Building a Bitcoin Future with Francis Pouliot | Bitcoin Infinity Show #151

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I got into Bitcoin

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first of all

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because of politics.

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I saw Bitcoin

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as a political instrument

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to destroy the state.

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Bitcoin allows us to achieve

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similar ends,

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which is a complete

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to restructuring

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of the state

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and political order.

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And all we have to do

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is basically run

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these little computers

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and like download

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these apps on our phones.

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It's beautiful.

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In my office,

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I have a gigantic metal frame

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with two words,

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which is destroy Fiat.

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That's the mission.

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The mission is to destroy

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fiat.

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Was Bitcoin an invention

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or a discovery?

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My contention is that

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Bitcoin was invented.

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I see Satoshi's genius

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as being the person

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that created

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all the components

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and made them come together.

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Like an engineer

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who was designing a motor.

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The underlying principles

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of like a motor,

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like thermal dynamics

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were discovered,

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but the motor itself

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was created and engineered.

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Bitcoin does not exist

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in nature.

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It's definitely like

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a manmade phenomenon.

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The stupidest argument to me

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that you shouldn't

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spend Bitcoin.

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Oh really?

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What should I spend

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fiat if I shouldn't

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spend bitcoin?

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Because Bitcoin

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is going to be worth

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more in the future.

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Why the f*** should I

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be holding Fiat

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in the first place?

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People think money

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is the root of all evil

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when it's actually

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the other way around.

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Evil is the root of all money

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except bitcoin.

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Francis, welcome to

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the Bitcoin Infinity Show.

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Thanks, man.

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I'm so happy to be here.

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Yeah I'm very happy

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to have you here.

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Unfortunately,

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Luke is not with us

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here at the beginning.

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I hope Luke can join later,

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but right now, it's

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just you and me.

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And we've been waiting

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to do this for a long time.

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I'm so happy

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to have you here.

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So let's let's start

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for our listeners

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that don't know you,

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can you give us,

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a tldr on Francis

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and what you're doing now

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and how you ended up there?

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Yeah. Well, I'm,

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bitcoin og quote unquote.

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I've been working

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in Bitcoin for, 12 years now.

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I've been doing many things

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in my bitcoin career,

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but the last ten

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years I've been, focused on,

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self-custody

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tools for,

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sovereign individuals.

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That's kind of like my,

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my focus in Bitcoin

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is to facilitate,

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sovereignty and,

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by creating software,

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by creating apps.

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And the most known app of

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that is the Bitcoin exchange,

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which is,

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a Bitcoin

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only non-custodial exchange.

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And what a

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non-custodial exchange

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is, is basically

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when you buy Bitcoin,

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you can't leave it there.

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You actually have to

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give like a lightning address

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or a bitcoin address

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before you buy.

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Like there's just no option

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to leave it on the platform.

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So 100% of

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every Bitcoin purchase

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is also a withdrawal.

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So kind of forcing

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people to take custody.

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And I also work

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on a lot of open source

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software initiatives.

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That's been my my passion

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for the last couple of years.

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I built a non-custodial,

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bitcoin wallet,

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the Bitcoin wallet.

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I work on back

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end infrastructure.

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So my background is more of,

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like an economics

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policy type guy originally,

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but over the years,

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I kind of gradually went into

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the software

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and business and

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app development

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side of the coin.

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And I think if I'm correct me

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if I'm wrong, but,

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just as Luke,

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you're a refugee

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from the People's

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Republic of Canada

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also, right?

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They have, yeah.

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Fled the communism

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over there.

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Yeah. Right.

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That's

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that's a very big

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part of my story.

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So I was born in Montreal.

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I was,

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Quebecer,

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for most of my life,

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and actually in Montreal,

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we had a physical,

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Bitcoin community center

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called the Bitcoin Embassy.

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That was great

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from 2013 to 2017.

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So, I was really

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like Montreal.

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Like, I love the city,

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but I decided to leave,

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during Covid.

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You know, it was pretty

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bad in, in Quebec

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and living in a big city

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in, in, like,

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Montreal is really awful.

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So I left Canada

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for, Costa Rica, where,

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completely coincidentally,

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I hooked up with this,

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local group of Bitcoiners.

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Well, not coincidentally,

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because you know how

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you know

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how these things got right.

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So, you know,

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you move to a new place,

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and like,

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I was telling myself,

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okay, I'm going to.

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I'm going to stay low profile

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this time.

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I don't want people

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to recognize me.

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I don't want to be

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a Bitcoin guy.

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And then after

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like a few months, I'm like,

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I'm organizing

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a Bitcoin meetup.

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Fuck this, you know?

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And like,

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where is all the bitcoiners?

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I want to see my people.

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So we organized

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a Bitcoin meetup

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and then

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I moved to this place

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called the Bitcoin Jungle.

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And here there is,

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a really, really incredible

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Bitcoin circular

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economy project. I think that

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a lot of people have

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seen some of my videos.

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There's there's like

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a lot of videos of,

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you know, people

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going around Costa Rica

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like buying stuff

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at the farmers market.

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But the scale of of

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it is hard to comprehend

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where like,

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I don't use fiat,

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I really don't use my credit

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card, almost never ever.

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And I also don't use cash.

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I use bitcoin, everywhere

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throughout the country.

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So we have a physical office

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here for, Bitcoin education.

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And so that's

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also kind of like my passion

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project is

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I came from the Bitcoin

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education side.

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That's how I started

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at the Bitcoin embassy

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like 12 years ago.

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I love installing wallets.

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There's like nothing

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I like

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more in the world

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than to signing up someone

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to Bitcoin

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by signing up, you know,

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showing him

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how to download the wallet,

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showing them

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what a backup is doing,

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the first transaction,

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signing up merchants.

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And, it's

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a really fantastic thing.

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We have this public office.

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It's basically

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like office hours.

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It's like a

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it's like an information

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desk.

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And people walk in

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and they're like,

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they have a problem

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with Bitcoin, like physical,

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like a

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like a practical issue.

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Or they want to learn more

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or they want to move money

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and they need some advice.

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And then every day

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there's kind of like,

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you know

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Bitcoin is kind of weird.

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So you always have like

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these interesting stories.

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And, you know,

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just the other day

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I have this guy

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who walks into my office

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and he just says, I'm here

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to reclaim my sovereignty,

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like this American guy.

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And I'm like, well,

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you're in the right

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place, buddy.

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So, you know,

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we move the coins

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away from his coinbase

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onto a call card,

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and we do that for free.

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It's just a really fun

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passion project.

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Yeah, I've heard

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a lot of good things

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about Costa Rica.

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I was just

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I just came back from

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El Salvador first.

303
00:06:12,500 --> 00:06:13,541
First time I've been there.

304
00:06:13,541 --> 00:06:15,083
And like, I love it.

305
00:06:15,083 --> 00:06:16,708
I love the, the

306
00:06:16,708 --> 00:06:17,750
the fact that you can

307
00:06:17,750 --> 00:06:19,416
walk into any place,

308
00:06:19,416 --> 00:06:21,000
just randomly and,

309
00:06:21,000 --> 00:06:21,916
ask if they accept

310
00:06:21,916 --> 00:06:23,125
bitcoin and,

311
00:06:23,125 --> 00:06:24,625
and a lot of them do like,

312
00:06:24,625 --> 00:06:25,500
more than you think.

313
00:06:25,500 --> 00:06:26,291
So yeah.

314
00:06:26,291 --> 00:06:27,708
And I had of

315
00:06:27,708 --> 00:06:29,625
I had heard a lot of like

316
00:06:29,625 --> 00:06:30,416
no adoption

317
00:06:30,416 --> 00:06:31,625
is not what you think it is.

318
00:06:31,625 --> 00:06:32,458
They don't accept it

319
00:06:32,458 --> 00:06:33,375
everywhere. They're not.

320
00:06:33,375 --> 00:06:34,416
But I think the adoption

321
00:06:34,416 --> 00:06:35,875
is absolutely phenomenal.

322
00:06:35,875 --> 00:06:37,166
And,

323
00:06:37,166 --> 00:06:38,000
in El Salvador

324
00:06:38,000 --> 00:06:38,500
and I think

325
00:06:38,500 --> 00:06:39,583
it's orders of magnitude

326
00:06:39,583 --> 00:06:40,666
higher than everywhere else.

327
00:06:40,666 --> 00:06:40,916
Right.

328
00:06:40,916 --> 00:06:43,916
So yeah, like, you know, so,

329
00:06:44,000 --> 00:06:44,333
even,

330
00:06:44,333 --> 00:06:45,625
even if you have a few places

331
00:06:45,625 --> 00:06:46,708
in the town that accept

332
00:06:46,708 --> 00:06:47,666
when it's already

333
00:06:47,666 --> 00:06:48,541
it's it's already more

334
00:06:48,541 --> 00:06:49,666
than, you know, like,

335
00:06:49,666 --> 00:06:50,750
I don't know where to spend

336
00:06:50,750 --> 00:06:51,416
bitcoin in Paris,

337
00:06:51,416 --> 00:06:52,166
maybe like, you know,

338
00:06:52,166 --> 00:06:52,916
ten locations

339
00:06:52,916 --> 00:06:53,666
for a city of like,

340
00:06:53,666 --> 00:06:54,750
10 million people.

341
00:06:54,750 --> 00:06:55,958
Whereas it's very

342
00:06:55,958 --> 00:06:57,541
ironic, like here in the,

343
00:06:58,583 --> 00:06:59,500
where I live is kind

344
00:06:59,500 --> 00:07:00,333
of like Bitcoin beaches.

345
00:07:00,333 --> 00:07:02,333
So it's, it's pastoral.

346
00:07:02,333 --> 00:07:03,291
It's the countryside.

347
00:07:03,291 --> 00:07:05,000
It's far from infrastructure.

348
00:07:05,000 --> 00:07:05,958
People are,

349
00:07:05,958 --> 00:07:06,208
you know,

350
00:07:06,208 --> 00:07:06,583
people are not

351
00:07:06,583 --> 00:07:07,375
necessarily poor

352
00:07:07,375 --> 00:07:08,458
because there's like tourism,

353
00:07:08,458 --> 00:07:09,166
but they're not, you know,

354
00:07:09,166 --> 00:07:10,500
it's not a big city.

355
00:07:10,500 --> 00:07:11,375
And you'll have like these

356
00:07:11,375 --> 00:07:13,500
very incredible situations

357
00:07:13,500 --> 00:07:14,750
where you have like

358
00:07:14,750 --> 00:07:15,625
a person selling

359
00:07:15,625 --> 00:07:16,250
fruits on

360
00:07:16,250 --> 00:07:17,166
the side of the highway,

361
00:07:17,166 --> 00:07:17,666
like a,

362
00:07:17,666 --> 00:07:18,958
like a grocery store

363
00:07:18,958 --> 00:07:19,625
with a tin roof.

