll see
You can see that
1146
00:57:16,807 --> 00:57:20,644
maybe that's a progression
so you could do that
1147
00:57:20,644 --> 00:57:24,398
but you can said through a boosta
gram to us that we read
1148
00:57:22,605 --> 00:57:27,152
those out with she's attached
it's the best way for you
1149
00:57:25,692 --> 00:57:30,405
to communicate with us
you can send emails,
1150
00:57:27,152 --> 00:57:32,239
you can respond to your
social media posts
1151
00:57:30,487 --> 00:57:32,949
and all the other places
that we post things,
1152
00:57:32,949 --> 00:57:36,994
but that is by far and large
the the main place
1153
00:57:35,076 --> 00:57:37,911
we want to be say
is coming through.
1154
00:57:37,911 --> 00:57:39,414
It's the way that we want
to be supported.
1155
00:57:39,414 --> 00:57:42,958
It's matches our beliefs
in terms of the value
1156
00:57:40,873 --> 00:57:44,626
system that we're sharing,
and we'd like to see value
1157
00:57:42,958 --> 00:57:45,920
coming back in the way
of fractional bitcoin
1158
00:57:45,920 --> 00:57:48,547
because we do believe
that as a whole it's
1159
00:57:46,628 --> 00:57:50,132
going to help us
and help out the world
1160
00:57:48,547 --> 00:57:52,217
in locked up. Yeah,
his his a thing to end off
1161
00:57:52,217 --> 00:57:53,927
what's something
that you can only do
1162
00:57:53,927 --> 00:57:56,681
with bitcoin that you
can't do with, with Fiat.
1163
00:57:56,681 --> 00:58:00,101
Well you can only get a
model shirt with bitcoin.
1164
00:58:00,101 --> 00:58:02,353
Oh you give us
give us hundertwasser.
1165
00:58:02,353 --> 00:58:06,106
It doesn't work like that.
But what kind of. I think we
1166
00:58:06,106 --> 00:58:08,150
bent that rule once,
but no, no more, no more.
1167
00:58:08,150 --> 00:58:10,570
Bending about it anymore.
Yeah. If you want to.
1168
00:58:10,570 --> 00:58:14,407
If you want to be a model shirt,
you have to send bitcoin to us.
1169
00:58:14,407 --> 00:58:16,409
Fractional bitcoin in the
form is totally correct.
1170
00:58:16,409 --> 00:58:19,244
No whales that we will.
We will try to help you out
1171
00:58:19,244 --> 00:58:23,081
if you want to do that,
because I know that is difficult
1172
00:58:20,538 --> 00:58:24,958
still to this day,
but it will become better
1173
00:58:24,958 --> 00:58:29,255
trusted that it will
become easier, correct? Yeah,
1174
00:58:26,920 --> 00:58:32,217
it already is easier from
from when we started
1175
00:58:29,255 --> 00:58:34,219
like absolute ways. Yeah. Yeah.
Alright. Be more to
1176
00:58:34,219 --> 00:58:37,514
I thank you very much
for joining us today once again
1177
00:58:35,969 --> 00:58:39,306
in a live session, 7 p.m.
Australian Eastern
1178
00:58:37,514 --> 00:58:40,807
Standard Time today.
It is Thursday that I usually do.
1179
00:58:40,807 --> 00:58:45,021
Wednesday, Yes. Overall
with regard yesterday
1180
00:58:41,976 --> 00:58:46,688
were both so sick but
glad we were doing this.
1181
00:58:45,021 --> 00:58:47,481
What did I yesterday?
Because both me
1182
00:58:47,481 --> 00:58:50,735
and Hudson, a rookie
both of weeks at the club.
1183
00:58:50,735 --> 00:58:53,237
Yeah well we'll leave there
hopefully have enjoyed
1184
00:58:53,237 --> 00:58:56,114
this conversation of bitcoin.
Any topics for next week?
1185
00:58:56,114 --> 00:58:58,992
Card Oh man, I haven't
thought that far ahead,
1186
00:58:58,992 --> 00:59:01,829
so we'll have to leave it
a mystery, though.
1187
00:59:01,829 --> 00:59:06,125
Leaving mystery for the facts are
a bit more like
1188
00:59:03,581 --> 00:59:11,422
that's all won out.
Can't stay humble. That's
1189
00:59:09,045 --> 00:59:11,422
sad sad sad that that's.
00:00:04,753 --> 00:00:09,384
We can be Mere Mortals. Welcome
Mere Mortalites to
2
00:00:09,384 --> 00:00:12,303
another edition of Musings
Here at the Mere Mortals.
3
00:00:12,303 --> 00:00:15,223
You got Juan on this corner.
And Kyrin here as it.
4
00:00:15,223 --> 00:00:21,980
Is, 31st of August 2023.
And I come to you sick,
5
00:00:18,977 --> 00:00:23,981
sick as a dog, folks,
and someone who's
6
00:00:22,187 --> 00:00:25,734
just watched a recent
live of me as well,
7
00:00:23,981 --> 00:00:27,861
they said, Damn, you could just
add as fuck. Now that correct.
8
00:00:27,861 --> 00:00:30,905
I am definitely congest
the shit, but that's okay.
9
00:00:30,905 --> 00:00:33,490
We travel on.
At least we are far apart here.
10
00:00:33,490 --> 00:00:36,286
But not to get too far
for you in the airwaves.
11
00:00:36,286 --> 00:00:40,664
And whether you watching a video,
whether any of those new
12
00:00:37,579 --> 00:00:42,667
podcasting apps out there
that might allow you
13
00:00:40,664 --> 00:00:44,878
to send through
small fractional amounts
14
00:00:42,667 --> 00:00:46,087
of Bitcoin like the TV. And today
we're going to be talking
15
00:00:46,087 --> 00:00:50,674
all about Bitcoin.
Now, this is a topic I came up
16
00:00:49,006 --> 00:00:51,843
with a few weeks ago.
Something easy, right?
17
00:00:51,843 --> 00:00:55,472
There's not going to be
a particularly long, etc.,
18
00:00:52,551 --> 00:00:57,598
I particularly think.
But it's also not going
19
00:00:55,472 --> 00:00:58,515
to be something where
we're going to get into
20
00:00:58,515 --> 00:01:01,935
weeds or the technical
levels of bitcoin or some.
21
00:01:02,186 --> 00:01:03,854
It might not
even get to political,
22
00:01:03,854 --> 00:01:06,858
it might not get into some
of the largeness of what
23
00:01:06,858 --> 00:01:10,486
Bitcoin is or isn't,
because that's
24
00:01:09,277 --> 00:01:12,155
what we do here, right?
Many more. Let's let me model.
25
00:01:12,155 --> 00:01:13,572
We're not going to be
doing that, but
26
00:01:13,572 --> 00:01:15,075
we'll be probably going
to have a conversation
27
00:01:15,075 --> 00:01:18,912
about its Bitcoin
in its gentleness to do with it
28
00:01:18,912 --> 00:01:22,331
being Bitcoin and talking about
just your average individual.
29
00:01:22,331 --> 00:01:26,335
Be a model out there,
consuming it, using it,
30
00:01:23,625 --> 00:01:28,421
participating with it.
Why would you use it?
31
00:01:26,335 --> 00:01:29,798
Everything like that.
Now, maybe what we've
32
00:01:29,798 --> 00:01:31,924
learned over the past
two years because, well,
33
00:01:31,924 --> 00:01:33,968
even three years
because we did an episode,
34
00:01:33,968 --> 00:01:38,890
episode 44
on cryptocurrencies back
35
00:01:34,802 --> 00:01:41,100
in, I think this was April
of 2020. So it was very good
36
00:01:41,100 --> 00:01:44,103
three and a half years
past that basically.
37
00:01:44,103 --> 00:01:50,567
And that was a couple
of things we said in there which
38
00:01:47,564 --> 00:01:53,153
were completely ignorant
and which. And interestingly.
39
00:01:53,153 --> 00:01:56,740
Think we've learned some stuff.
Yeah, yeah. And interestingly
40
00:01:54,906 --> 00:01:58,075
enough as well, you know,
Fossil at three years
41
00:01:58,075 --> 00:02:01,120
will probably be able
to look back on this episode
42
00:01:59,743 --> 00:02:03,456
and go, Fuck, we're
still pretty ignorant.
43
00:02:01,120 --> 00:02:05,375
And so maybe. Not with this.
I think I think. If you want to
44
00:02:05,375 --> 00:02:06,959
if you want to scratch,
if you want to scratch a
45
00:02:06,959 --> 00:02:09,461
little bit of the surface
around me Immortals,
46
00:02:09,461 --> 00:02:12,132
one of the main reasons
I wanted to do this
47
00:02:12,132 --> 00:02:14,925
podcast was basically
because it was the
48
00:02:14,925 --> 00:02:17,052
the idea that there's
a law podcast out there
49
00:02:17,052 --> 00:02:20,848
like the Joe Rogan
or like Friedman appeared
50
00:02:19,055 --> 00:02:23,475
or a tier or Tim Ferriss,
which is the top
51
00:02:22,057 --> 00:02:26,520
talking to the top, you know,
you're talking to tip top
52
00:02:23,852 --> 00:02:28,897
and how they get their.
But I wanted to talk
53
00:02:26,520 --> 00:02:29,649
to mere mortals
or talk about ideas
54
00:02:29,649 --> 00:02:32,235
and to be very me
and more like way
55
00:02:32,235 --> 00:02:35,989
to kind of showcase or discover
as you're going
56
00:02:34,987 --> 00:02:37,115
through a conversation
or even throughout the journey
57
00:02:37,115 --> 00:02:39,324
of people of okay, cool. We're
just talking about a topic
58
00:02:39,324 --> 00:02:43,788
which you don't experience,
but maybe we can try
59
00:02:41,034 --> 00:02:46,832
to connect and show how a just
your average individual
60
00:02:44,497 --> 00:02:48,418
might consume this particular
top of your content.
61
00:02:48,418 --> 00:02:52,838
No. Yeah, definitely.
I pulled this particular
62
00:02:49,377 --> 00:02:55,300
little definition,
but it comes from bitcoin Reddit.
63
00:02:55,300 --> 00:02:58,719
Okay. Which was created
trying to guess when.
64
00:02:58,719 --> 00:03:04,016
Bitcoin read it.
I mean, it'd be hilarious
65
00:02:59,469 --> 00:03:06,102
if it was even before the the.
For the white paper.
66
00:03:06,102 --> 00:03:10,689
I would I don't
I can't have been too long
67
00:03:07,604 --> 00:03:13,943
after it's after it's
kind of release I want to say
68
00:03:14,026 --> 00:03:21,408
February 2019. 2019. Sorry. 29 TS
I was like, Damn, dude.
69
00:03:21,408 --> 00:03:24,746
Yeah, that was not too
long after, you know?
70
00:03:24,829 --> 00:03:27,956
I mean, us guys like it,
but it was September nine, 2010,
71
00:03:27,956 --> 00:03:31,461
so it was all year plus.
Oh, yeah, yeah, yeah.
72
00:03:31,461 --> 00:03:34,504
So a little while later
now they have a little
73
00:03:32,711 --> 00:03:37,842
summary around this as Bitcoin
is the currency of the internet
74
00:03:37,842 --> 00:03:40,344
distributed worldwide,
decentralised digital money,
75
00:03:40,344 --> 00:03:44,264
unlike traditional currencies
such as dollar bitcoins
76
00:03:44,264 --> 00:03:47,227
are issued amounts
without any central
77
00:03:44,932 --> 00:03:48,603
authority whatsoever.
There is no government company
78
00:03:48,603 --> 00:03:51,647
or bank in charge of Bitcoin.
As such, it is more resistant
79
00:03:51,647 --> 00:03:54,400
to wild inflation
and corrupt banks.
80
00:03:54,400 --> 00:03:56,235
With bitcoin you could be
your own bank.
81
00:03:56,235 --> 00:04:00,531
Now, I don't know how much
of that was written like then
82
00:03:58,445 --> 00:04:01,907
and never changed
or whether it's changed
83
00:04:00,531 --> 00:04:03,492
over time. But it's interesting
that they had a lot of
84
00:04:03,492 --> 00:04:07,872
the bank corrupt banks,
which I could only assume
85
00:04:04,868 --> 00:04:10,040
was to do with the 2008
global financial crash
86
00:04:07,872 --> 00:04:11,709
and maybe a lot of like
banking thing and corrupt
87
00:04:10,040 --> 00:04:14,461
things around it.
So there's a bit
88
00:04:11,709 --> 00:04:15,754
of a detail about it now.
We could get into many other
89
00:04:15,754 --> 00:04:19,175
definitions of Bitcoin. Honestly,
my recommendation would be
90
00:04:19,175 --> 00:04:21,761
go read the white paper, like,
go read the white paper,
91
00:04:21,761 --> 00:04:23,262
go away for a year,
go read it again,
92
00:04:23,262 --> 00:04:25,514
Go away for now two years.
Come back and read again.
93
00:04:25,514 --> 00:04:27,391
That's probably a good way
of really knowing because.
94
00:04:27,391 --> 00:04:30,103
To be honest. That to be honest.
But I wanted to start a
95
00:04:30,103 --> 00:04:31,521
particularly
in a different stream
96
00:04:31,521 --> 00:04:32,562
for this question,
and then we can go
97
00:04:32,562 --> 00:04:34,023
and I think you go
to a few other topics
98
00:04:34,023 --> 00:04:39,028
that we could talk about,
but my mom was there's a talking
99
00:04:36,483 --> 00:04:40,404
about the rate of Bitcoin.
I went in there not too long ago
100
00:04:40,404 --> 00:04:44,199
and I saw this particular person.
I was like, Oh, this is
101
00:04:41,697 --> 00:04:46,160
I wanted to ask you this
because I wasn't sure
102
00:04:44,199 --> 00:04:48,997
what my answer was. Would have
I'll have an answer
103
00:04:47,077 --> 00:04:50,540
for the age old question.
If Bitcoin was mainstream,
104
00:04:50,540 --> 00:04:52,709
how much would you need
to be well-off
105
00:04:52,709 --> 00:04:56,336
and in this particular
post that he's done
106
00:04:56,420 --> 00:04:59,923
or she has done, there's no mats,
although it's at source,
107
00:04:58,172 --> 00:05:02,968
I do math, but they've said,
you know,
108
00:05:00,966 --> 00:05:04,595
if it was to become this,
this and this and this, basically
109
00:05:04,595 --> 00:05:09,891
all you did is point for Bitcoin.
That's it. That's what
110
00:05:06,973 --> 00:05:11,060
it will be being well off.
I wanted to partner up
111
00:05:11,060 --> 00:05:14,855
with the question
of being for you content.
112
00:05:14,939 --> 00:05:18,942
Do you have a target of
when enough is enough and
113
00:05:18,942 --> 00:05:23,656
what's your reasoning for
calling it enough? Hmm.
114
00:05:23,740 --> 00:05:30,038
No, I don't.
Yeah, it's it's more of a
115
00:05:25,115 --> 00:05:31,663
I want this thing.
I want as much of it as I can.
116
00:05:31,663 --> 00:05:35,375
So the deal so there's no
particular target for me
117
00:05:35,459 --> 00:05:39,172
and that will change
because it is
118
00:05:39,254 --> 00:05:42,675
my interactions with it
are very, very different
119
00:05:42,675 --> 00:05:47,012
now than they were
when I, when I first
120
00:05:47,096 --> 00:05:51,309
acquired some in 2017,
held on to it,
121
00:05:49,264 --> 00:05:53,353
did all the wrong things,
you know, left in on exchange,
122
00:05:53,353 --> 00:05:57,230
sold it just before and I
before it picked up again.
123
00:05:57,230 --> 00:06:03,196
Classic sort of sort of deal
And now it's it's my approach to
124
00:06:03,196 --> 00:06:06,240
it is very much more different
to to what it was say
125
00:06:06,240 --> 00:06:09,576
in that 2020
when we were discussing. But I'll
126
00:06:09,576 --> 00:06:15,458
I'll maybe get on to that so and
to answer in fullness and
127
00:06:11,620 --> 00:06:17,627
no there's no target per
say it's more
128
00:06:15,458 --> 00:06:19,420
I just want this thing and so
yeah the more the better.
129
00:06:19,420 --> 00:06:22,423
Like an undefined limit for you
basically as long as you're
130
00:06:22,423 --> 00:06:25,425
operating and living
beyond those means.
131
00:06:25,509 --> 00:06:32,516
20 21,000,001 Bitcoin. Funnily
enough, I actually saw a,
132
00:06:32,516 --> 00:06:35,812
a very similar thing
on, on Twitter, which was
133
00:06:35,894 --> 00:06:39,524
someone saying
if you wanted to retire
134
00:06:39,524 --> 00:06:43,903
with on Bitcoin,
how many would you need,
135
00:06:41,192 --> 00:06:46,697
how much would you need?
And through his and he did
136
00:06:43,903 --> 00:06:54,454
use math in this and his answer
was 3 to 5 bitcoin in in. Sorry
137
00:06:51,827 --> 00:06:56,499
if you wanted to retire
in five years on bitcoin,
138
00:06:54,454 --> 00:06:58,875
how much would you need?
And he said 3 to 5. That was
139
00:06:57,875 --> 00:07:01,711
that was his thing.
So let's get to
140
00:07:01,711 --> 00:07:03,964
some other random numbers being.
Absolutely not helpful
141
00:07:03,964 --> 00:07:07,218
because it doesn't
take into account any of your
142
00:07:05,341 --> 00:07:08,802
personal circumstances.
But that is okay. Let's just.
143
00:07:08,802 --> 00:07:10,805
Be on the point that
there's a. Number for you.
144
00:07:10,805 --> 00:07:14,725
Yeah, for me, I mean,
just quickly, for me looking at
145
00:07:13,557 --> 00:07:15,851
and I was thinking about
that question of like,
146
00:07:14,725 --> 00:07:19,480
well, is it one Bitcoin is a two,
Bitcoin, is it ten? Is it 100,
147
00:07:17,769 --> 00:07:21,107
is it a thousand?
Jake's folks, we don't
148
00:07:19,480 --> 00:07:21,815
we're not even close.
So that was Bitcoin.
149
00:07:21,815 --> 00:07:24,067
But you know, for me
personally, I went
150
00:07:24,067 --> 00:07:28,029
I think more and more
the way that I look at is
151
00:07:28,113 --> 00:07:32,826
just as another
investment asset and one
152
00:07:28,906 --> 00:07:33,911
but in one aspect of it.
But I conceptualise it
153
00:07:33,911 --> 00:07:37,956
as like percentage
or the size of it. I look at it
154
00:07:36,956 --> 00:07:39,541
in the same way that I might
look at holding cash
155
00:07:39,541 --> 00:07:41,168
in somewhere else.
So holding an asset
156
00:07:41,168 --> 00:07:43,545
like a property
or holding shares, it's
157
00:07:43,545 --> 00:07:49,218
like I can be confident and happy
that I've got 510,
158
00:07:45,589 --> 00:07:51,052
50% of my net worth
against that particular asset.
159
00:07:51,052 --> 00:07:55,223
It offsets against inflation
and offsets against other assets.
160
00:07:55,223 --> 00:07:57,726
So then from a whole
financial position,
161
00:07:57,726 --> 00:08:01,189
I'm in a position
where it's okay, you're
162
00:08:01,271 --> 00:08:03,774
levered to provide
hopefully profit
163
00:08:03,774 --> 00:08:06,194
if certain things go right
and some others don't,
164
00:08:06,194 --> 00:08:07,319
and this one's
going to be supporting.
165
00:08:07,319 --> 00:08:10,113
So there's one
aspect to that for sure.
166
00:08:10,113 --> 00:08:12,074
But then the other,
I think in a very similar vein,
167
00:08:12,074 --> 00:08:14,911
what you're talking about
now, it's going to have more.
168
00:08:14,911 --> 00:08:20,958
I just want to have more sitting
there in a secured way in
169
00:08:21,041 --> 00:08:23,877
not in the hopes, but in
almost the understanding
170
00:08:23,877 --> 00:08:27,339
that one day it's
going to become a much
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higher operating force
than what we see
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in today's world.
What that looks like,
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again, you know, I can't even
conceptualise again
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whether it becomes
the overwhelming currency
175
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and that is currency.
There is no fiat
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and we call things in
Satoshi, right? Who knows.
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But I go the future
seems like he's going to
178
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have a hand with Bitcoin,
so I want to have more of that
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just to be able to participate,
more of whatever comes next.
180
00:08:51,530 --> 00:08:54,408
That sort of the mentality. Yeah.
You brought up the word
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that I wanted to talk about,
which was investing.
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And so if you go back
to that episode 44,
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you could see we were
so focussed upon that
184
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almost the entire episode.
Now this was on cryptocurrencies
185
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and not on Bitcoin,
but the whole episode
186
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was revolving around, okay,
what are these things?
187
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And you know,
can I make money from it?
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It wasn't like as bad
as you'll see on some
189
00:09:19,182 --> 00:09:23,895
some crypto podcast. It could day
and there's definitely some hard
190
00:09:23,895 --> 00:09:26,190
well there's definitely once
there's some like interviews
191
00:09:26,190 --> 00:09:29,860
where they'll bring in some
you know quite notable You know
192
00:09:29,860 --> 00:09:32,654
I'm just like bitcoin as I'm
something just people
193
00:09:30,860 --> 00:09:34,657
in the industry
or expertise or crypto
194
00:09:32,654 --> 00:09:37,659
kind of like what do you reckon
because going to be. Predictions
195
00:09:36,158 --> 00:09:40,288
like that. Yeah. So this is
when I'm saying this,
196
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I'm thinking more along
the lines of the pomp. Anthony
197
00:09:43,874 --> 00:09:47,878
Pompliano his, his.
It's very much
198
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that that lens of viewing
it is through investing which,
199
00:09:49,547 --> 00:09:54,552
which kind of makes sense
because when you first
200
00:09:51,841 --> 00:09:57,471
come out of it such a geeky
you know,
201
00:09:55,720 --> 00:10:00,224
the people who got into it
initially were the geeks,
202
00:09:57,471 --> 00:10:02,768
the tech people,
the libertarians, the PAP's
203
00:10:02,768 --> 00:10:07,398
really financially repressed
but also innovative type
204
00:10:04,394 --> 00:10:10,567
individuals.
And the the thing now is,
205
00:10:10,650 --> 00:10:13,653
as it gets more
and more mainstream,
206
00:10:13,653 --> 00:10:16,740
it's kind of probably
in the investing type
207
00:10:16,740 --> 00:10:18,868
of stage. That's
when we entered into it.
208
00:10:18,868 --> 00:10:24,081
This is probably, you know, the
2013 to 2023 stage where
209
00:10:20,201 --> 00:10:28,043
it's like, oh, this is
maybe even a little bit
210
00:10:24,289 --> 00:10:31,004
late in that 2017 to 2023.
And I think going forward,
211
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it will hopefully kind of be
a bit more
212
00:10:32,048 --> 00:10:39,346
behind the scenes again and is
going to be more of a a use case
213
00:10:36,969 --> 00:10:41,474
in real life sort of deal.
So, you know, what did we talk
214
00:10:41,474 --> 00:10:43,600
we talked about
investing in that one.
215
00:10:43,600 --> 00:10:46,479
What didn't we talk about?
We didn't
216
00:10:44,976 --> 00:10:48,438
talk about micropayments.
We didn't talk about
217
00:10:46,479 --> 00:10:50,774
financial repression.
We didn't talk about how
218
00:10:48,438 --> 00:10:53,318
it can be disaster proof.
We didn't talk about
219
00:10:50,774 --> 00:10:54,570
governmental shenanigans.
We didn't talk about
220
00:10:54,570 --> 00:10:57,740
it being a source of truth,
of being one of the really open
221
00:10:57,740 --> 00:11:01,159
of openness markets
that you can get. And then we
222
00:11:01,159 --> 00:11:04,163
talked a little bit
about number go up.
223
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So, yeah, definitely.
I think in in terms of
224
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how we view it now, it's
there's an investing side to it.
225
00:11:12,837 --> 00:11:16,634
But the all of
those things I just listed
226
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are the things that are
much more interesting
227
00:11:18,885 --> 00:11:25,600
and much more
why it would, you could
228
00:11:22,222 --> 00:11:27,436
view it as an investment
because it can do
229
00:11:25,600 --> 00:11:28,269
all of these things
and that's that
230
00:11:28,269 --> 00:11:32,899
what is what would give me
a surety now compared to
231
00:11:32,982 --> 00:11:35,860
2017 Kyren who had some,
but it was just like,
232
00:11:35,860 --> 00:11:38,739
I don't know why
I've got this thing, but
233
00:11:38,822 --> 00:11:42,784
it's, it's doing something
like it's an investment, I guess.
234
00:11:42,784 --> 00:11:46,871
Yeah. Yeah.
No I think the is the,
235
00:11:46,871 --> 00:11:49,750
the in a lot of assets
when they begin writing
236
00:11:49,750 --> 00:11:52,628
or like in the early days
they're going to be more
237
00:11:52,628 --> 00:11:56,381
so than not quite high
in the variability
238
00:11:56,381 --> 00:12:00,594
of where they sit
in terms of day to day
239
00:11:57,758 --> 00:12:02,221
movement, month to month
movement year in year.
240
00:12:02,221 --> 00:12:03,556
And Bitcoin did that.
There's obviously
241
00:12:03,556 --> 00:12:06,683
a lot of other assets
that you can talk through or did
242
00:12:05,057 --> 00:12:08,018
something like that.
When you have a lot
243
00:12:06,683 --> 00:12:10,019
of that variability,
I think it just attracts you.
244
00:12:10,019 --> 00:12:11,522
Maybe back
then when we were talking
245
00:12:10,479 --> 00:12:12,940
about it, just two tracks
of the view of,
246
00:12:12,940 --> 00:12:17,986
Well shit, this thing can
jump up 20% tomorrow
247
00:12:14,817 --> 00:12:19,447
and that drops 16%.
And like I remember
248
00:12:19,447 --> 00:12:23,325
2021, a lot of people were
getting into the whole
249
00:12:23,408 --> 00:12:26,287
like, Oh, do the day
trading against crypto, you know,
250
00:12:26,287 --> 00:12:28,748
like all because a drop of that
you do a short leverage
251
00:12:28,748 --> 00:12:31,542
on a thousand
and you make all this money
252
00:12:31,542 --> 00:12:34,461
and people do make some money.
Obviously there's
253
00:12:34,461 --> 00:12:35,629
there's going to be losers
at the other
254
00:12:35,629 --> 00:12:39,799
end of that particular
traded awesome So a lot of people
255
00:12:37,005 --> 00:12:41,594
are losing money as well
but the like
256
00:12:39,884 --> 00:12:44,554
where we sit right right
we get we're late August 2023.
257
00:12:44,679 --> 00:12:47,640
The price of bitcoin
if you want to talk
258
00:12:46,056 --> 00:12:50,644
about the price of Bitcoin
hasn't necessarily
259
00:12:47,640 --> 00:12:52,772
moved a whole deal
over the last few months.
260
00:12:50,644 --> 00:12:56,484
Yes, it has dropped.
Yes, it's going up. Yes, it's,
261
00:12:53,980 --> 00:12:59,736
you know, crap crawled.
But I'm more excited
262
00:12:56,484 --> 00:13:01,989
for two parts.
One so of the price
263
00:12:59,736 --> 00:13:04,450
being low enough
that I can comfortably
264
00:13:01,989 --> 00:13:07,995
still pick up I sort of round
number style bitcoin enough
265
00:13:05,743 --> 00:13:11,499
that I'm happy with that
but to it getting to
266
00:13:07,995 --> 00:13:12,792
a more stable perspective,
kind of like a share
267
00:13:12,792 --> 00:13:15,461
kind of like an a
an asset, like a property
268
00:13:15,461 --> 00:13:21,299
where I'd like those assets,
it then becomes useful
269
00:13:21,299 --> 00:13:25,721
in so many other metrics
that then become almost
270
00:13:24,427 --> 00:13:29,015
the important things
and the valuable things
271
00:13:25,721 --> 00:13:30,225
within that of Bitcoin.