364
00:07:19,625 --> 00:07:21,166
But they have Starlink

365
00:07:21,166 --> 00:07:22,500
and they have BTC pay

366
00:07:22,500 --> 00:07:24,125
server running.

367
00:07:24,125 --> 00:07:24,875
It's it's really

368
00:07:24,875 --> 00:07:25,416
it's really mind

369
00:07:25,416 --> 00:07:26,041
blowing, you know,

370
00:07:26,041 --> 00:07:27,000
and for them it's

371
00:07:27,000 --> 00:07:28,250
totally ubiquitous. Right?

372
00:07:28,250 --> 00:07:29,458
So if I go to a store

373
00:07:29,458 --> 00:07:29,875
and I say, hey,

374
00:07:29,875 --> 00:07:31,125
can I pay with Bitcoin?

375
00:07:31,125 --> 00:07:32,041
It's like, yeah, sure.

376
00:07:32,041 --> 00:07:32,875
You know,

377
00:07:32,875 --> 00:07:33,375
take the phone,

378
00:07:33,375 --> 00:07:34,375
scan the QR code

379
00:07:34,375 --> 00:07:35,041
and that's it.

380
00:07:35,041 --> 00:07:35,791
So they don't

381
00:07:35,791 --> 00:07:36,791
they don't have that kind

382
00:07:36,791 --> 00:07:38,375
of like psychological barrier

383
00:07:38,375 --> 00:07:38,958
to Bitcoin

384
00:07:38,958 --> 00:07:39,708
that a lot of

385
00:07:39,708 --> 00:07:40,375
Western heads do.

386
00:07:40,375 --> 00:07:42,208
Where a very good example

387
00:07:42,208 --> 00:07:43,291
if I turn to Orange Village

388
00:07:43,291 --> 00:07:44,791
merchants here in Costa Rica

389
00:07:44,791 --> 00:07:45,750
this is how the conversation

390
00:07:45,750 --> 00:07:46,250
goes.

391
00:07:46,250 --> 00:07:48,208
Hey can I pay with bitcoin.

392
00:07:48,208 --> 00:07:49,166
And they're like no.

393
00:07:49,166 --> 00:07:50,291
And I say why not?

394
00:07:50,291 --> 00:07:51,416
And they will reply,

395
00:07:51,416 --> 00:07:52,750
well I don't have the app.

396
00:07:52,750 --> 00:07:53,958
I don't know how it works.

397
00:07:53,958 --> 00:07:55,333
And I just say, okay, cool,

398
00:07:55,333 --> 00:07:55,875
give me your phone,

399
00:07:55,875 --> 00:07:57,916
I'll download the app. Right.

400
00:07:57,916 --> 00:07:58,708
But you know, do a

401
00:07:58,708 --> 00:07:59,708
things on the phone

402
00:07:59,708 --> 00:08:00,541
and then I explain

403
00:08:00,541 --> 00:08:01,166
and then I do a

404
00:08:01,166 --> 00:08:01,875
little payment

405
00:08:01,875 --> 00:08:02,708
and then they have bitcoin

406
00:08:02,708 --> 00:08:03,833
and then that's it. You know.

407
00:08:03,833 --> 00:08:04,416
And nobody's

408
00:08:04,416 --> 00:08:05,041
going to say like

409
00:08:06,291 --> 00:08:06,708
I don't want to

410
00:08:06,708 --> 00:08:07,250
accept bitcoin.

411
00:08:07,250 --> 00:08:07,541
It's money

412
00:08:07,541 --> 00:08:08,416
for criminals or terrorists.

413
00:08:08,416 --> 00:08:09,541
Like they don't have that

414
00:08:09,541 --> 00:08:10,958
like normie

415
00:08:10,958 --> 00:08:11,958
psychological block

416
00:08:11,958 --> 00:08:12,625
that, you know,

417
00:08:12,625 --> 00:08:13,625
you would get in Canada

418
00:08:13,625 --> 00:08:15,458
or Europe or something.

419
00:08:15,458 --> 00:08:16,791
Now that was my experience

420
00:08:16,791 --> 00:08:17,708
in El Salvador too.

421
00:08:17,708 --> 00:08:18,375
Like this.

422
00:08:18,375 --> 00:08:21,083
This one tooth old lady.

423
00:08:21,083 --> 00:08:22,666
And, in a supermarket.

424
00:08:22,666 --> 00:08:23,125
And I ask

425
00:08:23,125 --> 00:08:24,958
if you accept Bitcoin

426
00:08:24,958 --> 00:08:26,500
and she's like, no, no, no,

427
00:08:26,500 --> 00:08:28,583
but my daughter is around.

428
00:08:28,583 --> 00:08:29,333
I'll call her.

429
00:08:29,333 --> 00:08:30,750
And ten minutes

430
00:08:30,750 --> 00:08:31,541
later, her daughter

431
00:08:31,541 --> 00:08:32,541
shows up in a pickup

432
00:08:32,541 --> 00:08:33,833
truck and accepts bitcoin.

433
00:08:33,833 --> 00:08:35,000
So it's nice, but

434
00:08:35,000 --> 00:08:38,250
but I love the the the like.

435
00:08:38,458 --> 00:08:39,833
The first word that comes

436
00:08:39,833 --> 00:08:40,250
to mind

437
00:08:40,250 --> 00:08:41,166
when I think about you

438
00:08:41,166 --> 00:08:43,333
is based like

439
00:08:43,333 --> 00:08:45,333
and the same thing for

440
00:08:45,333 --> 00:08:46,500
for that like in Costa

441
00:08:46,500 --> 00:08:47,291
Rica it's

442
00:08:47,291 --> 00:08:48,833
as you say BTC pay server

443
00:08:48,833 --> 00:08:49,875
and Starlink and stuff.

444
00:08:49,875 --> 00:08:51,208
It's the real deal.

445
00:08:51,208 --> 00:08:52,583
It's not some silver

446
00:08:52,583 --> 00:08:54,000
wallet bullshit.

447
00:08:54,000 --> 00:08:55,458
It's it's,

448
00:08:55,458 --> 00:08:57,208
it's full on hardcore.

449
00:08:57,208 --> 00:08:57,833
And the same goes

450
00:08:57,833 --> 00:08:59,291
for bull bitcoin.

451
00:08:59,291 --> 00:08:59,500
Yeah.

452
00:08:59,500 --> 00:09:00,208
I remember

453
00:09:00,208 --> 00:09:01,583
like first time I saw you

454
00:09:01,583 --> 00:09:03,500
I think was in Riga 2019,

455
00:09:03,500 --> 00:09:05,000
which is like the first

456
00:09:05,000 --> 00:09:07,000
real conference I went to.

457
00:09:07,000 --> 00:09:08,750
And like so many,

458
00:09:08,750 --> 00:09:10,083
so many connections

459
00:09:10,083 --> 00:09:10,750
I made there, it's

460
00:09:10,750 --> 00:09:11,708
it's just insane.

461
00:09:11,708 --> 00:09:13,166
In hindsight,

462
00:09:13,166 --> 00:09:13,625
what kind of

463
00:09:13,625 --> 00:09:14,750
people were there? And,

464
00:09:17,875 --> 00:09:18,458
bull bitcoin.

465
00:09:18,458 --> 00:09:19,416
You had a whole

466
00:09:19,416 --> 00:09:20,708
squad of,

467
00:09:20,708 --> 00:09:23,000
of Canucks over there.

468
00:09:23,000 --> 00:09:23,750
Yeah.

469
00:09:23,750 --> 00:09:25,375
Mate X was there,

470
00:09:25,375 --> 00:09:26,250
there was a bunch of people

471
00:09:26,250 --> 00:09:26,750
there.

472
00:09:26,750 --> 00:09:28,208
And, you know,

473
00:09:28,208 --> 00:09:29,791
we organized a shooting range

474
00:09:29,791 --> 00:09:30,625
for bitcoiners

475
00:09:30,625 --> 00:09:32,250
to shoot your first gun, and.

476
00:09:32,250 --> 00:09:33,166
Yeah, it was great, man.

477
00:09:33,166 --> 00:09:34,125
And it was.

478
00:09:34,125 --> 00:09:35,458
It was right at the time,

479
00:09:35,458 --> 00:09:36,750
I think, where

480
00:09:36,750 --> 00:09:38,333
four Bitcoin started to

481
00:09:38,333 --> 00:09:39,500
exist as a new brand,

482
00:09:39,500 --> 00:09:40,583
because I had been running

483
00:09:40,583 --> 00:09:41,583
for Bitcoin

484
00:09:41,583 --> 00:09:42,458
under another brand

485
00:09:42,458 --> 00:09:44,000
for many, many years

486
00:09:44,000 --> 00:09:45,500
under brand called bills.

487
00:09:45,500 --> 00:09:46,083
And bills

488
00:09:46,083 --> 00:09:47,541
was to pay your bills

489
00:09:47,541 --> 00:09:48,000
with Bitcoin.

490
00:09:48,000 --> 00:09:49,208
So yeah with the way

491
00:09:49,208 --> 00:09:50,083
you bills.

492
00:09:50,083 --> 00:09:50,666
Yeah yeah

493
00:09:50,666 --> 00:09:51,916
yeah I remember that.

494
00:09:51,916 --> 00:09:52,500
Yeah exactly.

495
00:09:52,500 --> 00:09:53,125
It started out as a

496
00:09:53,125 --> 00:09:54,708
as a bill payment processor.

497
00:09:54,708 --> 00:09:55,250
Kind of like

498
00:09:55,250 --> 00:09:56,250
kind of like a bit refill

499
00:09:56,250 --> 00:09:57,208
ish I guess.

500
00:09:57,208 --> 00:10:00,083
But more more focus

501
00:10:00,083 --> 00:10:01,166
for like big purchases,

502
00:10:01,166 --> 00:10:02,000
like buying cars

503
00:10:02,000 --> 00:10:02,916
and like paying your rent

504
00:10:02,916 --> 00:10:04,375
and like that and stuff.

505
00:10:04,375 --> 00:10:05,916
So we rebranded it to bought

506
00:10:05,916 --> 00:10:09,833
Bitcoin in late 2018 where,

507
00:10:10,125 --> 00:10:10,875
you know, I had this

508
00:10:10,875 --> 00:10:12,833
kind of like midlife crisis

509
00:10:12,833 --> 00:10:13,791
in Bitcoin where I was like,

510
00:10:13,791 --> 00:10:14,333
so what am I

511
00:10:14,333 --> 00:10:15,000
doing in this thing?

512
00:10:15,000 --> 00:10:16,708
Because I had also been,

513
00:10:16,708 --> 00:10:17,250
you know, doing

514
00:10:17,250 --> 00:10:18,583
some, some,

515
00:10:18,583 --> 00:10:19,041
you know,

516
00:10:19,041 --> 00:10:21,000
research and blockchain.