So, you know, it's
272
00:13:30,225 --> 00:13:33,312
no longer the conversation
of people, which, you know,
273
00:13:33,312 --> 00:13:34,855
to be honest, if we're talking
to the average people
274
00:13:34,855 --> 00:13:38,567
a lot out there
and you say, Hey, are you
275
00:13:38,650 --> 00:13:41,946
get gatherings of Bitcoin
for yourself
276
00:13:39,735 --> 00:13:45,282
or are you buying some I think
still predominantly
277
00:13:42,403 --> 00:13:46,283
the are going to be well you know
I heard is going to
278
00:13:46,283 --> 00:13:48,284
to X next year
or the next halving
279
00:13:48,284 --> 00:13:51,705
is going to make a real high.
I wanted to get to the point
280
00:13:51,705 --> 00:13:55,793
where it's been either
stable for so long or it moves,
281
00:13:55,793 --> 00:13:58,629
but it moves
in a more gradual sense
282
00:13:58,629 --> 00:14:00,673
where the conversation
can become, Oh yeah, cool.
283
00:14:00,673 --> 00:14:03,466
I'm using bitcoin
because easy to send money
284
00:14:01,340 --> 00:14:08,639
to my parents over overseas.
And you know that I had
285
00:14:04,717 --> 00:14:10,724
a close friend of mine.
He bought diamonds by me
286
00:14:08,639 --> 00:14:14,269
and you know whose particular
individual is now, he did not use
287
00:14:12,643 --> 00:14:15,855
cryptocurrency.
He used cash. Right.
288
00:14:15,855 --> 00:14:19,607
It went through some banks
and whatnot. Get it have to go
289
00:14:18,023 --> 00:14:21,610
through the process of re
obtaining this particular cash.
290
00:14:21,610 --> 00:14:23,696
Now, I'm not saying
it would have been easy
291
00:14:23,696 --> 00:14:25,822
to retrieve
this particular Bitcoin
292
00:14:25,822 --> 00:14:28,033
or whatever cryptocurrency
he was going to be using,
293
00:14:28,033 --> 00:14:30,785
but the actual price of sending
something like that
294
00:14:30,785 --> 00:14:34,373
perhaps being returned
if the other party
295
00:14:31,995 --> 00:14:35,582
was to be trusted seems a hell
of a lot easier.
296
00:14:35,582 --> 00:14:39,711
So there's this valley in
the the usage of Bitcoin
297
00:14:39,711 --> 00:14:43,631
or what it offers as well beyond
just the price, which
298
00:14:43,716 --> 00:14:48,846
I think still doesn't sit as
sort of the prime example
299
00:14:46,427 --> 00:14:49,804
for a lot of people.
But I have a good feeling
300
00:14:49,804 --> 00:14:51,432
that it's going to get
started getting there
301
00:14:51,432 --> 00:14:55,394
a lot sooner than
maybe what we would have
302
00:14:52,932 --> 00:14:59,148
thought back in 2017 or 2020.
Yeah, yeah,
303
00:14:56,562 --> 00:15:03,818
probably In this episode,
I don't want to focus on
304
00:14:59,148 --> 00:15:06,822
any trend of convincing
Stone So, you know,
305
00:15:03,903 --> 00:15:08,197
I listed off a whole bunch
of those things there
306
00:15:08,197 --> 00:15:10,241
about why I think it is
good for people
307
00:15:10,241 --> 00:15:12,285
who have no access
to a financial system.
308
00:15:12,285 --> 00:15:15,998
But you know, to do that, I would
then have to get
309
00:15:14,288 --> 00:15:16,956
into the properties of it
and then I would have to start
310
00:15:16,956 --> 00:15:20,376
talking about decentralisation.
Then I would have to be
311
00:15:18,750 --> 00:15:22,337
talking about, okay,
well this is how
312
00:15:20,376 --> 00:15:23,297
the miners work and thing.
And it's just honestly,
313
00:15:23,297 --> 00:15:24,756
we're not the best ones
for doing that.
314
00:15:24,756 --> 00:15:28,719
There are we'll list
some resources off
315
00:15:25,716 --> 00:15:29,636
at the end for people who
what I want to
316
00:15:29,636 --> 00:15:33,432
showcase is here is like,
okay, I've done my
317
00:15:31,096 --> 00:15:37,019
three years of homework.
I've gained a very high
318
00:15:33,432 --> 00:15:40,063
level of surety
that this is not a scam,
319
00:15:37,101 --> 00:15:42,316
that this is actually
something important.
320
00:15:42,399 --> 00:15:44,360
And you can kind
of be saying like, well.
321
00:15:44,360 --> 00:15:48,072
KHAN Well, you know, if it
if it's so important,
322
00:15:48,072 --> 00:15:50,823
then why are you investing in it
as in like,
323
00:15:50,823 --> 00:15:54,410
I'm putting money into it still,
and this is where it's
324
00:15:52,951 --> 00:15:56,956
kind of like
I view it a bit different
325
00:15:54,410 --> 00:15:59,582
as to how I view something like
stocks, for example,
326
00:15:59,582 --> 00:16:02,086
which I tend to have
invested in in the past
327
00:16:02,086 --> 00:16:05,089
and those I've always been
rather apathetic about.
328
00:16:05,129 --> 00:16:09,342
It's that's a big distance
between me and a mining stock.
329
00:16:09,342 --> 00:16:13,138
I you know, there's some relation
because I did a mining
330
00:16:11,052 --> 00:16:14,597
engineering degree
so I might have a bit
331
00:16:13,138 --> 00:16:15,975
more insight
when reading an annual
332
00:16:15,975 --> 00:16:19,644
report that the average
Joe Blow might get.
333
00:16:19,687 --> 00:16:23,856
But there's always this thing of,
okay, it's this thing,
334
00:16:23,941 --> 00:16:28,320
It's just sitting there.
It might pay me some
335
00:16:25,317 --> 00:16:30,489
dividends, which are nice.
It might go up, it might go down
336
00:16:30,489 --> 00:16:35,535
a relatively track
that over over time and
337
00:16:35,619 --> 00:16:40,289
but there's always just been this
like, I don't care. There's
338
00:16:39,123 --> 00:16:42,375
nothing about in this.
There's nothing
339
00:16:40,289 --> 00:16:44,878
that's interesting
about this thing to me
340
00:16:42,375 --> 00:16:50,842
other than it can make me money.
Whereas now the with Bitcoin,
341
00:16:48,465 --> 00:16:52,510
it's something like
I want this thing
342
00:16:50,842 --> 00:16:54,929
because I think it's
going to be super useful
343
00:16:52,510 --> 00:17:00,019
in the future. I think it's
the equivalent
344
00:16:56,181 --> 00:17:01,812
of being able to just buy
a portion of the Internet,
345
00:17:00,019 --> 00:17:06,275
you know, if you could have just
whatever the Internet is,
346
00:17:03,730 --> 00:17:07,483
you don't really know it,
but you can kind of see like,
347
00:17:07,483 --> 00:17:12,405
Oh, this thing's going to change.
How information works can change
348
00:17:10,237 --> 00:17:15,034
how the world works.
You know, if I could just
349
00:17:12,405 --> 00:17:18,327
have a piece of that
and an easy piece of that
350
00:17:15,034 --> 00:17:22,207
so I don't have to do all
the hard work of creating
351
00:17:18,327 --> 00:17:23,250
an Internet company, you know,
that's that's kind of it.
352
00:17:23,250 --> 00:17:25,711
That's kind of how
I view it, which is good.
353
00:17:25,711 --> 00:17:28,212
But it's also dangerous
as well because, yeah,
354
00:17:28,212 --> 00:17:32,468
all I know is I want more of it.
But it's kind of like, you know,
355
00:17:32,468 --> 00:17:35,471
I still got to make sure
and my surety of this is
356
00:17:35,636 --> 00:17:40,058
way higher than any other thing
I've ever invested in.
357
00:17:40,058 --> 00:17:41,351
But there's still like,
All right.
358
00:17:41,351 --> 00:17:43,729
And I still need to not go
too overboard.
359
00:17:43,729 --> 00:17:46,147
I still need to keep
some of the reserves
360
00:17:46,147 --> 00:17:48,650
for the unpredictable,
the unthinkable, that, you know,
361
00:17:48,650 --> 00:17:51,653
it goes to zero or
it's hacked or whatever.
362
00:17:51,737 --> 00:17:55,949
Know, not that you can
hack bitcoin, but for all
363
00:17:56,032 --> 00:17:57,366
you know, you
can't predict the future.
364
00:17:57,366 --> 00:18:03,539
And so this is where it's like I
it's it's something I invest in,
365
00:18:03,539 --> 00:18:07,336
but I don't view it the
same as a investment in
366
00:18:07,419 --> 00:18:12,298
a house or in stocks or.
Yeah, yeah, that's a good point.
367
00:18:12,298 --> 00:18:17,054
I think rather than just trying
to go and articulate or try
368
00:18:15,426 --> 00:18:19,722
to prove this again,
we could, I could do a
369
00:18:17,054 --> 00:18:21,974
okay job again.
But he said it best when
370
00:18:19,722 --> 00:18:24,519
I got to be that great.
But I actually wanted to
371
00:18:21,974 --> 00:18:26,145
ask you was give people
have these questions just like
372
00:18:26,145 --> 00:18:30,233
we did for many years
and we still do what Yeah.
373
00:18:30,233 --> 00:18:33,569
What podcast what resources
do you keep going back to
374
00:18:33,569 --> 00:18:37,574
to help you go, okay,
if I need to validate something,
375
00:18:37,574 --> 00:18:40,701
I'm going
to check out this podcast or this
376
00:18:39,201 --> 00:18:41,662
particular resource.
So I'm going to read this
377
00:18:41,662 --> 00:18:45,999
to really said to myself
on, yeah, okay, I could,
378
00:18:46,083 --> 00:18:49,211
I could just the source,
plus the semi experts
379
00:18:49,211 --> 00:18:52,631
maybe fool experts on what
they're actually
380
00:18:50,420 --> 00:18:55,634
talking about because I
sort of start off just
381
00:18:52,631 --> 00:18:58,971
quickly with one, right?
Peter McCormack
382
00:18:55,634 --> 00:19:02,974
So with what Bitcoin did now here
in particular, he does
383
00:19:03,057 --> 00:19:06,644
bring on ads into his podcast
and he is influenced by,
384
00:19:06,644 --> 00:19:09,856
you know, other players
in the market which matter
385
00:19:09,940 --> 00:19:11,525
which, you know,
pertains in that way.
386
00:19:11,525 --> 00:19:13,484
So maybe it could be
influence, you could say,
387
00:19:13,484 --> 00:19:16,195
but genuinely not all of them.
Again, same with podcasts.
388
00:19:16,195 --> 00:19:18,906
It's not every single episode
I'm saying to you I'll listen to,
389
00:19:18,906 --> 00:19:24,413
but that one, I guess, is been
the closest to me of,
390
00:19:20,159 --> 00:19:27,749
Hey, this is both hitting
general news conversations
391
00:19:24,496 --> 00:19:30,001
about Bitcoin in a level
that it's not,
392
00:19:27,749 --> 00:19:31,961
you know, I'm not talking
down to the block, so down to,
393
00:19:31,961 --> 00:19:34,964
you know as you saying,
what's this link?
394
00:19:34,964 --> 00:19:38,801
How does it actually work and why
even to the point of,
395
00:19:37,175 --> 00:19:40,804
you know, why small blocks
or big blocks. Right.
396
00:19:40,804 --> 00:19:44,307
Do you believe
it allows me a model? Not really,
397
00:19:44,307 --> 00:19:46,894
But there's
a lot of information on
398
00:19:46,894 --> 00:19:49,520
the conversations that I've had
in those platforms,
399
00:19:47,935 --> 00:19:52,148
both with like, you know,
what I was saying to
400
00:19:49,520 --> 00:19:54,483
you really young go.
He's I think was 13
401
00:19:52,148 --> 00:19:57,487
or 14 years old
to more experienced people
402
00:19:54,483 --> 00:20:00,615
to discuss both finances,
Bitcoin at large, which I found
403
00:20:00,615 --> 00:20:04,661
that type of podcast to be really
beneficial beneficial
404
00:20:02,659 --> 00:20:07,205
in the sense of I can
sometimes go and inspect
405
00:20:07,205 --> 00:20:09,415
some way with a talking
to a variety of people
406
00:20:09,415 --> 00:20:13,002
from different areas of life
and kind of reasoning around,
407
00:20:13,002 --> 00:20:17,173
Oh yeah, I can see
this different perspective
408
00:20:14,171 --> 00:20:18,674
as to why they utilising
Bitcoin beyond,
409
00:20:18,674 --> 00:20:24,972
beyond just the investing
conversation. Yeah. Yeah, that's
410
00:20:22,511 --> 00:20:26,182
a, that's a good one.
I had this all at the end
411
00:20:26,182 --> 00:20:30,811
but I'll bring it forward. Yeah.
So the me and Andre
412
00:20:27,226 --> 00:20:33,815
a antonopoulos is just the goat.
He has been there the longest.
413
00:20:33,815 --> 00:20:38,945
He articulates
the main important things
414
00:20:35,776 --> 00:20:41,490
that I find the most fascinating.
The most, the biggest. Why?
415
00:20:41,490 --> 00:20:43,951
This will be a huge
revolutionary change.
416
00:20:43,951 --> 00:20:48,497
And it is pretty
much focussed around the
417
00:20:44,742 --> 00:20:49,163
the financial repression
sort of stuff
418
00:20:49,163 --> 00:20:53,251
of being able to actually
help out people
419
00:20:51,040 --> 00:20:56,587
in other countries
who don't have access
420
00:20:53,251 --> 00:20:58,173
to the standard system
that we have here in Australia.
421
00:20:58,173 --> 00:21:01,969
And this is where
once again I can see why
422
00:20:59,508 --> 00:21:05,763
we were focussed on
the investing stuff when we
423
00:21:04,096 --> 00:21:09,308
first talked about it.
And then now it
424
00:21:05,763 --> 00:21:13,814
kind of like looking back
and just adding some other pieces
425
00:21:11,019 --> 00:21:15,356
that are from my life in.
I can see all, you know what?
426
00:21:15,356 --> 00:21:19,486
I can see how this would
have made things better
427
00:21:16,482 --> 00:21:20,487
in Argentina if, if,
if they were using that.
428
00:21:20,487 --> 00:21:23,448
There are, I can see in Colombia
and Venezuela,
429
00:21:23,448 --> 00:21:28,369
you know, if they had a
more sound money,
430
00:21:24,907 --> 00:21:29,746
this would have helped out
in better ways.
431
00:21:29,746 --> 00:21:32,499
So I think he's awesome.
The thing is,
432
00:21:32,499 --> 00:21:36,002
there are so many podcasts
and there's books,
433
00:21:36,086 --> 00:21:38,046
the Bitcoin standard,
that's a pretty good one.
434
00:21:38,046 --> 00:21:39,673
If you just want to know
more about money,
435
00:21:39,673 --> 00:21:45,386
that's kind of the go to one.
And he doesn't
436
00:21:42,925 --> 00:21:49,057
even talk about Bitcoin that much
in it. It's more about money.
437
00:21:49,057 --> 00:21:52,519
And then this is why Bitcoin
is the best type of money.
438
00:21:52,519 --> 00:21:54,186
But yeah, it depends
on your flavour.
439
00:21:54,186 --> 00:21:56,815
If you want a philosophy
one, you know, go to
440
00:21:56,815 --> 00:21:58,942
what is Money
by Robert Breedlove.
441
00:21:58,942 --> 00:22:04,489
If you want a news type
one bitcoin dad and generation
442
00:22:01,403 --> 00:22:07,742
Bitcoin from two podcast
is that we interact
443
00:22:04,489 --> 00:22:11,203
with the talk show type element.
You mentioned what Bitcoin did.
444
00:22:11,203 --> 00:22:15,291
I actually had this little
experience today because
445
00:22:15,375 --> 00:22:18,336
before we deployed crypto,
Ben On strip crypto.
446
00:22:18,461 --> 00:22:23,967
Yeah, yeah, yeah. So he's
one of the biggest kind
447
00:22:21,464 --> 00:22:25,551
of like crypto influences,
if you want to call him that.
448
00:22:25,551 --> 00:22:29,722
I'm this guy,
whatever reason got kicked
449
00:22:26,720 --> 00:22:32,392
out of his own company,
which is I always find hilarious,
450
00:22:30,973 --> 00:22:35,436
like how does that
manage to happen? And
451
00:22:35,519 --> 00:22:38,315
I went to the show where they
were kind of announcing it
452
00:22:38,315 --> 00:22:40,817
and then I'm like, Oh,
I'm already here. I might as well
453
00:22:39,566 --> 00:22:43,153
watch a little bit.
I've never actually
454
00:22:40,817 --> 00:22:44,070
bothered to tune in.
Well, what's it like?
455
00:22:44,070 --> 00:22:49,116
Yeah, and they covered the
same news more or less.
456
00:22:49,201 --> 00:22:53,622
They obviously your news sources
are going to be different.
457
00:22:53,704 --> 00:23:00,127
And so but it's
kind of like more crypto
458
00:22:56,165 --> 00:23:01,922
news in a positive light.
That's what
459
00:23:00,336 --> 00:23:03,714
they're talking about.
And what I've really noticed
460
00:23:03,714 --> 00:23:07,719
with watching them
was the the this show,
461
00:23:07,719 --> 00:23:12,432
which I would probably
call a lesser quality one,
462
00:23:09,011 --> 00:23:15,977
just in terms of
is this going to help you
463
00:23:12,432 --> 00:23:18,270
in your your life
make good decisions?
464
00:23:18,270 --> 00:23:20,898
I would put this on the
lower end of the scale.
465
00:23:20,898 --> 00:23:23,567
And what I noticed
it was all about the
466
00:23:21,607 --> 00:23:25,820
personalities, you know,
that were fire
467
00:23:23,567 --> 00:23:29,950
and all things left and right,
lots of camera cuts,
468
00:23:26,488 --> 00:23:31,660
making cracking jokes.
So talking about, you know, how
469
00:23:31,660 --> 00:23:34,078
someone in the office
had lost some money
470
00:23:34,078 --> 00:23:36,455
just this last day
and how he did this.
471
00:23:36,455 --> 00:23:39,250
And it was all exciting.
It's like, oh, really? Like, hmm,
472
00:23:39,250 --> 00:23:42,878
I could see why you would
maybe get sucked into us,
473
00:23:42,962 --> 00:23:44,506
but I would just say,
like most of the people
474
00:23:44,506 --> 00:23:49,219
we just listed off, the rather
the personalities
475
00:23:47,092 --> 00:23:51,930
aren't that strong.
I don't feel like
476
00:23:49,219 --> 00:23:53,390
Peter McCormick's of it.
Yeah, it was really glad.
477
00:23:53,390 --> 00:23:56,434
Yeah, relatively bland.
Robert Breedlove,
478
00:23:56,434 --> 00:24:00,313
The two other shows
I mentioned that they all
479
00:24:00,396 --> 00:24:03,900
that they're not very
in-your-face extravagant,
480
00:24:03,983 --> 00:24:05,234
you know
and this is where I would kind of
481
00:24:05,234 --> 00:24:06,653
say like, you know,
getting back to the money
482
00:24:06,653 --> 00:24:10,906
type of things, boring is better.
Eric Voorhees is another
483
00:24:08,320 --> 00:24:14,952
good guy to to listen to.
Just he's not he doesn't
484
00:24:10,906 --> 00:24:16,371
talk about Bitcoin per se.
It's more about crypto.
485
00:24:16,371 --> 00:24:21,460
And, um, but once again,
Bitcoin is the
486
00:24:21,542 --> 00:24:26,464
strongest part of crypto
I guess, and the cryptocurrencies
487
00:24:24,003 --> 00:24:28,549
and all that sort of shit.
So yeah, well let's transition.
488
00:24:28,549 --> 00:24:30,551
Yeah, let's, let's
just stop in that one.
489
00:24:30,551 --> 00:24:33,805
So I want to talk a little
bit more around that,
490
00:24:33,846 --> 00:24:35,723
probably some, some
interesting foundations
491
00:24:35,723 --> 00:24:39,478
I guess for me and more lights.
But let's jump
492
00:24:36,557 --> 00:24:40,311
into the Boostagram Lounge
to a couple of these ones.
493
00:24:40,311 --> 00:24:43,981
We can showcase
some aspect of people
494
00:24:41,520 --> 00:24:46,067
sending through
fractional bitcoin
495
00:24:43,981 --> 00:24:48,236
in the form of citations
here at the mere mortals
496
00:24:46,067 --> 00:24:50,529
boost ticket
that I'm going to bring
497
00:24:48,236 --> 00:24:51,405
bring that up.
Has there been any that's
498
00:24:51,405 --> 00:24:56,243
particularly been dropped off
by Satoshi's dream carnival.
499
00:24:56,243 --> 00:25:00,499
Now I should have been
okay for this week.
500
00:25:00,582 --> 00:25:05,921
I can just check into the
the I'll be account
501
00:25:02,500 --> 00:25:07,213
just to make sure, but I'm
pretty sure what what
502
00:25:07,213 --> 00:25:11,259
what we see in there is what
we've got this last week
503
00:25:11,343 --> 00:25:14,221
or was that or was I saying
that stuff was missing and I.
504
00:25:14,221 --> 00:25:17,641
Know I don't know I don't think
or haven't recently seen more.
505
00:25:17,641 --> 00:25:23,480
But let me let me kick it off.
So again, folks, the boostagrams
506
00:25:20,268 --> 00:25:26,273
are format for individuals
to send through
507
00:25:23,480 --> 00:25:27,233
some form of combination
coming through to us
508
00:25:27,233 --> 00:25:30,612
with some treasure
attached to it, which is the form
509
00:25:29,109 --> 00:25:33,781
of stages. So when I call out,
as you'll see here, that
510
00:25:32,071 --> 00:25:35,575
dependable Dave Jones,
he said through a comment,
511
00:25:33,781 --> 00:25:36,826
my weekly Bruce told me
more like Nation
512
00:25:36,826 --> 00:25:40,997
12,112 sets of cron jobs.
Dave Jones directly
513
00:25:40,997 --> 00:25:45,544
sending through a form of payment
plus a common directly to us here
514
00:25:45,544 --> 00:25:49,088
where we can actually decide to
then split that off
515
00:25:46,752 --> 00:25:51,967
into its many ways.
And this is once again
516
00:25:49,088 --> 00:25:54,344
using no bank and no intermediary
apart from, you know,
517
00:25:54,344 --> 00:25:56,930
potentially stream
taking some in terms
518
00:25:54,885 --> 00:25:58,097
of the operative
or the actual action behind it.
519
00:25:58,097 --> 00:26:01,268
So both, Dave, appreciate that.
But for everyone else, that's
520
00:26:01,268 --> 00:26:04,854
kind of how it works.
Yep. Do we go on here
521
00:26:02,394 --> 00:26:06,815
from McIntosh?
Craig Discussion Address.
522
00:26:06,897 --> 00:26:08,316
One of the interesting
things to me is this
523
00:26:08,316 --> 00:26:10,777
sometimes stark contrast
between two of you.
524
00:26:10,777 --> 00:26:13,989
2121 South said using fountain.
Absolutely.
525
00:26:13,989 --> 00:26:17,951
Does that have different
monthly goals? Yeah. There are.
526
00:26:17,951 --> 00:26:19,243
There are definitely
some differences there.
527
00:26:19,243 --> 00:26:21,997
There's some similarities
for sure, but there's
528
00:26:21,121 --> 00:26:24,082
definitely some
some very stark contrast
529
00:26:21,997 --> 00:26:26,625
in the way that we do
think training, thinking, etc.,
530
00:26:26,625 --> 00:26:30,255
which is which is good.
And then another one
531
00:26:27,794 --> 00:26:31,964
from Macintosh.
This says Interesting
532
00:26:30,255 --> 00:26:33,133
conversation, gentlemen,
much to think about, really
533
00:26:33,133 --> 00:26:34,259
looking forward
to the next episode
534
00:26:34,259 --> 00:26:36,344
of Bitcoin Macintosh
generation Bitcoin.
535
00:26:36,344 --> 00:26:42,392
So here we are. One of those.
Podcasts who doesn't 121
536
00:26:38,555 --> 00:26:45,894
touch on using found it.
I guess you could call
537
00:26:42,474 --> 00:26:49,273
that those one missed call calls.
One was 7777 sets.
538
00:26:49,273 --> 00:26:52,318
So trying. To boost.
It is a great talk voice.
539
00:26:52,318 --> 00:26:55,529
I felt the same way about
my show being valuable.
540
00:26:55,614 --> 00:26:57,699
Sometimes I'm lazy and
all the time I'm focussed.
541
00:26:57,699 --> 00:27:01,036
Producing content
means constantly being
542
00:26:58,991 --> 00:27:02,077
reminded to be consistent.
But that was on
543
00:27:01,036 --> 00:27:05,414
the episode around experimenting
with new formats for to making
544
00:27:03,622 --> 00:27:07,625
digital content.
Yeah. Yep. Yep, yep.
545
00:27:07,625 --> 00:27:12,130
All I can say from that
episode is I'm glad we did that
546
00:27:09,586 --> 00:27:15,174
because it has focussed
me and highlighted to me
547
00:27:15,215 --> 00:27:17,844
it's like a lesson I
have to keep remembering.
548
00:27:17,844 --> 00:27:21,138
If I put energy
and I focus on something,
549
00:27:21,221 --> 00:27:25,059
it tends to get better.
Yeah, it hit a thought.
550
00:27:22,848 --> 00:27:27,895
It had a thought it.
But yeah, there is, there is
551
00:27:26,685 --> 00:27:29,897
just sometimes you get
stuck into a groove,
552
00:27:27,895 --> 00:27:31,273
you get stuck into things
and yeah, yeah, we are very,
553
00:27:31,273 --> 00:27:33,609
very different people
in some regards.
554
00:27:33,609 --> 00:27:40,075
I think another highlight
from this last week was going
555
00:27:36,654 --> 00:27:42,242
I went to a wedding and
you know, the reason
556
00:27:40,115 --> 00:27:46,538
we're, we're such
good friends with the
557
00:27:42,242 --> 00:27:48,625
with this this guy Joey
even in the speech
558
00:27:46,623 --> 00:27:52,420
as I was coming up with it
I was like, you know what
559
00:27:48,625 --> 00:27:55,757
this he I actually mean
these things like
560
00:27:52,420 --> 00:27:58,468
in terms of loyalty this
because it's a look
561
00:27:55,839 --> 00:27:59,594
you can get mixed you know
speeches and stuff.
562
00:27:59,594 --> 00:28:00,761
You can kind of
like you're trying
563
00:28:00,761 --> 00:28:03,138
to just find something
that kind of works.
564
00:28:03,138 --> 00:28:07,394
It kind of makes sense to him.
But no, I was I was genuine
565
00:28:05,974 --> 00:28:08,728
when I was saying, like,
this dude is like the most
566
00:28:08,728 --> 00:28:13,107
loyal person I've ever met.
I've never met anyone who
567
00:28:10,105 --> 00:28:15,693
has been more in my camp.
Everything. All time
568
00:28:13,732 --> 00:28:17,653
I interact with him, he's
he's like 100% go Kyran.
569
00:28:17,653 --> 00:28:22,575
Which is just, you know what?
No one else is like that.
570
00:28:19,530 --> 00:28:26,371
No one does that. So, yeah, it's
there's triangulation
571
00:28:24,618 --> 00:28:27,997
where it's like one
and I a different
572
00:28:26,371 --> 00:28:29,540
in some small regards.
But I think when it comes
573
00:28:27,997 --> 00:28:31,542
to the big things
where I'm we're pretty
574
00:28:29,540 --> 00:28:32,000
much on the same page.
Absolutely.
575
00:28:32,000 --> 00:28:34,712
Both of us hype bitcoin
so by the time I see
576
00:28:34,712 --> 00:28:36,673
what I wrote up
Richard appreciate all.
577
00:28:36,673 --> 00:28:42,220
Of you're just buying it
so I can dump. Well yeah
578
00:28:39,675 --> 00:28:43,054
this is an internal
internal piece here
579
00:28:43,054 --> 00:28:47,808
but we're going to share
that's the me more or less likes
580
00:28:44,263 --> 00:28:49,853
It's not it's not to
this this happens
581
00:28:47,892 --> 00:28:53,189
on a quite regular basis.