517
00:10:21,000 --> 00:10:21,291
I was

518
00:10:21,291 --> 00:10:22,708
I was like into debates

519
00:10:22,708 --> 00:10:23,458
with shit corners

520
00:10:23,458 --> 00:10:24,375
about blockchain technology.

521
00:10:24,375 --> 00:10:24,625
I'm like,

522
00:10:24,625 --> 00:10:25,291
what what am I doing?

523
00:10:25,291 --> 00:10:26,333
Like, what is this thing?

524
00:10:26,333 --> 00:10:27,208
And we were like coming

525
00:10:27,208 --> 00:10:27,958
out of the four corners,

526
00:10:27,958 --> 00:10:28,166
you know?

527
00:10:28,166 --> 00:10:29,208
So I was trying

528
00:10:29,208 --> 00:10:29,833
to figure out like,

529
00:10:29,833 --> 00:10:30,916
what is the identity

530
00:10:30,916 --> 00:10:31,375
of like what

531
00:10:31,375 --> 00:10:31,916
we're trying to do.

532
00:10:31,916 --> 00:10:33,416
And it was bitcoin maximalism

533
00:10:33,416 --> 00:10:34,041
and cypherpunk

534
00:10:34,041 --> 00:10:35,500
values like this is

535
00:10:35,500 --> 00:10:36,500
this is like

536
00:10:36,500 --> 00:10:38,458
what's as a as a company

537
00:10:38,458 --> 00:10:39,833
we're not just a company.

538
00:10:39,833 --> 00:10:42,625
We are a cultural thing.

539
00:10:42,625 --> 00:10:44,541
Because after the fork was

540
00:10:44,541 --> 00:10:45,500
we kind of like realized

541
00:10:45,500 --> 00:10:47,750
that there is some kind of

542
00:10:47,750 --> 00:10:48,041
there's

543
00:10:48,041 --> 00:10:48,500
some kind of

544
00:10:48,500 --> 00:10:49,291
politics in Bitcoin

545
00:10:49,291 --> 00:10:49,791
and there's different

546
00:10:49,791 --> 00:10:50,250
factions.

547
00:10:50,250 --> 00:10:50,458
You know,

548
00:10:50,458 --> 00:10:52,500
there's like the normie NPCs,

549
00:10:52,500 --> 00:10:54,125
Bitcoin, blockchain people,

550
00:10:54,125 --> 00:10:55,875
and then there's a Cypherpunk

551
00:10:55,875 --> 00:10:56,416
and then there's

552
00:10:56,416 --> 00:10:58,250
the new maximalist types.

553
00:10:58,250 --> 00:10:59,250
And I was like, okay,

554
00:10:59,250 --> 00:10:59,791
so like

555
00:10:59,791 --> 00:11:01,125
we are like in this

556
00:11:01,125 --> 00:11:01,833
in this

557
00:11:01,833 --> 00:11:03,541
corner of the,

558
00:11:03,541 --> 00:11:05,500
of the cultural zeitgeist

559
00:11:05,500 --> 00:11:07,041
and we really want to

560
00:11:07,041 --> 00:11:07,583
push for that.

561
00:11:07,583 --> 00:11:08,208
So like,

562
00:11:08,208 --> 00:11:10,458
our identity is basically

563
00:11:10,458 --> 00:11:11,541
like sovereignty

564
00:11:11,541 --> 00:11:12,291
cypherpunk

565
00:11:12,291 --> 00:11:13,583
principles and maximalism.

566
00:11:13,583 --> 00:11:15,458
Like we came out with this

567
00:11:15,458 --> 00:11:16,500
Bitcoin only,

568
00:11:17,541 --> 00:11:18,083
kind of like

569
00:11:18,083 --> 00:11:19,250
theme, which I

570
00:11:19,250 --> 00:11:19,500
don't want

571
00:11:19,500 --> 00:11:20,208
to take credit for,

572
00:11:20,208 --> 00:11:21,375
like a bitcoin only company.

573
00:11:21,375 --> 00:11:22,375
But I really think

574
00:11:22,375 --> 00:11:23,125
that there was like

575
00:11:23,125 --> 00:11:24,208
very few companies

576
00:11:24,208 --> 00:11:25,583
that were using that

577
00:11:25,583 --> 00:11:27,041
as a marketing thing. Right.

578
00:11:27,041 --> 00:11:27,833
So some people,

579
00:11:27,833 --> 00:11:29,375
some companies were like,

580
00:11:29,375 --> 00:11:30,458
they just are

581
00:11:30,458 --> 00:11:31,500
a Bitcoin company,

582
00:11:31,500 --> 00:11:32,541
but they were not a bitcoin

583
00:11:32,541 --> 00:11:33,750
maximalist company

584
00:11:33,750 --> 00:11:35,166
like outspokenly. So.

585
00:11:35,166 --> 00:11:36,250
So we kind of like

586
00:11:36,250 --> 00:11:36,958
said like let's

587
00:11:36,958 --> 00:11:39,208
make this our theme like

588
00:11:39,208 --> 00:11:40,041
fuck this shit coin.

589
00:11:40,041 --> 00:11:41,041
So like as a, as a,

590
00:11:41,041 --> 00:11:42,083
as a corporate strategy,

591
00:11:42,083 --> 00:11:42,666
you know,

592
00:11:42,666 --> 00:11:43,791
and now that was fun.

593
00:11:43,791 --> 00:11:44,666
And then

594
00:11:44,666 --> 00:11:46,333
everybody that Bitcoin is

595
00:11:46,333 --> 00:11:47,083
is very based,

596
00:11:47,083 --> 00:11:47,750
you know,

597
00:11:47,750 --> 00:11:49,166
it's a self-funded startup.

598
00:11:49,166 --> 00:11:50,125
It's very organic.

599
00:11:50,125 --> 00:11:51,083
It's started out,

600
00:11:51,083 --> 00:11:52,333
you know, me

601
00:11:52,333 --> 00:11:53,750
and another guy and,

602
00:11:53,750 --> 00:11:54,041
you know,

603
00:11:54,041 --> 00:11:54,791
I was paying bills

604
00:11:54,791 --> 00:11:55,500
every single day

605
00:11:55,500 --> 00:11:56,416
like manually like

606
00:11:56,416 --> 00:11:57,000
when people

607
00:11:57,000 --> 00:11:57,833
were sending Bitcoin.

608
00:11:57,833 --> 00:11:58,291
It started out

609
00:11:58,291 --> 00:11:59,291
really like garage.

610
00:11:59,291 --> 00:12:00,250
Like the way

611
00:12:00,250 --> 00:12:01,333
the bills worked is like

612
00:12:01,333 --> 00:12:03,000
I had a electrum wallet

613
00:12:03,000 --> 00:12:03,916
and people would send

614
00:12:03,916 --> 00:12:05,458
coins to my wallet

615
00:12:05,458 --> 00:12:06,166
and I would log in

616
00:12:06,166 --> 00:12:07,250
to a banking system

617
00:12:07,250 --> 00:12:07,875
and pay people's

618
00:12:07,875 --> 00:12:08,750
bills for them.

619
00:12:08,750 --> 00:12:09,500
So it was really,

620
00:12:09,500 --> 00:12:11,083
really manual

621
00:12:11,083 --> 00:12:13,000
and it grew really slowly.

622
00:12:13,000 --> 00:12:14,458
It took a long, long time

623
00:12:14,458 --> 00:12:15,500
for us to grow

624
00:12:15,500 --> 00:12:16,458
because I didn't

625
00:12:16,458 --> 00:12:17,541
want to take any investor

626
00:12:17,541 --> 00:12:18,833
money at all.

627
00:12:18,833 --> 00:12:19,583
So like

628
00:12:19,583 --> 00:12:21,125
everybody had one Bitcoin

629
00:12:21,125 --> 00:12:22,250
that I recruited

630
00:12:22,250 --> 00:12:23,875
was was very deliberate

631
00:12:23,875 --> 00:12:25,958
and I only hire

632
00:12:25,958 --> 00:12:27,750
like based bitcoiners.

633
00:12:27,750 --> 00:12:30,083
I discriminate 100%

634
00:12:30,083 --> 00:12:31,208
when I hire someone.

635
00:12:31,208 --> 00:12:32,666
And nowadays, you know,

636
00:12:32,666 --> 00:12:33,791
I discriminate a little less

637
00:12:33,791 --> 00:12:34,541
because we have like

638
00:12:34,541 --> 00:12:35,666
very talented engineers

639
00:12:35,666 --> 00:12:36,083
that are

640
00:12:36,083 --> 00:12:36,541
maybe they're

641
00:12:36,541 --> 00:12:38,958
not as based as, as I am.

642
00:12:38,958 --> 00:12:39,333
But yeah.

643
00:12:39,333 --> 00:12:41,041
So, so the company is really

644
00:12:41,041 --> 00:12:42,666
just when you say base

645
00:12:42,666 --> 00:12:43,666
like that

646
00:12:43,666 --> 00:12:44,625
makes me very proud

647
00:12:44,625 --> 00:12:45,416
and satisfied

648
00:12:45,416 --> 00:12:46,250
that that's the first thing

649
00:12:46,250 --> 00:12:47,333
that comes to mind.

650
00:12:47,333 --> 00:12:48,208
No, but

651
00:12:48,208 --> 00:12:49,875
that I absolutely love it.

652
00:12:49,875 --> 00:12:50,416
There's one of my

653
00:12:50,416 --> 00:12:51,416
favorite companies

654
00:12:51,416 --> 00:12:52,916
in Bitcoin for short,

655
00:12:52,916 --> 00:12:54,208
just because of

656
00:12:54,208 --> 00:12:55,500
this attitude,

657
00:12:55,500 --> 00:12:56,125
because there are

658
00:12:56,125 --> 00:12:57,041
so many companies

659
00:12:57,041 --> 00:12:58,458
that that take pride

660
00:12:58,458 --> 00:12:59,750
in following the new

661
00:12:59,750 --> 00:13:00,958
Mica regulation

662
00:13:00,958 --> 00:13:01,958
and doing

663
00:13:01,958 --> 00:13:03,833
the ESG score bullshit

664
00:13:03,833 --> 00:13:05,750
and doing the KYC properly

665
00:13:05,750 --> 00:13:07,166
and all of that stuff.

666
00:13:07,166 --> 00:13:08,333
And bull Bitcoin,

667
00:13:08,333 --> 00:13:09,291
it's like the opposite.

668
00:13:09,291 --> 00:13:09,833
They're like,

669
00:13:09,833 --> 00:13:12,250
refuse to take orders and

670
00:13:12,250 --> 00:13:13,416
like,

671
00:13:13,416 --> 00:13:14,750
correct me if I'm wrong,

672
00:13:14,750 --> 00:13:16,458
but I think you can mail cash

673
00:13:16,458 --> 00:13:17,458
in via

674
00:13:17,458 --> 00:13:18,583
the Canadian

675
00:13:18,583 --> 00:13:20,333
postal system and get bitcoin

676
00:13:20,333 --> 00:13:22,416
on the other side, KYC free.