The kind will decide to
582
00:28:49,853 --> 00:28:54,898
add to his bitcoin pile.
And very shortly after,
583
00:28:54,898 --> 00:28:57,902
whether it's hours
or date, the market will.
584
00:28:58,027 --> 00:29:01,740
Tell us afterwards. Yeah. Yeah.
So you know, usually he'll
585
00:29:01,740 --> 00:29:04,742
if he lets me know I know
absolutely certainty
586
00:29:04,826 --> 00:29:06,411
that Mark is going to take
for a little bit.
587
00:29:06,411 --> 00:29:08,829
I know I've got to either
put in my short so you know
588
00:29:08,829 --> 00:29:10,874
I've got to put it short
like straight afterwards
589
00:29:10,874 --> 00:29:14,376
or buy a little bit later
so I can take some winnings.
590
00:29:12,750 --> 00:29:15,420
So yeah, but.
But it's only for things
591
00:29:15,420 --> 00:29:18,131
I'm, I'm sure about
and then other things
592
00:29:18,131 --> 00:29:20,924
where I have no idea
what I'm doing. Absolutely.
593
00:29:20,924 --> 00:29:25,137
Pot luck. I'll, I'll nail
it just just cool you. You'll
594
00:29:23,928 --> 00:29:25,846
there's another example
can't sell that
595
00:29:25,846 --> 00:29:27,682
particular particular
set of shares
596
00:29:27,682 --> 00:29:29,976
you know just before
they actually toppled down
597
00:29:29,976 --> 00:29:31,519
nobody was going out
but he just did that.
598
00:29:31,519 --> 00:29:35,898
So I wouldn't even know
that annual report was coming out
599
00:29:33,855 --> 00:29:38,276
within the next day.
It didn't. Yeah, it's.
600
00:29:38,358 --> 00:29:43,448
Yeah, that's just life. I just.
I love guys, but just talking
601
00:29:40,862 --> 00:29:45,115
to a point around
some of the foundational
602
00:29:43,448 --> 00:29:47,285
information, right?
So back on to Bitcoin
603
00:29:47,285 --> 00:29:50,288
and you know you were
talking through on.
604
00:29:50,329 --> 00:29:53,333
Oh yes, know this, this
myriad of conversations
605
00:29:53,333 --> 00:29:57,961
and sometimes, you know,
the boring the boring book
606
00:29:56,085 --> 00:30:00,964
or the boring podcast
or the boring conversation
607
00:29:57,961 --> 00:30:02,925
interview, whatever is
sometimes the best source
608
00:30:01,089 --> 00:30:05,511
of information.
And that can be a play
609
00:30:02,925 --> 00:30:07,806
a part in a lot of things.
Although if
610
00:30:05,511 --> 00:30:09,057
he gets a lot of eyeballs
and then it's
611
00:30:07,806 --> 00:30:11,392
a good piece of content,
well it could have
612
00:30:09,057 --> 00:30:12,769
all of that extra flavour.
It's still good content,
613
00:30:12,769 --> 00:30:15,980
but a separate expert
I was thinking about was
614
00:30:16,064 --> 00:30:20,943
a lot of what I guess
makes Bitcoin glamorous is,
615
00:30:20,943 --> 00:30:22,612
you know, the money
that you can make
616
00:30:22,612 --> 00:30:25,615
and the percentages
that it goes up and oh,
617
00:30:25,656 --> 00:30:27,826
fraudsters are using it
and it's being used
618
00:30:27,826 --> 00:30:31,663
by the bad guys
and they're going to come
619
00:30:29,160 --> 00:30:34,414
and get you now,
all of that is true
620
00:30:31,663 --> 00:30:36,125
in some sense right away,
as it wouldn't be said,
621
00:30:36,125 --> 00:30:39,837
but a very big aspect,
I think, in the in the journey
622
00:30:39,837 --> 00:30:43,007
of understanding things
in general. And so here in big
623
00:30:43,007 --> 00:30:44,759
Bitcoin, I think something
that probably both of us
624
00:30:44,759 --> 00:30:48,136
have encountered from 20 2020
and all the conversation
625
00:30:46,885 --> 00:30:51,766
we've had on the
podcast going to today is
626
00:30:51,849 --> 00:30:57,939
more both more interesting
and you find out a lot
627
00:30:54,685 --> 00:31:02,652
more about the reasons of
Bitcoin by understanding
628
00:30:58,064 --> 00:31:04,863
other adjacent systems,
concepts, ideas,
629
00:31:04,863 --> 00:31:06,321
and I find that to be
very true myself.
630
00:31:06,321 --> 00:31:11,577
So I'm going to ask you
what is an adjacent
631
00:31:08,407 --> 00:31:13,663
concept system idea
that you've learned a lot
632
00:31:11,661 --> 00:31:16,207
about that hasn't solidified just
thoughts about Bitcoin.
633
00:31:16,207 --> 00:31:18,876
And so for me,
you know, just give you
634
00:31:17,625 --> 00:31:24,089
a bit of time. For me, it
definitely has been learning more
635
00:31:21,336 --> 00:31:25,842
about the more general
financial system as a whole.
636
00:31:25,842 --> 00:31:29,220
So, you know, I like finances,
I like money, I like economy,
637
00:31:29,220 --> 00:31:31,471
and I knew it somewhat
all through my life.
638
00:31:31,471 --> 00:31:36,644
But it hasn't been
until very recently really
639
00:31:32,515 --> 00:31:39,314
taking in time around.
Ray Dalio puts out
640
00:31:36,728 --> 00:31:40,647
some really good content
on LinkedIn
641
00:31:39,314 --> 00:31:44,736
and a few other places
articles used to be
642
00:31:40,647 --> 00:31:47,654
he created Bridgewater
Hedge Fund became massive
643
00:31:44,818 --> 00:31:50,282
hedge fund. He's now
no longer the chief
644
00:31:50,365 --> 00:31:52,743
investing officer so it's
kind of like stepped away,
645
00:31:52,743 --> 00:31:54,871
but he's got a lot of knowledge
about the economy in general
646
00:31:54,871 --> 00:31:58,958
and it's things like that,
information like that,
647
00:31:56,748 --> 00:32:00,919
which is why I like know again
the Peter McCormack podcast,
648
00:32:00,919 --> 00:32:05,256
because of what Bitcoin did next.
He's talking broadly around,
649
00:32:05,256 --> 00:32:08,425
you know, economic factors
quite often where it's it's
650
00:32:08,425 --> 00:32:10,886
in understanding a lot
of those fundamentals
651
00:32:10,886 --> 00:32:14,348
and the concepts are happening
that then the idea of Bitcoin
652
00:32:14,348 --> 00:32:19,144
makes even more and more sense
where you're not so much
653
00:32:15,849 --> 00:32:22,272
selling me Bitcoin. And I think
the more I go through it, I go,
654
00:32:22,272 --> 00:32:24,275
you know, with people
who are really stubborn
655
00:32:22,941 --> 00:32:25,442
about Bitcoin or don't want to
conceptualise
656
00:32:25,442 --> 00:32:29,029
what the idea means.
I get it. I see. I see
657
00:32:26,611 --> 00:32:32,951
perspectives from it.
But the more why is it up
658
00:32:29,029 --> 00:32:34,786
to at least for me, it's
if I could do a better job
659
00:32:33,034 --> 00:32:38,873
or if I had to go do it again.
It's learning the adjacent
660
00:32:35,286 --> 00:32:40,666
of the economy, the whole
or the financial system
661
00:32:40,666 --> 00:32:44,962
as a whole
to understand the holes,
662
00:32:41,500 --> 00:32:46,756
the issues, how we generally work
so actually works
663
00:32:46,756 --> 00:32:49,549
best is what we just see
at face value.
664
00:32:49,549 --> 00:32:53,096
And then it almost kind of
just falls into place
665
00:32:53,136 --> 00:32:57,307
where Bitcoin fits
into that equation. Now that's
666
00:32:55,847 --> 00:32:59,059
at least for me.
How does that sit with you
667
00:32:57,307 --> 00:33:01,144
at all?
We are so on the same page
668
00:32:59,059 --> 00:33:02,730
sometimes. A scary
like you asked me
669
00:33:02,730 --> 00:33:05,650
the exact question
I wanted to be ask this unreal.
670
00:33:05,650 --> 00:33:09,988
We couldn't you know,
we don't prep that much before
671
00:33:07,986 --> 00:33:11,739
we prep individually.
We don't prep together
672
00:33:09,988 --> 00:33:13,407
for these episodes
just to keep it conversational,
673
00:33:13,407 --> 00:33:16,451
but polish
it. Good, good job. One
674
00:33:16,536 --> 00:33:19,454
for me, it was. I wrote
this big long spiel
675
00:33:19,454 --> 00:33:22,165
about how it's confusing
and if you once again
676
00:33:22,165 --> 00:33:26,753
go back to that episode,
I was confused about
677
00:33:23,750 --> 00:33:29,214
logging into the ledger.
I was like, But how do you
678
00:33:26,796 --> 00:33:31,174
log into the ledger?
Like, how does that work?
679
00:33:31,174 --> 00:33:36,221
And and a 51% attack.
You know, I was if you'd ask me,
680
00:33:34,761 --> 00:33:38,473
what's the chance of a 51% attack
being feasible,
681
00:33:38,473 --> 00:33:41,477
I would have said,
you know, maybe 20%
682
00:33:41,519 --> 00:33:43,855
or something like that.
But it's just like,
683
00:33:43,855 --> 00:33:47,817
no, to do that,
it would be the equivalent
684
00:33:45,022 --> 00:33:53,114
of, you know, collecting
the sand on an ocean. And it just
685
00:33:50,111 --> 00:33:54,865
it doesn't make sense.
So but it's so confusing.
686
00:33:54,865 --> 00:33:58,786
And so I had little idea
about open source,
687
00:33:56,241 --> 00:34:01,788
I had little idea and open source
software and projects.
688
00:34:01,873 --> 00:34:05,751
I had a little idea about
just software in general,
689
00:34:05,751 --> 00:34:10,547
how it's implemented,
how it's put out, how
690
00:34:10,630 --> 00:34:13,592
you know, it's tested
before it goes into
691
00:34:13,592 --> 00:34:18,056
various functions.
What the alpha is,
692
00:34:14,802 --> 00:34:20,349
what the beta is,
how different people
693
00:34:18,097 --> 00:34:23,351
can use it, how you can
section off certain areas,
694
00:34:20,349 --> 00:34:26,731
these sorts of things.
I had little idea you mentioned
695
00:34:24,811 --> 00:34:29,733
about the monetary stuff.
Another good resources
696
00:34:26,731 --> 00:34:33,653
landlord and help
newsletters are just fantastic
697
00:34:31,318 --> 00:34:35,280
and any podcast is on
and then also just
698
00:34:35,280 --> 00:34:38,992
voluntary participation,
you know value for value.
699
00:34:39,034 --> 00:34:44,164
All of those played together too,
if some of those were missing.
700
00:34:44,164 --> 00:34:48,210
And look,
I'm not open source, I'm
701
00:34:44,664 --> 00:34:52,297
still relatively newbie about it.
And you know,
702
00:34:49,295 --> 00:34:55,300
in terms of the internal
firings, the dramas,
703
00:34:52,422 --> 00:34:57,637
why certain projects
succeed, why, why others don't,
704
00:34:56,260 --> 00:34:59,554
I'm still trying
to learn about that,
705
00:34:57,637 --> 00:35:05,936
to be honest. But all of that
was required to to learn about
706
00:35:02,766 --> 00:35:08,271
Bitcoin, which is like,
unfortunately
707
00:35:06,019 --> 00:35:09,773
for people, you know,
Bitcoin is even worse than
708
00:35:09,773 --> 00:35:13,360
the other cryptocurrencies
because it has miners
709
00:35:13,360 --> 00:35:15,237
and then it has,
you know, the mempool
710
00:35:15,237 --> 00:35:19,282
and it's got SHA256
and then self-custody
711
00:35:16,905 --> 00:35:21,536
and lightning. And there's
just so many things
712
00:35:21,536 --> 00:35:25,664
where you can go.
You can hear someone say
713
00:35:25,664 --> 00:35:28,876
Lightning Network.
The Lightning Network's
714
00:35:26,666 --> 00:35:30,670
never going to scale.
Bitcoin's doomed. And it's like,
715
00:35:30,670 --> 00:35:33,380
Well, shit,
now I have to learn about
716
00:35:31,628 --> 00:35:35,173
Lightning Network to see
if this is true or not.
717
00:35:35,173 --> 00:35:40,929
And I think, you know, we haven't
really compared it
718
00:35:40,929 --> 00:35:44,474
to other cryptocurrencies.
We've focussed just on Bitcoin.
719
00:35:44,474 --> 00:35:48,855
It's it's kind of the easiest
out of them to understand
720
00:35:46,686 --> 00:35:51,398
in some ways just code wise,
because I think it's
721
00:35:51,398 --> 00:35:53,985
it's like what,
31,000 lines or something?
722
00:35:53,985 --> 00:35:59,739
Like it's not. There's not.
To I've heard that number being
723
00:35:57,697 --> 00:36:01,909
checked around somewhere,
you know it was
724
00:35:59,824 --> 00:36:04,911
something that one dude
or a very small group
725
00:36:01,909 --> 00:36:06,454
of people managed to,
to get up and have like
726
00:36:06,454 --> 00:36:09,125
the fundamental parts
of it running.
727
00:36:09,125 --> 00:36:13,670
But there's just so much
getting stacked on
728
00:36:10,208 --> 00:36:15,882
top of it where it's like
if you come in absolutely
729
00:36:13,753 --> 00:36:16,840
fresh and you're
trying to understand it,
730
00:36:16,840 --> 00:36:23,014
it can be very, very difficult.
And yeah, yeah, that was,
731
00:36:20,344 --> 00:36:24,389
that was kind of just my,
my general thoughts on
732
00:36:24,389 --> 00:36:28,186
like the confusing nature of it.
Thankfully,
733
00:36:28,186 --> 00:36:31,688
once again, I think we're
in that middle stage where it's
734
00:36:31,688 --> 00:36:34,150
if you're viewing it
as an investment,
735
00:36:34,150 --> 00:36:37,903
you kind of need to know
about all of these things
736
00:36:35,233 --> 00:36:38,987
to have that surety.
But hopefully in
737
00:36:38,987 --> 00:36:41,532
just five years time
it's just behind
738
00:36:41,532 --> 00:36:44,784
the back of everything.
And so stuff just works so well.
739
00:36:44,784 --> 00:36:49,039
And I think this is the
interesting type
740
00:36:46,871 --> 00:36:50,416
to extract from that
because quickly,
741
00:36:49,039 --> 00:36:52,126
just Google that, right?
So in the early years
742
00:36:50,416 --> 00:36:55,338
of Bitcoin, I was saying
it was around about 3000
743
00:36:52,126 --> 00:36:57,672
lines, source code. And right now
Bitcoin core source code
744
00:36:57,672 --> 00:37:02,052
contains around hundred
thousand lines of code. Okay, Now
745
00:37:02,052 --> 00:37:03,846
what it makes me
think about the complexity
746
00:37:03,846 --> 00:37:06,932
but also about the
understanding of for me,
747
00:37:06,932 --> 00:37:12,230
sort of like the gap in the world
as to where Bitcoin sort
748
00:37:09,768 --> 00:37:16,858
of like fills in the gaps.
It's I don't
749
00:37:12,230 --> 00:37:18,193
necessarily think that the if you
read the white paper,
750
00:37:18,193 --> 00:37:20,737
Bitcoin white paper, you read it
ten years from now
751
00:37:20,737 --> 00:37:24,742
and 20 years from now, it doesn't
change the white paper. It hasn't
752
00:37:23,282 --> 00:37:27,369
just all of a sudden
decided to be altered.
753
00:37:24,742 --> 00:37:27,994
It's completely different.
It's the same.
754
00:37:27,994 --> 00:37:30,831
It's still the same
very core principles.
755
00:37:30,831 --> 00:37:34,210
Sure they are.
As you just talked about,
756
00:37:32,541 --> 00:37:37,003
there's a lot more lines
of code being added
757
00:37:34,210 --> 00:37:40,173
potentially, you know,
savings of potential
758
00:37:37,003 --> 00:37:42,009
loopholes or improvements
or, you know, he's talking about
759
00:37:42,009 --> 00:37:48,516
like the next layer
up of lightning. But the more
760
00:37:45,179 --> 00:37:50,768
I think about it is
there's there's
761
00:37:48,599 --> 00:37:55,188
kind of two streams here
that I can see. One in
762
00:37:51,393 --> 00:37:56,856
Bitcoin is the fundamental
absolute principles
763
00:37:55,188 --> 00:37:57,900
that you can find
on the kind of like
764
00:37:57,900 --> 00:38:00,902
the original lines of code
in the white paper of
765
00:38:01,112 --> 00:38:04,532
where does it fit
the gaps of the world
766
00:38:01,987 --> 00:38:05,407
that we see at large.
And, you know,
767
00:38:05,407 --> 00:38:06,367
everyone's going to have
their own view.
768
00:38:06,367 --> 00:38:10,036
If you are from Argentina,
from Spain, from Greece, you've
769
00:38:10,036 --> 00:38:12,581
probably had an experience
of hyperinflation.
770
00:38:12,581 --> 00:38:16,418
You kind of get a different
understanding about why Bitcoin
771
00:38:16,418 --> 00:38:18,920
might be a great thing
or other assets like that
772
00:38:18,920 --> 00:38:21,882
if you're in another country,
had an experience that maybe less
773
00:38:21,882 --> 00:38:24,719
so if you're incredibly
fortunate, you're probably
774
00:38:23,509 --> 00:38:25,927
only thinking about it
as an investment assets, right?
775
00:38:25,927 --> 00:38:27,054
What do you care
if you're a billionaire?
776
00:38:27,054 --> 00:38:29,472
Okay, I'll just put it
some percentage over there.
777
00:38:29,472 --> 00:38:32,976
And what do I care so much?
Maybe if you're really
778
00:38:31,016 --> 00:38:35,980
philanthropic drop
that you really do care, but that
779
00:38:35,980 --> 00:38:40,943
foundational information
that Bitcoin won't necessarily
780
00:38:37,940 --> 00:38:42,820
or will change
what will change and
781
00:38:41,027 --> 00:38:45,030
make it really complex.
I think it's the future.
782
00:38:45,030 --> 00:38:47,615
It's just humanity and
the systems of humanity.
783
00:38:47,615 --> 00:38:49,201
Because if you just
leave it alone,
784
00:38:49,201 --> 00:38:51,911
you leave Bitcoin alone
in its own natural system.
785
00:38:51,911 --> 00:38:54,164
And Jeff, you talks about this
and I've seen
786
00:38:54,164 --> 00:38:55,958
a lot of other people
talk about it.
787
00:38:55,958 --> 00:39:00,628
If you were to let A.I.
run with it, there's quite good
788
00:39:00,755 --> 00:39:03,132
conversations played out by
and you characterise
789
00:39:03,132 --> 00:39:04,967
how with the chat
GPT or other similar
790
00:39:04,967 --> 00:39:07,594
well, they'll go and pick bitcoin
to operate it
791
00:39:07,594 --> 00:39:10,889
for financial system
and go on their merry way.
792
00:39:10,972 --> 00:39:13,601
What complicates
that a lot is humans and.
793
00:39:13,601 --> 00:39:17,813
It's the human systems
because it's a lot of the things
794
00:39:16,019 --> 00:39:19,565
we're talking about.
You kind of have to imagine
795
00:39:19,565 --> 00:39:24,778
your current world
in front of you that jammed in
796
00:39:21,525 --> 00:39:26,405
with this bitcoin, right.
And how it actually operates.
797
00:39:26,405 --> 00:39:28,907
You know, you've you've had this
in conversations with your dad.
798
00:39:28,907 --> 00:39:34,914
I've had this conversation
with older individuals as well
799
00:39:30,576 --> 00:39:36,998
where I honestly cannot
demonstrate to them a world
800
00:39:36,998 --> 00:39:38,833
where it would be seen
as Bitcoin,
801
00:39:38,833 --> 00:39:41,295
kind of like jammed in
into the existing
802
00:39:41,295 --> 00:39:44,255
fabric of existence
that just doesn't
803
00:39:44,255 --> 00:39:48,010
doesn't go through.
And while I think it
804
00:39:46,092 --> 00:39:49,219
maybe you think as well,
that's probably
805
00:39:48,010 --> 00:39:51,514
what's going to eventually
happen in some way, shape or form
806
00:39:51,514 --> 00:39:55,184
as it starts going towards that,
more complexity
807
00:39:53,556 --> 00:39:58,978
is going to just exist,
whether it's more
808
00:39:55,184 --> 00:40:00,398
layers, whether it's more not so
much intermediaries,
809
00:40:00,398 --> 00:40:03,983
but just security support,
supporting general, you know,
810
00:40:03,192 --> 00:40:04,568
because there's going
to be a lot of people
811
00:40:04,568 --> 00:40:06,403
who are not going to do
self-custody right.
812
00:40:06,403 --> 00:40:10,657
It just won't happen.
And Jeff you monochrome
813
00:40:07,570 --> 00:40:14,286
they've sort of released
with a spot there with ETF
814
00:40:10,657 --> 00:40:17,414
and you know there's some angle
so you can start
815
00:40:17,456 --> 00:40:22,085
being part of the asset but then
as we're talking through
816
00:40:20,291 --> 00:40:24,255
you know, holding the keys
yourself, you mean holding
817
00:40:22,085 --> 00:40:25,505
the actual coins
to operate it another way?
818
00:40:25,505 --> 00:40:29,342
So are you starting
to murk up the benefits
819
00:40:29,342 --> 00:40:31,429
of actually
what Bitcoin can possess?
820
00:40:31,429 --> 00:40:35,056
Right. So
and in all I'm saying this
821
00:40:35,056 --> 00:40:39,228
not in any of the details.
It's just I think like
822
00:40:36,809 --> 00:40:40,813
Citi will be formed
due to humans, due to the systems
823
00:40:40,813 --> 00:40:43,231
that we play around it.
Because if we were
824
00:40:42,106 --> 00:40:44,650
all just monkeys,
Bitcoin was just
825
00:40:43,231 --> 00:40:48,278
going to do its own thing,
it would be clean. Yeah,
826
00:40:46,068 --> 00:40:51,282
I think the honestly,
the most confusing thing
827
00:40:48,278 --> 00:40:53,826
about it is because
it is so rational
828
00:40:53,826 --> 00:40:58,873
that it's kind of what's, what's
that quite where it's,
829
00:40:58,956 --> 00:41:04,545
it's kind of like
if you're a God,
830
00:41:01,541 --> 00:41:05,503
I hate watching this.
Basically it's
831
00:41:05,503 --> 00:41:09,090
the punchline is if
you're a madman, if you're
832
00:41:09,175 --> 00:41:11,342
you know, if you're
the only sane person
833
00:41:11,342 --> 00:41:15,514
in a world of Mad Men, you know,
are you actually sane
834
00:41:13,512 --> 00:41:17,807
or are you insane? That's yeah,
that's a good point. Actually,
835
00:41:16,681 --> 00:41:19,434
another way to say it,
I was thinking then was,
836
00:41:19,434 --> 00:41:22,855
you know, Memorial is
we are not rational.
837
00:41:22,938 --> 00:41:26,442
We are emotional. Right.
And we play in
838
00:41:24,731 --> 00:41:28,110
an emotional world.
Bitcoin is rational in the sense
839
00:41:28,110 --> 00:41:31,155
that it doesn't give it
don't give us
840
00:41:29,068 --> 00:41:33,199
how we're operating.
It just operates
841
00:41:31,155 --> 00:41:36,409
in that particular way.
The same thing with, you know,
842
00:41:36,494 --> 00:41:39,038
for right now, don't go kill me
someone out there
843
00:41:39,038 --> 00:41:40,748
but immutable things
where it's, you know,
844
00:41:40,748 --> 00:41:43,751
gravity or something else
about photon that.
845
00:41:43,876 --> 00:41:46,253
The sun's going
to be there tomorrow.
846
00:41:46,253 --> 00:41:48,297
Yes. Goes out of that.
It's sort of like
847
00:41:47,086 --> 00:41:51,300
set in the west.
It doesn't actually matter
848
00:41:48,297 --> 00:41:52,800
what your systems are.
It just operates in that way.
849
00:41:52,800 --> 00:41:57,972
It just is it doesn't
actually need humanity
850
00:41:53,969 --> 00:42:00,643
in its in its base
corridors and humanity
851
00:41:57,972 --> 00:42:03,978
for it to be what it is.
Yes, you could get all, you know,
852
00:42:04,063 --> 00:42:07,690
philosophical here and it's like,
well you know,
853
00:42:05,105 --> 00:42:09,902
you need a perceiver
to actually perceive
854
00:42:07,690 --> 00:42:13,655
an event or an action or an item
for that to exist in
855
00:42:10,652 --> 00:42:14,697
what is the minds of us.
But it just is a concept.
856
00:42:14,697 --> 00:42:17,826
And I just think about it
like the universe,
857
00:42:15,532 --> 00:42:20,411
the whole concept that things
like some bitcoin kind of slides,
858
00:42:19,327 --> 00:42:24,541
it is one of them that on its own
it's got this
859
00:42:22,039 --> 00:42:25,668
rational way of acting.
And as we injected
860
00:42:25,668 --> 00:42:29,797
into the more emotional,
more irrational human systems
861
00:42:29,797 --> 00:42:33,467
that we have play around with,
that's when it all goes haywire
862
00:42:33,550 --> 00:42:35,510
to the point
that I don't actually know
863
00:42:33,884 --> 00:42:37,679
what would be easier,
whether it would just be like,
864
00:42:37,679 --> 00:42:39,306
you know, drop
everything that we do right now
865
00:42:39,306 --> 00:42:43,851
from a financial system
or, you know, humanitarian system
866
00:42:41,891 --> 00:42:45,938
and go to that,
or whether it's like
867
00:42:43,851 --> 00:42:47,231
transition is going to be.
What will cause less chaos.
868
00:42:47,231 --> 00:42:49,148
Yeah, Yeah. Well,
I mean, this is the thing
869
00:42:49,148 --> 00:42:52,235
I wrote down, you know,
probably the hardest thing
870
00:42:50,775 --> 00:42:53,653
about it,
the most confusing thing
871
00:42:52,235 --> 00:42:55,655
about it,
is the financial aspect of
872
00:42:53,653 --> 00:43:00,827
because you can go, you know,
why do we need this, why what's,
873
00:42:57,907 --> 00:43:02,413
you know, And then,
you know the question,
874
00:43:00,827 --> 00:43:03,998
what is money? It's it's
a damn good question
875
00:43:03,998 --> 00:43:07,126
because the more
you start to look into it, money
876
00:43:07,126 --> 00:43:10,628
is the weirdest thing out there.
It just is.
877
00:43:10,628 --> 00:43:14,717
It's so hard to penetrate.
And especially when it's,
878
00:43:14,800 --> 00:43:17,677
you know, it's not backed
by anything archival.
879
00:43:17,677 --> 00:43:20,179
It's this thing
that you can then use.
880
00:43:20,179 --> 00:43:22,891
You can just print it
out of nowhere, but there's some
881
00:43:21,514 --> 00:43:25,893
constraints around it.
But we, we,
882
00:43:22,891 --> 00:43:27,813
we aim for 2% inflation.
But that's not that doesn't mean
883
00:43:27,813 --> 00:43:32,610
that we only print 2% a year.
You know, that's
884
00:43:29,606 --> 00:43:33,818
all of this other just.
About and just,
885
00:43:33,818 --> 00:43:36,112
just so that I had such
interesting conversations
886
00:43:36,112 --> 00:43:41,034
in in plethora of like formats
ticktock, commentary in person.
887
00:43:41,034 --> 00:43:43,746
Yeah, I've noticed.
I'm not even talking
888
00:43:42,494 --> 00:43:44,829
about bitcoin
not even talking about
889
00:43:44,829 --> 00:43:48,791
just purely talking
like inflation. I'm like,
890
00:43:46,956 --> 00:43:53,005
Hey, is inflation needed?