677
00:13:22,416 --> 00:13:24,000
You used to unfortunately,

678
00:13:24,000 --> 00:13:24,916
we were

679
00:13:24,916 --> 00:13:26,375
we were shut down,

680
00:13:26,375 --> 00:13:27,083
in Canada

681
00:13:27,083 --> 00:13:28,583
on that specific thing

682
00:13:28,583 --> 00:13:30,625
and the the order to shut

683
00:13:30,625 --> 00:13:31,916
us down came.

684
00:13:31,916 --> 00:13:33,291
We don't know where exactly,

685
00:13:33,291 --> 00:13:34,500
but it's, it's

686
00:13:34,500 --> 00:13:35,541
very clear that it came from

687
00:13:35,541 --> 00:13:37,166
from pretty, pretty high up,

688
00:13:37,166 --> 00:13:37,708
in the government.

689
00:13:37,708 --> 00:13:38,666
So, yeah,

690
00:13:38,666 --> 00:13:39,833
you used to be able to buy

691
00:13:39,833 --> 00:13:41,000
because, you know, there's,

692
00:13:41,000 --> 00:13:42,291
there's like there, there's

693
00:13:42,291 --> 00:13:44,208
when you look at regulations,

694
00:13:44,208 --> 00:13:45,750
like my attitude,

695
00:13:45,750 --> 00:13:47,625
my personal philosophy is to,

696
00:13:48,666 --> 00:13:49,833
interpret it in

697
00:13:49,833 --> 00:13:50,666
the way that benefits

698
00:13:50,666 --> 00:13:52,416
the users the most

699
00:13:52,416 --> 00:13:53,666
and to never give

700
00:13:53,666 --> 00:13:55,458
a single inch on,

701
00:13:55,458 --> 00:13:57,416
on any technicality. Right.

702
00:13:57,416 --> 00:13:58,500
So really, like,

703
00:13:58,500 --> 00:14:00,500
for example, in Canada,

704
00:14:00,500 --> 00:14:01,166
there's KYC

705
00:14:01,166 --> 00:14:02,750
requirements, there's AML,

706
00:14:02,750 --> 00:14:03,833
and there's all that stuff,

707
00:14:03,833 --> 00:14:05,125
but there is like a threshold

708
00:14:05,125 --> 00:14:06,791
where you can,

709
00:14:06,791 --> 00:14:08,041
you can allow

710
00:14:08,041 --> 00:14:09,416
no KYC transactions

711
00:14:09,416 --> 00:14:10,541
under a certain threshold.

712
00:14:10,541 --> 00:14:11,791
So of course

713
00:14:11,791 --> 00:14:12,791
we're going to allow that.

714
00:14:12,791 --> 00:14:13,666
And of course we're going

715
00:14:13,666 --> 00:14:15,083
to encourage that.

716
00:14:15,083 --> 00:14:15,458
Same thing

717
00:14:15,458 --> 00:14:16,208
for selling Bitcoin,

718
00:14:16,208 --> 00:14:16,500
you know,

719
00:14:16,500 --> 00:14:17,125
and there's

720
00:14:17,125 --> 00:14:18,500
all sorts of things that,

721
00:14:18,500 --> 00:14:18,958
you know,

722
00:14:18,958 --> 00:14:19,541
they sound

723
00:14:19,541 --> 00:14:20,500
like technicalities.

724
00:14:20,500 --> 00:14:21,750
But the way that even

725
00:14:21,750 --> 00:14:23,666
we create our databases,

726
00:14:23,666 --> 00:14:23,875
the way

727
00:14:23,875 --> 00:14:25,250
that we report information,

728
00:14:25,250 --> 00:14:27,000
you know, like,

729
00:14:27,000 --> 00:14:27,750
we're always

730
00:14:27,750 --> 00:14:28,916
giving the least amount

731
00:14:28,916 --> 00:14:29,666
of data

732
00:14:29,666 --> 00:14:31,083
humanly possible

733
00:14:31,083 --> 00:14:32,458
in a way that,

734
00:14:32,458 --> 00:14:34,125
we can stay in business.

735
00:14:34,125 --> 00:14:35,750
And my attitude

736
00:14:35,750 --> 00:14:36,500
is always to be like,

737
00:14:36,500 --> 00:14:37,333
well, we're just gonna

738
00:14:37,333 --> 00:14:38,041
we're just going to do it.

739
00:14:38,041 --> 00:14:38,708
And then

740
00:14:38,708 --> 00:14:40,916
the regulator is unhappy.

741
00:14:40,916 --> 00:14:41,250
Like,

742
00:14:41,250 --> 00:14:41,916
let them send me

743
00:14:41,916 --> 00:14:42,750
a letter, right?

744
00:14:42,750 --> 00:14:43,458
And then

745
00:14:43,458 --> 00:14:44,083
we'll figure out

746
00:14:44,083 --> 00:14:44,875
where the line is,

747
00:14:44,875 --> 00:14:46,000
because

748
00:14:46,000 --> 00:14:47,833
companies, tend

749
00:14:47,833 --> 00:14:49,083
to be over compliance

750
00:14:49,083 --> 00:14:49,750
because they're

751
00:14:49,750 --> 00:14:51,041
they're afraid. Right. So

752
00:14:52,000 --> 00:14:52,791
and it's

753
00:14:52,791 --> 00:14:53,500
even in the case of

754
00:14:53,500 --> 00:14:54,625
Micah, another regulations

755
00:14:54,625 --> 00:14:55,416
like there's some,

756
00:14:55,416 --> 00:14:56,083
some of the things

757
00:14:56,083 --> 00:14:57,291
that the exchanges are doing,

758
00:14:57,291 --> 00:14:58,375
they don't have to do.

759
00:14:58,375 --> 00:14:59,500
They don't have to do them.

760
00:14:59,500 --> 00:14:59,750
Right.

761
00:14:59,750 --> 00:15:00,166
They're just

762
00:15:00,166 --> 00:15:00,875
they're just over

763
00:15:00,875 --> 00:15:01,708
complying

764
00:15:01,708 --> 00:15:02,583
in order to please

765
00:15:02,583 --> 00:15:03,125
the regulator

766
00:15:03,125 --> 00:15:03,958
to make sure

767
00:15:03,958 --> 00:15:04,708
that they're going to.

768
00:15:04,708 --> 00:15:05,541
And there's

769
00:15:05,541 --> 00:15:06,833
in the exchange space.

770
00:15:06,833 --> 00:15:07,625
It's all it's it's

771
00:15:07,625 --> 00:15:08,375
kind of interesting.

772
00:15:08,375 --> 00:15:08,875
There's

773
00:15:08,875 --> 00:15:09,625
there's a fear of

774
00:15:09,625 --> 00:15:10,500
getting debunked.

775
00:15:10,500 --> 00:15:11,708
So,

776
00:15:11,708 --> 00:15:12,083
I don't think

777
00:15:12,083 --> 00:15:13,416
a lot of exchange operators

778
00:15:13,416 --> 00:15:14,666
are afraid of going to jail.

779
00:15:14,666 --> 00:15:15,666
What they're afraid of

780
00:15:15,666 --> 00:15:16,416
is that

781
00:15:16,416 --> 00:15:17,083
their bank

782
00:15:17,083 --> 00:15:17,916
is going to it's

783
00:15:17,916 --> 00:15:18,500
going to

784
00:15:18,500 --> 00:15:19,041
close down

785
00:15:19,041 --> 00:15:20,291
their bank accounts,

786
00:15:20,291 --> 00:15:20,750
because they're

787
00:15:20,750 --> 00:15:21,750
non-compliant.

788
00:15:21,750 --> 00:15:23,000
And you know what?

789
00:15:23,000 --> 00:15:23,500
I've been doing

790
00:15:23,500 --> 00:15:24,375
is just opening

791
00:15:24,375 --> 00:15:24,833
tons of bank

792
00:15:24,833 --> 00:15:25,791
accounts everywhere. And.

793
00:15:25,791 --> 00:15:27,291
Yeah, it has happened.

794
00:15:27,291 --> 00:15:27,458
You know,

795
00:15:27,458 --> 00:15:28,125
when we had this thing

796
00:15:28,125 --> 00:15:29,875
in Canada where,

797
00:15:29,875 --> 00:15:31,166
it became known

798
00:15:31,166 --> 00:15:32,333
that you could buy Bitcoin

799
00:15:32,333 --> 00:15:33,458
with no KYC

800
00:15:33,458 --> 00:15:34,416
at the post office.

801
00:15:34,416 --> 00:15:35,125
And, you know,

802
00:15:35,125 --> 00:15:35,541
maybe it was a

803
00:15:35,541 --> 00:15:36,291
mistake on my part,

804
00:15:36,291 --> 00:15:37,250
but I definitely

805
00:15:37,250 --> 00:15:38,916
advertised that a lot.

806
00:15:38,916 --> 00:15:39,708
You know,

807
00:15:39,708 --> 00:15:41,125
I, I made it a big thing

808
00:15:41,125 --> 00:15:42,625
and it was incredible. Man.

809
00:15:42,625 --> 00:15:44,666
The volumes were insane

810
00:15:44,666 --> 00:15:46,583
and like, it was crazy.

811
00:15:46,583 --> 00:15:48,416
People were absolutely

812
00:15:48,416 --> 00:15:49,916
lining up at the post office

813
00:15:49,916 --> 00:15:50,708
buying bitcoins

814
00:15:50,708 --> 00:15:51,875
with piles of cash.

815
00:15:51,875 --> 00:15:54,750
And, as a result of this, you

816
00:15:54,750 --> 00:15:55,666
some politician

817
00:15:55,666 --> 00:15:56,750
heard about this, obviously,

818
00:15:56,750 --> 00:15:57,875
and became offended

819
00:15:57,875 --> 00:15:59,000
like a little virgin

820
00:15:59,000 --> 00:16:01,000
and then, pressured

821
00:16:01,000 --> 00:16:01,916
some of our banks

822
00:16:01,916 --> 00:16:02,750
to the bank.

823
00:16:02,750 --> 00:16:04,541
Us and, you know,

824
00:16:04,541 --> 00:16:05,250
I lost the bank

825
00:16:05,250 --> 00:16:06,041
account over that,

826
00:16:06,041 --> 00:16:07,875
but I have many others, so.

827
00:16:07,875 --> 00:16:09,291
Yeah, I mean, the the

828
00:16:09,291 --> 00:16:10,083
it it's

829
00:16:10,083 --> 00:16:10,791
and it's interesting

830
00:16:10,791 --> 00:16:12,625
because as a, you know, I'm

831
00:16:12,625 --> 00:16:13,625
a big libertarian.