That's the you will get
891
00:43:48,791 --> 00:43:54,465
honestly that conversation
you you will definitely be
892
00:43:54,465 --> 00:43:57,384
in the losing end
of general consensus
893
00:43:57,384 --> 00:43:59,802
because that will just come.
How'd you get your needs.
894
00:43:59,802 --> 00:44:04,099
Yes to win to win an
argument about inflation.
895
00:44:04,182 --> 00:44:06,893
The winner is
the one who is irrational
896
00:44:06,893 --> 00:44:11,690
because the only way that
you can win that argument
897
00:44:11,773 --> 00:44:14,818
because trying to explain
what inflation is rationally,
898
00:44:14,818 --> 00:44:17,403
it's a fool's errand, man.
I've tried it. I've tried it
899
00:44:16,277 --> 00:44:20,699
with my roommate. I've tried
with my brother. You know, I'll
900
00:44:18,697 --> 00:44:23,409
I'll stop talking.
And it's like my brain
901
00:44:20,699 --> 00:44:26,704
turns to mush.
I'm not a complete idiot,
902
00:44:23,409 --> 00:44:28,539
I But as soon as I start
saying, like, you know, this is
903
00:44:28,539 --> 00:44:30,876
this is what happens
when this and
904
00:44:30,876 --> 00:44:33,503
and then they're like,
but why this happen?
905
00:44:33,503 --> 00:44:37,340
Or, you know, why is it 2%
or 3% or, you know, that
906
00:44:37,423 --> 00:44:40,219
aiming for 2% now
maybe it should be 3%.
907
00:44:40,219 --> 00:44:44,722
You know, how is CPI,
consumer price inflation,
908
00:44:44,806 --> 00:44:48,559
how is that different?
And why or why has that
909
00:44:45,807 --> 00:44:52,271
changed over the years?
It's just like, no, the best way
910
00:44:50,019 --> 00:44:56,527
to explain it is to be irrational
and you'll get closer
911
00:44:53,898 --> 00:44:59,530
to explaining
why it's a good thing
912
00:44:56,527 --> 00:45:02,740
or why it exists at all, or why
it makes sense is to be. Somewhat
913
00:45:02,740 --> 00:45:05,744
very someone who talks
about inflation very well.
914
00:45:05,744 --> 00:45:08,956
I don't know
if it's Eric Voorhees
915
00:45:05,952 --> 00:45:13,085
or someone else, but
they do a really good job
916
00:45:09,039 --> 00:45:19,590
of describing inflation as a,
you know, as a utility
917
00:45:15,795 --> 00:45:21,009
within the system versus
whether it's actually
918
00:45:19,675 --> 00:45:22,094
needed or not.
But I can't remember who it is.
919
00:45:22,094 --> 00:45:26,681
Yeah. Had done does the people
who I hang around with
920
00:45:26,681 --> 00:45:30,393
like the Bitcoin is that they say
inflation is theft,
921
00:45:30,561 --> 00:45:33,230
that that's slightly
too strong for me
922
00:45:33,230 --> 00:45:38,610
but it's not far off. Yeah.
That exact like inflation
923
00:45:36,190 --> 00:45:41,320
is theft. It's definitely like
a particular person says
924
00:45:41,320 --> 00:45:43,657
I can't remember who it is
our but yeah yeah
925
00:45:43,657 --> 00:45:46,492
inflation itself
it's actually a book
926
00:45:44,324 --> 00:45:48,119
as well so you can go
look that up again.
927
00:45:48,119 --> 00:45:51,539
But to be frank though,
like, you know overall
928
00:45:51,623 --> 00:45:54,710
and this is kind of like
my summary around bitcoin,
929
00:45:54,793 --> 00:46:01,592
there is things
adjacent to Bitcoin
930
00:45:57,755 --> 00:46:06,096
that if you've been scared
to kind of jump into it or
931
00:46:01,592 --> 00:46:08,347
to try to understand it, I again,
there are some very
932
00:46:08,347 --> 00:46:10,141
straightforward
path to take around that,
933
00:46:10,141 --> 00:46:14,980
which is we've named a few,
but it's the adjacent
934
00:46:12,226 --> 00:46:19,400
systems of play which I think
will lead you to discovering it
935
00:46:16,940 --> 00:46:22,403
anyways, right.
Which you wouldn't
936
00:46:19,400 --> 00:46:25,449
have 20 years ago. And by that
I mean 20 years ago
937
00:46:23,572 --> 00:46:27,826
when you brought up
the conversation of inflation,
938
00:46:27,826 --> 00:46:31,914
price and value.
Right? The difference
939
00:46:29,244 --> 00:46:32,831
between present value,
it is very hard
940
00:46:32,831 --> 00:46:37,293
when you're operating the system
without the entire system
941
00:46:34,583 --> 00:46:40,088
that exists, you can kind of
throw yourself back into some
942
00:46:40,088 --> 00:46:42,882
500 years in the past
and look at a different history.
943
00:46:42,882 --> 00:46:45,885
They'll find that it is
5000 years back, right?
944
00:46:45,969 --> 00:46:50,349
And you go shit with
inflation when it rocks like a
945
00:46:49,514 --> 00:46:52,934
little bit about a rock,
some of that shit that
946
00:46:50,349 --> 00:46:54,936
wasn't inflation then.
And so there's well.
947
00:46:54,936 --> 00:47:00,275
There's a story in what in the
in the bitcoin standard
948
00:46:57,688 --> 00:47:04,195
where it wasn't 5000 years ago
it was probably a couple hundred
949
00:47:01,902 --> 00:47:06,155
where these islanders
would use this limestone rock,
950
00:47:06,155 --> 00:47:09,076
which they would mine
from another island.
951
00:47:09,076 --> 00:47:12,371
But it was the harder to mine.
So it's kind of like, you know,
952
00:47:12,371 --> 00:47:17,376
gold inflates by supply.
So if you want to put it
953
00:47:15,289 --> 00:47:19,585
like that, you can kind of
say that was. But yeah,
954
00:47:19,585 --> 00:47:22,797
but I don't think it's
a concept of finite
955
00:47:22,797 --> 00:47:26,175
resources, it's value,
it's price, it's
956
00:47:26,260 --> 00:47:29,512
discovering those systems.
So that's obviously
957
00:47:29,512 --> 00:47:31,389
the more financial,
economical side.
958
00:47:31,389 --> 00:47:33,976
You've talked about it
in the opposite side
959
00:47:32,349 --> 00:47:38,856
where you could also go down
the humanitarian, the, you know,
960
00:47:36,103 --> 00:47:41,108
kind of trying to support states
or parties or individuals
961
00:47:41,108 --> 00:47:44,402
which are in the receiving end
of some pretty horrendous
962
00:47:44,402 --> 00:47:48,614
dealings in the way that even
they are limited to the
963
00:47:45,653 --> 00:47:51,869
access to monetary funds,
whether it's a, you know,
964
00:47:48,865 --> 00:47:55,079
authoritarian system.
And an Afghan lady
965
00:47:51,952 --> 00:47:59,166
wanting to flee from
the Taliban, you know,
966
00:47:55,079 --> 00:48:02,588
how can she flee with what
like you can't own like
967
00:47:59,166 --> 00:48:04,338
you literally fleeing.
You can carry
968
00:48:02,588 --> 00:48:06,925
what you can carry on you.
So maybe some gold is
969
00:48:04,338 --> 00:48:08,802
useful in that case, or.
Cure amendment
970
00:48:06,925 --> 00:48:11,346
or seed prices, right? Yeah.
You can remember 12 words
971
00:48:09,135 --> 00:48:15,641
and you can you can take out
a fortune in and it doesn't
972
00:48:15,641 --> 00:48:17,268
you don't need much
imagination to see how
973
00:48:17,268 --> 00:48:22,273
this would have been useful for,
you know, Jewish
974
00:48:19,021 --> 00:48:25,943
people escaping the Nazis
and, you know, 1938
975
00:48:22,273 --> 00:48:29,864
or something like that.
And, and why? Oh, like, you know,
976
00:48:29,864 --> 00:48:32,326
the gold in my teeth
is getting extracted
977
00:48:32,326 --> 00:48:37,539
at the border is that, you know,
it's very much harder
978
00:48:35,329 --> 00:48:40,291
to get into my mind and
and and get those 12 words
979
00:48:37,539 --> 00:48:44,003
out of me. Yeah. Yeah.
So I think it's in the adjacent,
980
00:48:44,003 --> 00:48:47,007
the knowledge
and information that I go,
981
00:48:47,215 --> 00:48:51,844
shit, that is how you will
find your way into what it was
982
00:48:51,844 --> 00:48:55,724
20 years ago
where there would really
983
00:48:52,512 --> 00:48:57,516
be a separate system.
Now there is something
984
00:48:55,806 --> 00:48:58,559
which you could say, okay,
well here's an option.
985
00:48:58,559 --> 00:49:01,355
And as you start thinking
through that option,
986
00:49:01,355 --> 00:49:03,940
it almost, yeah,
we found this, right?
987
00:49:03,940 --> 00:49:06,902
We're talking about it
three years later. And I think
988
00:49:05,733 --> 00:49:07,777
it's going to happen
three years from now.
989
00:49:07,777 --> 00:49:09,487
It'll just become you know,
we're already saying
990
00:49:09,487 --> 00:49:13,784
we're quite, quite high surety of
why we're going down
991
00:49:12,032 --> 00:49:16,202
the path of Bitcoin.
We bloody ask you
992
00:49:13,784 --> 00:49:18,038
to send us through
fractional Bitcoin
993
00:49:16,202 --> 00:49:19,206
as payment of value
because we believe in it
994
00:49:18,038 --> 00:49:20,916
that much. We basically made
a decision, what,
995
00:49:20,916 --> 00:49:25,086
a year and a half ago now no ads.
You know, we don't want
996
00:49:23,585 --> 00:49:28,047
to, you know,
don't want to you to
997
00:49:25,086 --> 00:49:30,592
pay us now the other way
the predominantly it's through
998
00:49:29,090 --> 00:49:32,135
the utilisation satoshis
fractional bitcoins
999
00:49:32,135 --> 00:49:36,597
because we believe it
and I think at least be
1000
00:49:32,844 --> 00:49:38,934
I found my way by learning
about adjacent things. And for me
1001
00:49:37,391 --> 00:49:42,938
it was a kind of a joy that more
which was kind of like
1002
00:49:40,268 --> 00:49:46,148
led me to that realisation
of Bitcoin seems useful
1003
00:49:42,938 --> 00:49:49,695
and useful beyond
the conversation of Hey Price.
1004
00:49:49,777 --> 00:49:53,949
Hmm. Yeah, yeah.
I guess in summary, for me
1005
00:49:50,862 --> 00:49:57,869
it was the, the thing
that convinced me of its utility
1006
00:49:55,574 --> 00:50:00,621
is that it works. I needed to see
how it worked with
1007
00:50:00,621 --> 00:50:03,083
people being able
to send it to us
1008
00:50:03,083 --> 00:50:06,460
through the podcast.
I needed to be able
1009
00:50:04,418 --> 00:50:09,213
to see how I could use it
in my everyday life
1010
00:50:06,460 --> 00:50:11,800
to buy some banana bread.
I needed to use it to support
1011
00:50:11,800 --> 00:50:14,219
people across the world myself.
I needed to use the
1012
00:50:14,219 --> 00:50:18,931
Lightning Network and say,
Oh wow, this stuff
1013
00:50:15,469 --> 00:50:20,809
is instantaneous.
And there's there's no go back.
1014
00:50:20,809 --> 00:50:25,188
There's no there's no
you know, look, I
1015
00:50:25,188 --> 00:50:28,190
don't run a business,
so I've never had to have
1016
00:50:28,275 --> 00:50:31,360
the dealing of chargebacks
of of things like that.
1017
00:50:31,360 --> 00:50:35,824
But just in every,
every I interact with it
1018
00:50:35,907 --> 00:50:39,369
because I've been careful.
There have been positive
1019
00:50:37,324 --> 00:50:40,911
interactions. Once again,
don't don't rush
1020
00:50:40,911 --> 00:50:45,041
into this sort of stuff.
If you're being willy
1021
00:50:41,996 --> 00:50:47,501
nilly test things out, you know,
and it still is a bit of a nerve
1022
00:50:47,501 --> 00:50:50,047
wracking experience
when you know, okay,
1023
00:50:50,047 --> 00:50:55,092
the responsibility is all on me
to safeguard this stuff.
1024
00:50:55,177 --> 00:50:58,012
And in the future
there'll be alternative
1025
00:50:58,012 --> 00:51:00,891
options where it will
it won't be all on that.
1026
00:51:00,891 --> 00:51:04,603
But, you know,
that's it's, it is cool.
1027
00:51:04,643 --> 00:51:07,981
Even just over the past year,
seeing how it's getting
1028
00:51:07,981 --> 00:51:13,402
more hidden behind the scenes
fountain, for example,
1029
00:51:09,565 --> 00:51:14,070
you can now though,
literally saying
1030
00:51:14,070 --> 00:51:18,074
they're supporting like vault 11,
which basically means
1031
00:51:15,614 --> 00:51:19,701
you'll be able to use it
as a lightning wallet, you know,
1032
00:51:19,701 --> 00:51:23,246
kind of functional way,
which would be super cool.
1033
00:51:23,246 --> 00:51:25,998
So it's kind of like
another integration
1034
00:51:25,998 --> 00:51:31,253
Living room of Satoshi bit Refill
Macintosh sent us that link,
1035
00:51:31,253 --> 00:51:33,923
which was about Bitwage
and being able to yeah,
1036
00:51:33,923 --> 00:51:37,344
if you're in
where was it like Colombia
1037
00:51:37,344 --> 00:51:42,056
or Australia
getting paid for from i.e.
1038
00:51:42,056 --> 00:51:45,851
you're the first to be able
to get paid in bitcoin
1039
00:51:45,851 --> 00:51:48,188
like they'll do the conversions
for you and things like that.
1040
00:51:48,188 --> 00:51:51,190
Like there's just so much
cool stuff on this. Stick
1041
00:51:51,190 --> 00:51:53,025
with what I've been saying
previously,
1042
00:51:53,025 --> 00:51:56,987
which is it's the only
real cryptocurrency
1043
00:51:54,110 --> 00:51:59,949
that I've come across.