832
00:16:13,625 --> 00:16:14,708
I'm like

833
00:16:14,708 --> 00:16:15,833
close to the

834
00:16:15,833 --> 00:16:17,333
as close to an anarchist

835
00:16:17,333 --> 00:16:18,291
anarcho capitalist

836
00:16:18,291 --> 00:16:19,375
as you can get

837
00:16:19,375 --> 00:16:21,250
without being a full and cap.

838
00:16:21,250 --> 00:16:22,541
You know, I'm kind of like

839
00:16:22,541 --> 00:16:23,083
I'm kind of like

840
00:16:23,083 --> 00:16:25,041
just I'm a monarchist,

841
00:16:25,041 --> 00:16:26,458
so I don't,

842
00:16:26,458 --> 00:16:28,416
and I am passionately.

843
00:16:28,416 --> 00:16:28,958
So that's how

844
00:16:28,958 --> 00:16:29,750
I got into Bitcoin.

845
00:16:29,750 --> 00:16:30,500
I got into Bitcoin

846
00:16:30,500 --> 00:16:31,041
first of all,

847
00:16:31,041 --> 00:16:32,041
because of politics.

848
00:16:32,041 --> 00:16:33,166
I saw bitcoin as a

849
00:16:33,166 --> 00:16:34,791
as a political instrument

850
00:16:34,791 --> 00:16:36,500
to destroy the state. Right.

851
00:16:36,500 --> 00:16:37,375
So that's like

852
00:16:37,375 --> 00:16:38,708
why I'm in here.

853
00:16:38,708 --> 00:16:42,208
So it is it is very, annoying

854
00:16:42,208 --> 00:16:43,416
to run a Bitcoin exchange

855
00:16:43,416 --> 00:16:45,083
because you are faced

856
00:16:45,083 --> 00:16:47,000
with all sorts of compliance

857
00:16:47,000 --> 00:16:47,875
and it's really,

858
00:16:47,875 --> 00:16:49,458
really like emotionally

859
00:16:49,458 --> 00:16:50,666
and like psychologically

860
00:16:50,666 --> 00:16:52,166
and spiritually damaging

861
00:16:52,166 --> 00:16:52,916
to have to comply

862
00:16:52,916 --> 00:16:53,541
to regulation.

863
00:16:53,541 --> 00:16:54,708
So, you know, we do we,

864
00:16:54,708 --> 00:16:56,000
we we do the best we can,

865
00:16:56,000 --> 00:16:57,375
you know, to to to do

866
00:16:57,375 --> 00:16:58,708
as little as we can

867
00:16:58,708 --> 00:17:00,291
in order to stay, alive.

868
00:17:00,291 --> 00:17:01,458
And, you know,

869
00:17:01,458 --> 00:17:02,333
I've always known

870
00:17:02,333 --> 00:17:03,166
in the back of my mind,

871
00:17:03,166 --> 00:17:04,083
like maybe,

872
00:17:04,083 --> 00:17:05,625
you know, the idea of Bitcoin

873
00:17:05,625 --> 00:17:07,166
getting banned,

874
00:17:07,166 --> 00:17:07,916
is always in the back

875
00:17:07,916 --> 00:17:08,375
of my mind.

876
00:17:08,375 --> 00:17:09,291
Like, I know that it's

877
00:17:09,291 --> 00:17:10,375
something that

878
00:17:10,375 --> 00:17:11,125
that can happen.

879
00:17:11,125 --> 00:17:12,416
And, you know,

880
00:17:12,416 --> 00:17:13,583
there are certain lines

881
00:17:13,583 --> 00:17:14,750
that I'm not willing to cross

882
00:17:14,750 --> 00:17:15,625
in order to make money.

883
00:17:15,625 --> 00:17:16,625
So right now

884
00:17:16,625 --> 00:17:17,250
I think that we're

885
00:17:17,250 --> 00:17:18,750
navigating the line of mica,

886
00:17:18,750 --> 00:17:19,250
for example,

887
00:17:19,250 --> 00:17:20,250
like mica is a

888
00:17:20,250 --> 00:17:21,416
fucking pain in the ass.

889
00:17:21,416 --> 00:17:22,708
It's really annoying.

890
00:17:22,708 --> 00:17:23,583
But there's certain things

891
00:17:23,583 --> 00:17:24,291
that we can do to

892
00:17:24,291 --> 00:17:24,958
soften it up.

893
00:17:24,958 --> 00:17:25,500
Like,

894
00:17:25,500 --> 00:17:26,375
you know, certain ways

895
00:17:26,375 --> 00:17:27,416
that the travel rule

896
00:17:27,416 --> 00:17:28,291
is implemented.

897
00:17:28,291 --> 00:17:30,750
Like there's ways to for us,

898
00:17:30,750 --> 00:17:31,791
like we don't have to do

899
00:17:31,791 --> 00:17:33,291
as much as some exchanges do.

900
00:17:33,291 --> 00:17:35,208
So we try to do that.

901
00:17:35,208 --> 00:17:35,875
There are certain lines

902
00:17:35,875 --> 00:17:37,375
that I, that I like

903
00:17:37,375 --> 00:17:38,333
while cross,

904
00:17:38,333 --> 00:17:39,625
like, for example,

905
00:17:39,625 --> 00:17:40,958
you know, giving,

906
00:17:40,958 --> 00:17:41,916
a government,

907
00:17:41,916 --> 00:17:43,250
the entire database

908
00:17:43,250 --> 00:17:43,916
of everybody's

909
00:17:43,916 --> 00:17:45,833
transaction as a big dump

910
00:17:45,833 --> 00:17:46,375
because they want

911
00:17:46,375 --> 00:17:47,000
to tax them.

912
00:17:47,000 --> 00:17:47,333
Like that's

913
00:17:47,333 --> 00:17:48,291
not something that we do.

914
00:17:48,291 --> 00:17:49,166
Like we don't do that.

915
00:17:49,166 --> 00:17:49,583
The governments

916
00:17:49,583 --> 00:17:51,125
don't ask us for people's

917
00:17:51,125 --> 00:17:52,000
bitcoin trades

918
00:17:52,000 --> 00:17:53,375
unless it's like

919
00:17:53,375 --> 00:17:54,416
suspicious of money

920
00:17:54,416 --> 00:17:55,125
laundering and stuff

921
00:17:55,125 --> 00:17:55,333
like that.

922
00:17:55,333 --> 00:17:56,250
So there's like certain lines

923
00:17:56,250 --> 00:17:56,875
that we don't cross.

924
00:17:56,875 --> 00:17:57,583
And that's also

925
00:17:57,583 --> 00:17:58,000
why I've been

926
00:17:58,000 --> 00:17:59,541
working on this.

927
00:17:59,541 --> 00:18:00,375
I have other projects,

928
00:18:00,375 --> 00:18:00,625
you know,

929
00:18:00,625 --> 00:18:02,083
like the Bitcoin wallet.

930
00:18:02,083 --> 00:18:03,125
Bitcoin wallet is great

931
00:18:03,125 --> 00:18:03,500
because it's

932
00:18:03,500 --> 00:18:04,416
a non-custodial wallet.

933
00:18:04,416 --> 00:18:05,000
It's not linked

934
00:18:05,000 --> 00:18:05,875
to an exchange.

935
00:18:05,875 --> 00:18:07,166
I don't have a bank account.

936
00:18:07,166 --> 00:18:07,958
So, you know, if

937
00:18:07,958 --> 00:18:10,958
if I become too based to

938
00:18:10,958 --> 00:18:12,458
to be allowed to exist,

939
00:18:12,458 --> 00:18:13,125
I can always work

940
00:18:13,125 --> 00:18:14,250
on an open source

941
00:18:14,250 --> 00:18:14,958
software project.

942
00:18:14,958 --> 00:18:15,750
I don't mind doing that.

943
00:18:15,750 --> 00:18:16,250
Hello there

944
00:18:16,250 --> 00:18:16,875
fellow Bitcoin

945
00:18:16,875 --> 00:18:18,208
or take your coins

946
00:18:18,208 --> 00:18:20,000
off the exchange right now

947
00:18:20,000 --> 00:18:20,750
you need to take

948
00:18:20,750 --> 00:18:22,250
self-custody of your coins.

949
00:18:22,250 --> 00:18:23,208
Now how do you do that?

950
00:18:23,208 --> 00:18:23,666
First of all,

951
00:18:23,666 --> 00:18:24,416
you need a

952
00:18:24,416 --> 00:18:25,583
good hardware wallet

953
00:18:25,583 --> 00:18:26,833
and I would recommend

954
00:18:26,833 --> 00:18:27,958
the bit box.

955
00:18:27,958 --> 00:18:29,166
So go to big box

956
00:18:29,166 --> 00:18:31,041
dot Swiss Slash Infinity

957
00:18:31,041 --> 00:18:31,916
and get your big box

958
00:18:31,916 --> 00:18:33,083
now with a discount.

959
00:18:33,083 --> 00:18:34,500
Also you need somewhere

960
00:18:34,500 --> 00:18:36,083
to store your seed phrase.

961
00:18:36,083 --> 00:18:37,375
So why not get one of those

962
00:18:37,375 --> 00:18:38,750
wonderful steel seed

963
00:18:38,750 --> 00:18:40,541
plate storage thingies

964
00:18:40,541 --> 00:18:43,250
from stamp seeds.com/infinity

965
00:18:43,250 --> 00:18:44,416
and you can get the

966
00:18:44,416 --> 00:18:45,208
everything divided

967
00:18:45,208 --> 00:18:46,458
seed plate. It's beautiful.

968
00:18:46,458 --> 00:18:48,125
Also, if you're advanced

969
00:18:48,125 --> 00:18:50,250
and if you want to start

970
00:18:50,250 --> 00:18:50,541
with the

971
00:18:50,541 --> 00:18:51,833
generational wealth thing,

972
00:18:51,833 --> 00:18:53,333
which is a fun hobby I have,

973
00:18:53,333 --> 00:18:54,041
you can go to

974
00:18:54,041 --> 00:18:54,541
the Bitcoin

975
00:18:54,541 --> 00:18:55,958
Advisor group of

976
00:18:55,958 --> 00:18:56,708
lovely fellows

977
00:18:56,708 --> 00:18:57,750
from Down Under

978
00:18:57,750 --> 00:18:58,625
that can help you

979
00:18:58,625 --> 00:18:59,875
store your Bitcoin

980
00:18:59,875 --> 00:19:01,166
for a long time

981
00:19:01,166 --> 00:19:02,750
using multisig solutions.

982
00:19:02,750 --> 00:19:04,291
So check out pip

983
00:19:04,291 --> 00:19:05,333
box stamp seed

984
00:19:05,333 --> 00:19:07,041
and the Bitcoin Advisor

985
00:19:07,041 --> 00:19:08,708
or Chief White

986
00:19:09,708 --> 00:19:10,000
box.

987
00:19:10,000 --> 00:19:10,583
The show

988
00:19:10,583 --> 00:19:12,250
I think that some of

989
00:19:12,250 --> 00:19:12,750
now first

990
00:19:12,750 --> 00:19:13,958
of all the Ancap angle

991
00:19:13,958 --> 00:19:14,375
I think

992
00:19:14,375 --> 00:19:15,375
the correct way

993
00:19:15,375 --> 00:19:17,041
to view or correct,

994
00:19:17,041 --> 00:19:18,416
I mean, the way I view it

995
00:19:18,416 --> 00:19:20,125
is that,

996
00:19:20,125 --> 00:19:21,250
no government at all

997
00:19:21,250 --> 00:19:22,833
is probably utopia,

998
00:19:22,833 --> 00:19:24,750
but fighting for a smaller

999
00:19:24,750 --> 00:19:26,000
government is always

1000
00:19:26,000 --> 00:19:27,291
the right choice, regardless

1001
00:19:27,291 --> 00:19:28,333
of how small it is.

1002
00:19:28,333 --> 00:19:28,583
Like,

1003
00:19:28,583 --> 00:19:29,875
you can always try to make it

1004
00:19:29,875 --> 00:19:30,333
smaller.

1005
00:19:30,333 --> 00:19:30,583
That's

1006
00:19:30,583 --> 00:19:31,791
probably the right thing

1007
00:19:31,791 --> 00:19:32,708
to do, right?

1008
00:19:32,708 --> 00:19:34,583
So yeah, I think that's

1009
00:19:34,583 --> 00:19:35,208
what you meant

1010
00:19:35,208 --> 00:19:36,500
by minimalist or something.

1011
00:19:36,500 --> 00:19:37,500
Like something. Yeah, yeah.

1012
00:19:37,500 --> 00:19:38,333
And I really,

1013
00:19:38,333 --> 00:19:40,083
I really like the, the, the,

1014
00:19:40,083 --> 00:19:40,833
the terminology

1015
00:19:40,833 --> 00:19:42,000
of monarchists.

1016
00:19:42,000 --> 00:19:45,000
So anarchist is basically

1017
00:19:46,208 --> 00:19:48,000
law like courts.

1018
00:19:48,000 --> 00:19:48,708
Courts of law.

1019
00:19:48,708 --> 00:19:48,958
Yeah.

1020
00:19:48,958 --> 00:19:50,750
And like a prison system

1021
00:19:50,750 --> 00:19:51,875
and like a police. Right.

1022
00:19:51,875 --> 00:19:53,541
So I've, I've,

1023
00:19:53,541 --> 00:19:54,583
I have been and kept it

1024
00:19:54,583 --> 00:19:55,416
like fully and kept

1025
00:19:55,416 --> 00:19:56,458
in the past

1026
00:19:56,458 --> 00:19:57,000
that back

1027
00:19:57,000 --> 00:19:58,166
when I first also got into

1028
00:19:58,166 --> 00:19:59,625
bitcoin and you know, like

1029
00:20:00,666 --> 00:20:02,625
AC decentralized

1030
00:20:02,625 --> 00:20:03,833
assassination markets

1031
00:20:03,833 --> 00:20:05,250
and private armies

1032
00:20:05,250 --> 00:20:06,541
and all sorts of, you know,

1033
00:20:06,541 --> 00:20:08,000
like zero zero government

1034
00:20:08,000 --> 00:20:08,708
kind of,

1035
00:20:08,708 --> 00:20:11,708
snow crash, utopian future.

1036
00:20:11,750 --> 00:20:12,416
But then again,

1037
00:20:12,416 --> 00:20:13,041
something happens

1038
00:20:13,041 --> 00:20:14,208
also when you have like, kids

1039
00:20:14,208 --> 00:20:14,833
and when you become

1040
00:20:14,833 --> 00:20:15,416
a little older,

1041
00:20:15,416 --> 00:20:16,250
you're like, actually,

1042
00:20:16,250 --> 00:20:17,125
you know, like,

1043
00:20:17,125 --> 00:20:17,958
I'm not sure I'm

1044
00:20:17,958 --> 00:20:19,500
not sure if I,

1045
00:20:19,500 --> 00:20:20,958
I think having courts of law

1046
00:20:20,958 --> 00:20:22,916
like a strong rule of law

1047
00:20:22,916 --> 00:20:24,791
for, for enforcing contracts,

1048
00:20:24,791 --> 00:20:27,791
it's probably, probably good.

1049
00:20:27,833 --> 00:20:28,500
And no,

1050
00:20:28,500 --> 00:20:29,000
the contracts

1051
00:20:29,000 --> 00:20:29,666
are not going to be enforced

1052
00:20:29,666 --> 00:20:30,416
on the blockchain.

1053
00:20:30,416 --> 00:20:30,958
And yes,

1054
00:20:30,958 --> 00:20:31,625
you're going to have,

1055
00:20:31,625 --> 00:20:32,583
you know, to have some kind

1056
00:20:32,583 --> 00:20:33,416
of police and courts

1057
00:20:33,416 --> 00:20:34,541
to settle disputes.

1058
00:20:34,541 --> 00:20:35,750
Not everybody's going to be,

1059
00:20:35,750 --> 00:20:36,500
no, everything is going to be

1060
00:20:36,500 --> 00:20:37,291
a smart contract

1061
00:20:37,291 --> 00:20:39,750
that's just self-regulating.

1062
00:20:39,750 --> 00:20:40,958
So and that's and that's the

1063
00:20:40,958 --> 00:20:41,541
that's the goal.

1064
00:20:41,541 --> 00:20:42,458
I'm not in my office,

1065
00:20:42,458 --> 00:20:43,208
but in my office

1066
00:20:43,208 --> 00:20:45,625
I have a gigantic metal frame

1067
00:20:45,625 --> 00:20:48,083
with one big word to words,

1068
00:20:48,083 --> 00:20:50,333
which is destroy fiat.

1069
00:20:50,333 --> 00:20:51,416
That's the mission.

1070
00:20:51,416 --> 00:20:52,625
The mission is to destroy

1071
00:20:52,625 --> 00:20:53,000
fiat.

1072
00:20:53,000 --> 00:20:53,708
So, yeah,

1073
00:20:53,708 --> 00:20:54,333
the way that I,

1074
00:20:54,333 --> 00:20:54,666
the way

1075
00:20:54,666 --> 00:20:55,583
that I got into Bitcoin

1076
00:20:55,583 --> 00:20:56,750
was I was,

1077
00:20:56,750 --> 00:20:59,291
a libertarian policy analyst.

1078
00:20:59,291 --> 00:21:00,625
So what does that do?

1079
00:21:00,625 --> 00:21:01,291
It's basically

1080
00:21:01,291 --> 00:21:02,375
I write

1081
00:21:02,375 --> 00:21:04,375
these little academic papers

1082
00:21:04,375 --> 00:21:06,000
and like blog posts

1083
00:21:06,000 --> 00:21:07,250
talking about the free market

1084
00:21:07,250 --> 00:21:08,375
and why the government sucks.

1085
00:21:08,375 --> 00:21:08,750
And,

1086
00:21:10,375 --> 00:21:10,708
so, so

1087
00:21:10,708 --> 00:21:11,125
it's like a think

1088
00:21:11,125 --> 00:21:11,541
tank, right?

1089
00:21:11,541 --> 00:21:12,166
I was working for

1090
00:21:12,166 --> 00:21:13,166
a libertarian think tank.

1091
00:21:13,166 --> 00:21:14,375
And then,

1092
00:21:14,375 --> 00:21:15,458
the the goal

1093
00:21:15,458 --> 00:21:16,083
of the libertarian

1094
00:21:16,083 --> 00:21:17,833
think tank is

1095
00:21:17,833 --> 00:21:18,500
kind of like

1096
00:21:18,500 --> 00:21:20,250
what Elon is doing with Doge.

1097
00:21:20,250 --> 00:21:21,625
You know, it's kind of like,

1098
00:21:21,625 --> 00:21:21,875
we're going

1099
00:21:21,875 --> 00:21:23,041
to cut a little bit here,

1100
00:21:23,041 --> 00:21:23,500
and then we're going

1101
00:21:23,500 --> 00:21:24,750
to cut a little bit there.

1102
00:21:24,750 --> 00:21:25,500
And slowly

1103
00:21:25,500 --> 00:21:26,458
but surely we will

1104
00:21:26,458 --> 00:21:28,291
unravel the state.

1105
00:21:28,291 --> 00:21:29,041
But then it's

1106
00:21:29,041 --> 00:21:30,250
kind of like trying

1107
00:21:30,250 --> 00:21:31,750
to scoop the water

1108
00:21:31,750 --> 00:21:32,625
against the tide,

1109
00:21:32,625 --> 00:21:33,291
like you cannot

1110
00:21:33,291 --> 00:21:34,000
stop the tide.

1111
00:21:34,000 --> 00:21:34,750
And even though

1112
00:21:34,750 --> 00:21:35,541
I really appreciate

1113
00:21:35,541 --> 00:21:36,833
what they're doing with Doge,

1114
00:21:36,833 --> 00:21:38,583
there's like systematic

1115
00:21:38,583 --> 00:21:38,875
things

1116
00:21:38,875 --> 00:21:39,750
that they can't change,

1117
00:21:39,750 --> 00:21:40,750
which is a

1118
00:21:40,750 --> 00:21:42,041
like they're printing

1119
00:21:42,041 --> 00:21:43,000
an insane amount of money.

1120
00:21:43,000 --> 00:21:43,583
And as long as

1121
00:21:43,583 --> 00:21:44,250
you have the money

1122
00:21:44,250 --> 00:21:45,291
and then

1123
00:21:45,291 --> 00:21:46,958
at some point you realize

1124
00:21:46,958 --> 00:21:47,708
what is the source

1125
00:21:47,708 --> 00:21:48,416
of all of this, like,

1126
00:21:48,416 --> 00:21:49,791
why is the tide rising?

1127
00:21:49,791 --> 00:21:50,583
You know, it's like,

1128
00:21:51,750 --> 00:21:52,125
what's the

1129
00:21:52,125 --> 00:21:53,166
gravitational force

1130
00:21:53,166 --> 00:21:54,083
making the tide rise?

1131
00:21:54,083 --> 00:21:55,583
And it's the money printer,

1132
00:21:55,583 --> 00:21:57,041
the money printing,

1133
00:21:57,041 --> 00:21:57,708
the money printer.

1134
00:21:57,708 --> 00:21:58,541
Is that so?

1135
00:21:58,541 --> 00:21:59,833
It's like,

1136
00:21:59,833 --> 00:22:00,583
okay, I can cut

1137
00:22:00,583 --> 00:22:01,250
I can try to cut

1138
00:22:01,250 --> 00:22:02,333
taxes by 10%.

1139
00:22:02,333 --> 00:22:03,333
But then if the government

1140
00:22:03,333 --> 00:22:04,208
still has the

1141
00:22:04,208 --> 00:22:05,666
the control over the funds,

1142
00:22:05,666 --> 00:22:06,625
they can still finance

1143
00:22:06,625 --> 00:22:07,708
all of their bullshit. Right?