All the rest. All the rest
1044
00:51:57,822 --> 00:52:03,202
are kind of crypto assets.
They have a currency
1045
00:51:59,949 --> 00:52:06,581
type thing to them, but they're
doing other things
1046
00:52:04,371 --> 00:52:08,041
and that doesn't mean
they're not valuable.
1047
00:52:08,041 --> 00:52:12,336
But yeah, my, my analogy
would be something along
1048
00:52:12,336 --> 00:52:16,340
the lines of okay,
you see the internet
1049
00:52:13,797 --> 00:52:17,467
coming up in 1990
and you're like, This thing's
1050
00:52:17,467 --> 00:52:20,679
going to change the world.
Would you rather
1051
00:52:20,679 --> 00:52:24,849
be able to earn a portion
of the Internet or like
1052
00:52:24,932 --> 00:52:30,230
be able to somehow, you know,
garner that energy
1053
00:52:27,561 --> 00:52:33,440
from the Internet?
Or would you rather own
1054
00:52:30,230 --> 00:52:35,527
a portion of Instagram? You know,
both will kind of do well.
1055
00:52:35,527 --> 00:52:40,114
But having the Internet,
it would probably be better.
1056
00:52:40,114 --> 00:52:42,199
I'd be cool.
I feel like it'd be cooler
1057
00:52:40,782 --> 00:52:44,577
as well. Yeah, definitely.
So that's some some thoughts
1058
00:52:44,577 --> 00:52:47,121
why we have to do this.
Come on, man,
1059
00:52:45,494 --> 00:52:49,456
give me some predictions.
What price predictions
1060
00:52:47,121 --> 00:52:54,670
will it flip? Anything occur?
How much of your net worth
1061
00:52:51,376 --> 00:52:56,630
your portfolio
is going to end up being?
1062
00:52:56,630 --> 00:53:02,554
You know, in Bitcoin? What? Well.
I mean, if the
1063
00:53:02,554 --> 00:53:05,139
if fiat crashes and
Bitcoin becomes the king,
1064
00:53:05,139 --> 00:53:07,601
then it's going to be like
100% bitcoin and something
1065
00:53:06,557 --> 00:53:11,228
be worthless.
But I I'm going to look,
1066
00:53:07,601 --> 00:53:13,273
I'm going to say.
Well, if flipping ever
1067
00:53:11,313 --> 00:53:14,523
occurred, do you think.
I don't think so.
1068
00:53:14,523 --> 00:53:19,905
But I also think
that at the 2024 halving,
1069
00:53:19,987 --> 00:53:24,201
we're going to see
like slightly a few months
1070
00:53:20,614 --> 00:53:28,121
afterwards we'll see
Bitcoin finally go over
1071
00:53:24,284 --> 00:53:29,956
100,000 try dollars.
I'd sustain it
1072
00:53:28,204 --> 00:53:31,958
for a little while.
Yep. Yep. Nice. All right.
1073
00:53:31,958 --> 00:53:34,710
My, my, my kind of
predictions are.
1074
00:53:34,710 --> 00:53:38,757
Will a flipping occur?
I don't think so, but man,
1075
00:53:35,836 --> 00:53:41,300
I really hope so.
Just for the balls.
1076
00:53:38,757 --> 00:53:45,222
Just for the. Absolutely.
Just with Husky. Just me. Asking.
1077
00:53:45,222 --> 00:53:49,851
Husky is the the shortest
of the stupidest meme coin that
1078
00:53:47,766 --> 00:53:51,436
I found. And I love it.
I was actually buying some today
1079
00:53:51,436 --> 00:53:53,730
just because it's
so it's so much fun man.
1080
00:53:53,730 --> 00:53:57,692
The such I love it. I love that
I love that place.
1081
00:53:57,692 --> 00:54:02,030
But it it there's there's
this guy called Matt Odell.
1082
00:54:02,030 --> 00:54:06,284
He's got another pretty good show
called Rabbit Hole Recap.
1083
00:54:06,284 --> 00:54:09,996
And he's got one called
Citadel Dispatch. Those are more
1084
00:54:08,286 --> 00:54:11,998
the tech type ones. I didn't
talk about tech ones,
1085
00:54:10,496 --> 00:54:15,001
but if you want
more of a tech type thing,
1086
00:54:11,998 --> 00:54:18,463
they're good.
And he's got this quote,
1087
00:54:15,210 --> 00:54:19,505
which is stay humble
and stock sets.
1088
00:54:19,505 --> 00:54:24,635
And what I have noticed is
there are a lot of bitcoiners
1089
00:54:22,509 --> 00:54:26,929
who aren't that humble.
Like they'll even repeat
1090
00:54:24,635 --> 00:54:31,141
that mantra. But I think a dose
of humility of of doge
1091
00:54:31,141 --> 00:54:34,311
flipping Bitcoin even even
just for a little bit.
1092
00:54:34,396 --> 00:54:38,023
It'd be hilarious.
I think that would be
1093
00:54:35,230 --> 00:54:39,400
that would be pretty good
price predictions
1094
00:54:38,023 --> 00:54:41,318
and all that stuff.
Yeah. Like, look, I have no idea.
1095
00:54:41,318 --> 00:54:44,780
I wouldn't, I certainly don't
and would,
1096
00:54:44,780 --> 00:54:47,826
would not encourage people
to invest in it unless like
1097
00:54:47,826 --> 00:54:49,661
you're interested in it
and you're interested
1098
00:54:49,661 --> 00:54:55,750
in the things that
we've been talking about. What I
1099
00:54:53,373 --> 00:54:59,211
would just say is like,
I'm very hesitant the halving.
1100
00:54:59,295 --> 00:55:00,922
Everyone says,
you know, the halving
1101
00:55:00,922 --> 00:55:03,173
and then it's a year
after the halving roughly.
1102
00:55:03,173 --> 00:55:08,554
That's when, when it,
when it peaks again, it, it
1103
00:55:06,760 --> 00:55:12,224
kind of makes sense.
But I've yet to see this is
1104
00:55:10,724 --> 00:55:13,934
one of those things
I've been very influenced by your
1105
00:55:13,934 --> 00:55:17,563
goal goals, one of,
of not assuming things of
1106
00:55:17,646 --> 00:55:21,192
and this is one of those things
that sounds like
1107
00:55:18,940 --> 00:55:25,195
a pretty big assumption
on a lot of people's pot
1108
00:55:21,192 --> 00:55:26,530
that halving happening,
halving happens, bull
1109
00:55:26,530 --> 00:55:30,492
market comes afterwards
and I'm just one of like
1110
00:55:30,577 --> 00:55:34,289
I've heard some semi
convincing arguments
1111
00:55:34,289 --> 00:55:38,126
as to why they occurred
not due to the halving
1112
00:55:38,376 --> 00:55:42,797
or the halving was only
a 20% impact of that and it was
1113
00:55:42,797 --> 00:55:45,090
all the macro factors
and things like that.
1114
00:55:45,090 --> 00:55:50,722
So yeah, just, just
to, to counter one thing
1115
00:55:47,217 --> 00:55:52,974
there, I would actually
I won't make a prediction,
1116
00:55:50,804 --> 00:55:58,480
but I would just say
like don't assume that price
1117
00:55:55,726 --> 00:56:00,690
goes up in 2025 could
be 2026, could be 2027.
1118
00:56:00,690 --> 00:56:02,775
But probably from.
What I'm hearing,
1119
00:56:02,775 --> 00:56:04,235
there is long term
current thinking.
1120
00:56:04,235 --> 00:56:06,403
Ten. Yes, 100 billion
Bitcoin. Yes Yeah.
1121
00:56:06,403 --> 00:56:10,492
Yeah, sure, why not?
But I'd certainly just would not
1122
00:56:10,492 --> 00:56:17,164
get caught up into the hype of
it is going to be
1123
00:56:14,244 --> 00:56:20,168
this in two years time.
Like bull market comes
1124
00:56:17,164 --> 00:56:21,795
after this and I'm like,
what if it doesn't? You know
1125
00:56:21,795 --> 00:56:25,965
what if it what if it just stays
at the same price
1126
00:56:23,003 --> 00:56:27,759
for the next two years? You know?
Are you comfortable with that?
1127
00:56:27,759 --> 00:56:29,802
If you're not comfortable
with that, don't
1128
00:56:28,467 --> 00:56:31,929
don't invest in it.
Like don't. They. Don't buy it.
1129
00:56:31,929 --> 00:56:37,268
They're buying down a little bit.
You know, that's the thing. Good.
1130
00:56:37,268 --> 00:56:39,228
Like, thank you very much
and we'll sort of tidy up there.
1131
00:56:39,228 --> 00:56:40,646
Once again,
we have been talking about
1132
00:56:40,646 --> 00:56:43,565
Bitcoin the whole time and
anything adjacent to it.
1133
00:56:43,565 --> 00:56:45,275
And we just talk through
the beast privilege.
1134
00:56:45,275 --> 00:56:47,695
But so once again,
if you want to be
1135
00:56:46,027 --> 00:56:49,114
supporting the podcast,
the main call out here is
1136
00:56:49,114 --> 00:56:52,784
we are a Valley Valley podcast.
You can't get you can't go to
1137
00:56:51,157 --> 00:56:54,994
any of the new podcasting
apps out there.
1138
00:56:52,784 --> 00:56:58,789
Just talked about a few. There's
custom attic, there's there's.
1139
00:56:58,789 --> 00:57:02,501
Ten fountains, probably the one
I would recommend at the moment
1140
00:57:02,501 --> 00:57:05,003
just because they're doing
a lot of cool things.
1141
00:57:05,003 --> 00:57:07,507
A lot of cool things. Absolutely.
And look, if you want to know
1142
00:57:07,507 --> 00:57:09,050
about a little more
about founded, go on.
1143
00:57:09,050 --> 00:57:12,554
Listen to the Memorial
podcast interview that we done
1144
00:57:10,592 --> 00:57:15,347
with the Fountain. Oscar, Oscar,
Marion Barry, multi
1145
00:57:15,347 --> 00:57:19,643
talk of the journey that I'll see
You can see that
1146
00:57:16,807 --> 00:57:20,644
maybe that's a progression
so you could do that
1147
00:57:20,644 --> 00:57:24,398
but you can said through a boosta
gram to us that we read
1148
00:57:22,605 --> 00:57:27,152
those out with she's attached
it's the best way for you
1149
00:57:25,692 --> 00:57:30,405
to communicate with us
you can send emails,
1150
00:57:27,152 --> 00:57:32,239
you can respond to your
social media posts
1151
00:57:30,487 --> 00:57:32,949
and all the other places
that we post things,
1152
00:57:32,949 --> 00:57:36,994
but that is by far and large
the the main place
1153
00:57:35,076 --> 00:57:37,911
we want to be say
is coming through.
1154
00:57:37,911 --> 00:57:39,414
It's the way that we want
to be supported.
1155
00:57:39,414 --> 00:57:42,958
It's matches our beliefs
in terms of the value
1156
00:57:40,873 --> 00:57:44,626
system that we're sharing,
and we'd like to see value
1157
00:57:42,958 --> 00:57:45,920
coming back in the way
of fractional bitcoin
1158
00:57:45,920 --> 00:57:48,547
because we do believe
that as a whole it's
1159
00:57:46,628 --> 00:57:50,132
going to help us
and help out the world
1160
00:57:48,547 --> 00:57:52,217
in locked up. Yeah,
his his a thing to end off
1161
00:57:52,217 --> 00:57:53,927
what's something
that you can only do
1162
00:57:53,927 --> 00:57:56,681
with bitcoin that you
can't do with, with Fiat.
1163
00:57:56,681 --> 00:58:00,101
Well you can only get a
model shirt with bitcoin.
1164
00:58:00,101 --> 00:58:02,353
Oh you give us
give us hundertwasser.
1165
00:58:02,353 --> 00:58:06,106
It doesn't work like that.
But what kind of. I think we
1166
00:58:06,106 --> 00:58:08,150
bent that rule once,
but no, no more, no more.
1167
00:58:08,150 --> 00:58:10,570
Bending about it anymore.
Yeah. If you want to.
1168
00:58:10,570 --> 00:58:14,407
If you want to be a model shirt,
you have to send bitcoin to us.
1169
00:58:14,407 --> 00:58:16,409
Fractional bitcoin in the
form is totally correct.
1170
00:58:16,409 --> 00:58:19,244
No whales that we will.
We will try to help you out
1171
00:58:19,244 --> 00:58:23,081
if you want to do that,
because I know that is difficult
1172
00:58:20,538 --> 00:58:24,958
still to this day,
but it will become better
1173
00:58:24,958 --> 00:58:29,255
trusted that it will
become easier, correct? Yeah,
1174
00:58:26,920 --> 00:58:32,217
it already is easier from
from when we started
1175
00:58:29,255 --> 00:58:34,219
like absolute ways. Yeah. Yeah.
Alright. Be more to
1176
00:58:34,219 --> 00:58:37,514
I thank you very much
for joining us today once again
1177
00:58:35,969 --> 00:58:39,306
in a live session, 7 p.m.
Australian Eastern
1178
00:58:37,514 --> 00:58:40,807
Standard Time today.
It is Thursday that I usually do.
1179
00:58:40,807 --> 00:58:45,021
Wednesday, Yes. Overall
with regard yesterday
1180
00:58:41,976 --> 00:58:46,688
were both so sick but
glad we were doing this.
1181
00:58:45,021 --> 00:58:47,481
What did I yesterday?
Because both me
1182
00:58:47,481 --> 00:58:50,735
and Hudson, a rookie
both of weeks at the club.
1183
00:58:50,735 --> 00:58:53,237
Yeah well we'll leave there
hopefully have enjoyed
1184
00:58:53,237 --> 00:58:56,114
this conversation of bitcoin.
Any topics for next week?
1185
00:58:56,114 --> 00:58:58,992
Card Oh man, I haven't
thought that far ahead,
1186
00:58:58,992 --> 00:59:01,829
so we'll have to leave it
a mystery, though.
1187
00:59:01,829 --> 00:59:06,125
Leaving mystery for the facts are
a bit more like
1188
00:59:03,581 --> 00:59:11,422
that's all won out.
Can't stay humble. That's
1189
00:59:09,045 --> 00:59:11,422
sad sad sad that that's.