1144
00:22:07,708 --> 00:22:08,458
And there's

1145
00:22:08,458 --> 00:22:09,208
a whole cycle

1146
00:22:09,208 --> 00:22:10,166
of government debt,

1147
00:22:10,166 --> 00:22:11,708
of interest, of boom

1148
00:22:11,708 --> 00:22:12,875
and bust cycle

1149
00:22:12,875 --> 00:22:13,333
and all of that.

1150
00:22:13,333 --> 00:22:14,208
So,

1151
00:22:14,208 --> 00:22:15,083
so the goal of both

1152
00:22:15,083 --> 00:22:17,750
Bitcoin is destroy fiat.

1153
00:22:17,750 --> 00:22:19,125
And the end goal of that

1154
00:22:19,125 --> 00:22:20,708
is to have a small state.

1155
00:22:20,708 --> 00:22:23,583
So I see Bitcoin as a

1156
00:22:23,583 --> 00:22:24,416
there is Bitcoin

1157
00:22:24,416 --> 00:22:25,500
is is a thing in itself

1158
00:22:25,500 --> 00:22:26,125
for me also

1159
00:22:26,125 --> 00:22:27,791
because at some point

1160
00:22:27,791 --> 00:22:29,125
like you start

1161
00:22:29,125 --> 00:22:30,500
Bitcoin is its own end.

1162
00:22:30,500 --> 00:22:31,041
It's not just a

1163
00:22:31,041 --> 00:22:31,708
means to an end,

1164
00:22:31,708 --> 00:22:32,666
but you know, it's

1165
00:22:32,666 --> 00:22:33,375
it is also a

1166
00:22:33,375 --> 00:22:34,166
means to the end,

1167
00:22:34,166 --> 00:22:35,000
which is

1168
00:22:35,000 --> 00:22:36,333
the massive reduction

1169
00:22:36,333 --> 00:22:37,500
of, of the state.

1170
00:22:37,500 --> 00:22:39,000
And ultimately,

1171
00:22:39,000 --> 00:22:39,833
if the government

1172
00:22:39,833 --> 00:22:41,541
cannot pay the enforcers,

1173
00:22:41,541 --> 00:22:42,166
the enforcers

1174
00:22:42,166 --> 00:22:42,958
will not work for free.

1175
00:22:42,958 --> 00:22:44,250
So the bureaucracy,

1176
00:22:44,250 --> 00:22:46,625
the spy agencies, the,

1177
00:22:46,625 --> 00:22:48,000
the global cabal

1178
00:22:48,000 --> 00:22:49,166
that is trying to

1179
00:22:49,166 --> 00:22:50,458
micromanage our lives,

1180
00:22:50,458 --> 00:22:52,208
they are paid

1181
00:22:52,208 --> 00:22:53,708
rather well, actually,

1182
00:22:53,708 --> 00:22:54,000
that's what

1183
00:22:54,000 --> 00:22:55,041
we're seeing with Doge.

1184
00:22:55,041 --> 00:22:55,416
You know, it's

1185
00:22:55,416 --> 00:22:56,583
like these bureaucrats,

1186
00:22:56,583 --> 00:22:56,875
they're paid

1187
00:22:56,875 --> 00:22:58,500
450 grand a year, you know,

1188
00:22:58,500 --> 00:22:59,250
to, like, enforce

1189
00:22:59,250 --> 00:22:59,958
these policies on it.

1190
00:22:59,958 --> 00:23:00,958
So it's a cut off

1191
00:23:00,958 --> 00:23:01,666
the money printer

1192
00:23:01,666 --> 00:23:02,541
and then the state

1193
00:23:02,541 --> 00:23:04,791
will shrink, on its own.

1194
00:23:04,791 --> 00:23:06,083
And it's also beautiful

1195
00:23:06,083 --> 00:23:06,625
because that's

1196
00:23:06,625 --> 00:23:06,958
that's like

1197
00:23:06,958 --> 00:23:07,916
a peaceful revolution,

1198
00:23:07,916 --> 00:23:09,208
you know, throughout history.

1199
00:23:09,208 --> 00:23:09,916
What do you do

1200
00:23:09,916 --> 00:23:11,000
if you want to

1201
00:23:11,000 --> 00:23:11,833
have a revolution

1202
00:23:11,833 --> 00:23:12,541
against a state

1203
00:23:12,541 --> 00:23:13,916
and change a dramatically?

1204
00:23:13,916 --> 00:23:14,541
I'm not talking about

1205
00:23:14,541 --> 00:23:15,416
like a little reform

1206
00:23:15,416 --> 00:23:16,250
like they're doing

1207
00:23:16,250 --> 00:23:16,958
in the States.

1208
00:23:16,958 --> 00:23:17,708
What I see

1209
00:23:17,708 --> 00:23:18,083
what Trump is

1210
00:23:18,083 --> 00:23:19,000
doing is not a revolution.

1211
00:23:19,000 --> 00:23:19,583
It's a reform.

1212
00:23:19,583 --> 00:23:20,250
He's a reformer.

1213
00:23:20,250 --> 00:23:21,500
He's not a revolutionary.

1214
00:23:21,500 --> 00:23:22,375
So historically,

1215
00:23:22,375 --> 00:23:23,541
how do you do a revolution

1216
00:23:23,541 --> 00:23:24,458
to completely change

1217
00:23:24,458 --> 00:23:25,541
the state?

1218
00:23:25,541 --> 00:23:26,541
You have to kill people,

1219
00:23:26,541 --> 00:23:26,875
right?

1220
00:23:26,875 --> 00:23:27,250
There's like,

1221
00:23:27,250 --> 00:23:27,666
that's that's

1222
00:23:27,666 --> 00:23:28,000
just the way

1223
00:23:28,000 --> 00:23:28,791
that it's been done.

1224
00:23:28,791 --> 00:23:29,541
So Bitcoin

1225
00:23:29,541 --> 00:23:30,958
allows us to achieve

1226
00:23:30,958 --> 00:23:32,083
similar ends,

1227
00:23:32,083 --> 00:23:33,625
which is a complete

1228
00:23:33,625 --> 00:23:35,583
restructuring of the state

1229
00:23:35,583 --> 00:23:37,166
and political order.

1230
00:23:37,166 --> 00:23:38,291
And all we have to do

1231
00:23:38,291 --> 00:23:39,000
is basically run

1232
00:23:39,000 --> 00:23:39,833
these little computers

1233
00:23:39,833 --> 00:23:41,041
and like download

1234
00:23:41,041 --> 00:23:41,916
these apps on our phones.

1235
00:23:41,916 --> 00:23:43,833
It's it's beautiful. Right.

1236
00:23:43,833 --> 00:23:45,000
So we're really lucky

1237
00:23:45,000 --> 00:23:45,500
to be able

1238
00:23:45,500 --> 00:23:47,041
to be revolutionaries,

1239
00:23:47,041 --> 00:23:47,791
but without

1240
00:23:47,791 --> 00:23:48,625
having to kill people.

1241
00:23:48,625 --> 00:23:50,333
It's it's awesome.

1242
00:23:50,333 --> 00:23:50,791
No, it's

1243
00:23:50,791 --> 00:23:52,333
the peaceful revolution.

1244
00:23:52,333 --> 00:23:55,250
It is being advertised as

1245
00:23:55,250 --> 00:23:56,583
by us, I guess

1246
00:23:56,583 --> 00:23:58,708
it's it's absolutely great.

1247
00:23:58,708 --> 00:23:59,666
It allows you to

1248
00:23:59,666 --> 00:24:00,750
elevate yourselves,

1249
00:24:01,833 --> 00:24:03,416
outside of these systems so

1250
00:24:03,416 --> 00:24:05,000
that you don't have to comply

1251
00:24:05,000 --> 00:24:06,125
with whatever bullshit

1252
00:24:06,125 --> 00:24:07,166
they come up with

1253
00:24:07,166 --> 00:24:08,208
because, like, yeah,

1254
00:24:08,208 --> 00:24:08,875
if you believe

1255
00:24:08,875 --> 00:24:09,750
in the non-aggression

1256
00:24:09,750 --> 00:24:10,333
principle,

1257
00:24:10,333 --> 00:24:11,958
which is basically saying

1258
00:24:11,958 --> 00:24:12,791
you have the right

1259
00:24:12,791 --> 00:24:13,583
to be left alone,

1260
00:24:13,583 --> 00:24:14,833
no man has the right

1261
00:24:14,833 --> 00:24:15,833
to decide over

1262
00:24:15,833 --> 00:24:18,291
another man's life if,

1263
00:24:18,291 --> 00:24:20,166
if it doesn't intrude

1264
00:24:20,166 --> 00:24:21,625
on other people's,

1265
00:24:21,625 --> 00:24:23,791
property or, or,

1266
00:24:23,791 --> 00:24:24,916
or physical being.

1267
00:24:24,916 --> 00:24:26,125
So if I don't,

1268
00:24:26,125 --> 00:24:27,500
violate against you,

1269
00:24:27,500 --> 00:24:28,791
you have no right to tell me

1270
00:24:28,791 --> 00:24:29,333
what to do.

1271
00:24:29,333 --> 00:24:31,166
And Bitcoin allows you to

1272
00:24:31,166 --> 00:24:31,833
to live that,

1273
00:24:31,833 --> 00:24:32,833
to actually live that.

1274
00:24:32,833 --> 00:24:33,958
And I think it's

1275
00:24:33,958 --> 00:24:36,416
absolutely beautiful.

1276
00:24:36,416 --> 00:24:37,291
We were we

1277
00:24:37,291 --> 00:24:37,958
we talked a bit

1278
00:24:37,958 --> 00:24:39,083
about exchanges before

1279
00:24:39,083 --> 00:24:40,166
and them being afraid

1280
00:24:40,166 --> 00:24:40,708
and therefore

1281
00:24:40,708 --> 00:24:42,625
they comply with these

1282
00:24:42,625 --> 00:24:43,666
whatever,

1283
00:24:43,666 --> 00:24:45,541
whatever the regulators say.

1284
00:24:45,541 --> 00:24:46,750
And some of them are afraid

1285
00:24:46,750 --> 00:24:48,083
of losing their bank accounts

1286
00:24:48,083 --> 00:24:48,625
as you said,

1287
00:24:48,625 --> 00:24:49,875
they opened a ton of bank

1288
00:24:49,875 --> 00:24:50,583
accounts.

1289
00:24:50,583 --> 00:24:51,500
I think,

1290
00:24:51,500 --> 00:24:51,833
I'd love

1291
00:24:51,833 --> 00:24:52,791
to pick your brain on this.

1292
00:24:52,791 --> 00:24:53,875
I think a lot of them

1293
00:24:53,875 --> 00:24:55,250
are actually,

1294
00:24:55,250 --> 00:24:56,000
their goal

1295
00:24:56,000 --> 00:24:57,666
is to be bought by a bank

1296
00:24:57,666 --> 00:24:58,875
at some time. So.

1297
00:24:58,875 --> 00:24:59,541
So they they,

1298
00:24:59,541 --> 00:25:01,375
they follow these regulations

1299
00:25:01,375 --> 00:25:02,916
and they're good little boys.

1300
00:25:02,916 --> 00:25:04,250
So good little dogs

1301
00:25:04,250 --> 00:25:05,875
just in order to for,

1302
00:25:06,958 --> 00:25:07,333
a big

1303
00:25:07,333 --> 00:25:08,083
bank to that

1304
00:25:08,083 --> 00:25:09,208
they hope that a big bank

1305
00:25:09,208 --> 00:25:11,375
will buy them at some point.

1306
00:25:11,375 --> 00:25:12,750
What do you think?

1307
00:25:12,750 --> 00:25:13,291
I think

1308
00:25:13,291 --> 00:25:13,708
I think that's

1309
00:25:13,708 --> 00:25:14,375
probably correct.

1310
00:25:14,375 --> 00:25:15,875
And, you know,

1311
00:25:15,875 --> 00:25:17,083
as a, as an entrepreneur,

1312
00:25:17,083 --> 00:25:18,291
which is running exchange,

1313
00:25:18,291 --> 00:25:18,750
you think about it.

1314
00:25:18,750 --> 00:25:18,875
Okay.

1315
00:25:18,875 --> 00:25:20,041
So, so what is

1316
00:25:20,041 --> 00:25:21,458
what is my exit strategy.

1317
00:25:21,458 --> 00:25:21,833
Right.

1318
00:25:21,833 --> 00:25:24,583
So you can do an IPO.

1319
00:25:24,583 --> 00:25:26,083
But doing IPO is really,

1320
00:25:26,083 --> 00:25:26,666
really hard

1321
00:25:26,666 --> 00:25:28,000
and really, really risky.

1322
00:25:28,000 --> 00:25:29,875
And like not it's it's

1323
00:25:29,875 --> 00:25:31,666
not it's not the best way to

1324
00:25:31,666 --> 00:25:32,541
you know liquidate

1325
00:25:32,541 --> 00:25:33,833
your your company.

1326
00:25:33,833 --> 00:25:35,458
So an acquisition by a bank

1327
00:25:35,458 --> 00:25:36,791
is probably

1328
00:25:36,791 --> 00:25:38,750
what a lot of people are

1329
00:25:38,750 --> 00:25:39,500
aspiring to.

1330
00:25:39,500 --> 00:25:40,458
I think some exchanges

1331
00:25:40,458 --> 00:25:42,541
also are thinking

1332
00:25:42,541 --> 00:25:44,291
about becoming banks as well.

1333
00:25:44,291 --> 00:25:44,750
I think we're going

1334
00:25:44,750 --> 00:25:45,750
to see that more and more

1335
00:25:45,750 --> 00:25:46,916
where they have, you know,

1336
00:25:46,916 --> 00:25:47,791
they have so much capital

1337
00:25:47,791 --> 00:25:49,291
that they can literally apply

1338
00:25:49,291 --> 00:25:51,041
to become a bank charter.

1339
00:25:51,041 --> 00:25:52,583
So yes,

1340
00:25:52,583 --> 00:25:53,083
it is

1341
00:25:53,083 --> 00:25:54,250
not only that

1342
00:25:54,250 --> 00:25:56,458
they are looking to,

1343
00:25:56,458 --> 00:25:57,583
keep their existing

1344
00:25:57,583 --> 00:25:58,708
banking arrangements,

1345
00:25:58,708 --> 00:26:00,916
but also I think, yes, they,

1346
00:26:00,916 --> 00:26:01,500
they do

1347
00:26:01,500 --> 00:26:02,000
want to become

1348
00:26:02,000 --> 00:26:02,666
part of the system

1349
00:26:02,666 --> 00:26:04,250
because that's, that's

1350
00:26:04,250 --> 00:26:05,083
how you kind of like

1351
00:26:05,083 --> 00:26:07,041
liquidate your assets and

1352
00:26:07,041 --> 00:26:07,833
and there's, there's,

1353
00:26:07,833 --> 00:26:08,625
there's like two ways,

1354
00:26:08,625 --> 00:26:10,708
you know, at both like I

1355
00:26:10,708 --> 00:26:11,500
and also

1356
00:26:12,625 --> 00:26:14,875
I, I'm not sure how much visa

1357
00:26:14,875 --> 00:26:16,166
I don't know how VC works,

1358
00:26:16,166 --> 00:26:17,041
to be perfectly honest,

1359
00:26:17,041 --> 00:26:18,875
I, I've never had a VC.

1360
00:26:18,875 --> 00:26:20,000
I don't know

1361
00:26:20,000 --> 00:26:21,083
I know a lot of VCs,

1362
00:26:21,083 --> 00:26:22,208
you know, like

1363
00:26:22,208 --> 00:26:23,250
and we have friends in common

1364
00:26:23,250 --> 00:26:23,875
that are visas.

1365
00:26:23,875 --> 00:26:25,500
You know we have like yeah,

1366
00:26:25,500 --> 00:26:26,250
we have a lot of friends

1367
00:26:26,250 --> 00:26:28,041
that are venture capitalists.

1368
00:26:28,041 --> 00:26:28,708
So I know them,

1369
00:26:28,708 --> 00:26:29,458
but I've never had

1370
00:26:29,458 --> 00:26:30,416
a working relationship

1371
00:26:30,416 --> 00:26:31,666
with a VC.

1372
00:26:31,666 --> 00:26:32,333
I think some of

1373
00:26:32,333 --> 00:26:33,166
the ones that,

1374
00:26:33,166 --> 00:26:33,833
we know are

1375
00:26:33,833 --> 00:26:35,208
probably not as bad

1376
00:26:35,208 --> 00:26:35,875
as the other ones.

1377
00:26:35,875 --> 00:26:37,208
And I'm talking about, like,

1378
00:26:37,208 --> 00:26:39,416
you know, like 1031 or,

1379
00:26:39,416 --> 00:26:40,500
when Jeff

1380
00:26:40,500 --> 00:26:43,041
Booth and Preston and,

1381
00:26:43,041 --> 00:26:45,500
time chain capital and,

1382
00:26:45,500 --> 00:26:46,458
Alan Franco, there's like.

1383
00:26:46,458 --> 00:26:47,416
Yes, like a few VCs

1384
00:26:47,416 --> 00:26:47,833
that I think

1385
00:26:47,833 --> 00:26:49,458
are are probably cool guys,

1386
00:26:49,458 --> 00:26:50,041
but I think there's

1387
00:26:50,041 --> 00:26:50,875
a lot of VCs

1388
00:26:50,875 --> 00:26:52,000
that are putting pressure

1389
00:26:52,000 --> 00:26:52,833
on these exchanges

1390
00:26:52,833 --> 00:26:54,291
to be like, shut the fuck up.

1391
00:26:54,291 --> 00:26:54,833
Take zero

1392
00:26:54,833 --> 00:26:55,583
risks over

1393
00:26:55,583 --> 00:26:56,916
comply, and then,

1394
00:26:56,916 --> 00:26:57,583
you know, raise

1395
00:26:57,583 --> 00:26:58,250
the second round

1396
00:26:58,250 --> 00:26:58,875
and then we'll raise

1397
00:26:58,875 --> 00:26:59,625
the third round.

1398
00:26:59,625 --> 00:27:00,333
And then after

1399
00:27:00,333 --> 00:27:01,250
the fourth round,

1400
00:27:01,250 --> 00:27:02,541
we're either going to IPO.

1401
00:27:02,541 --> 00:27:03,333
And if you IPO

1402
00:27:03,333 --> 00:27:04,166
you have to be

1403
00:27:04,166 --> 00:27:05,166
ultra compliant,

1404
00:27:05,166 --> 00:27:06,500
ultra ultra compliant

1405
00:27:06,500 --> 00:27:07,166
of course.

1406
00:27:07,166 --> 00:27:07,833
Or we're going

1407
00:27:07,833 --> 00:27:08,458
to get acquired

1408
00:27:08,458 --> 00:27:10,125
by Chase or by JP Morgan

1409
00:27:10,125 --> 00:27:11,875
or by this other big bank.

1410
00:27:11,875 --> 00:27:13,250
So I think that VCs

1411
00:27:13,250 --> 00:27:13,833
might be putting

1412
00:27:13,833 --> 00:27:15,041
a lot of pressure here.

1413
00:27:15,041 --> 00:27:15,500
And there's

1414
00:27:15,500 --> 00:27:16,208
there's another thing

1415
00:27:16,208 --> 00:27:16,958
which is very interesting.

1416
00:27:16,958 --> 00:27:17,833
So again,

1417
00:27:17,833 --> 00:27:18,416
I don't want to talk

1418
00:27:18,416 --> 00:27:19,250
too much about those,

1419
00:27:19,250 --> 00:27:20,000
but it's on my mind

1420
00:27:20,000 --> 00:27:20,750
because it's on,

1421
00:27:20,750 --> 00:27:21,750
you know, it's on Twitter.

1422
00:27:21,750 --> 00:27:23,458
But you have these,

1423
00:27:23,458 --> 00:27:24,416
when a company becomes

1424
00:27:24,416 --> 00:27:25,166
very big

1425
00:27:25,166 --> 00:27:26,416
and companies become very,

1426
00:27:26,416 --> 00:27:26,791
very big

1427
00:27:26,791 --> 00:27:27,416
because they raise

1428
00:27:27,416 --> 00:27:28,416
tons of money. Right?

1429
00:27:28,416 --> 00:27:28,750
Because bull

1430
00:27:28,750 --> 00:27:29,750
bitcoin is not very big.

1431
00:27:29,750 --> 00:27:32,250
We have like 32 employees.

1432
00:27:32,250 --> 00:27:34,791
And we probably have,

1433
00:27:34,791 --> 00:27:35,333
you know,

1434
00:27:35,333 --> 00:27:36,791
like I would say we're not

1435
00:27:36,791 --> 00:27:37,208
we're not like

1436
00:27:37,208 --> 00:27:38,000
a big exchange. Right.

1437
00:27:38,000 --> 00:27:39,041
So we're not Coinbase.

1438
00:27:39,041 --> 00:27:39,833
We're not Kraken

1439
00:27:39,833 --> 00:27:41,041
and we're not Bitfinex.

1440
00:27:41,041 --> 00:27:42,583
But we're also not

1441
00:27:42,583 --> 00:27:43,583
in the small exchange

1442
00:27:43,583 --> 00:27:44,000
category.

1443
00:27:44,000 --> 00:27:44,875
We're like we're definitely

1444
00:27:44,875 --> 00:27:46,708
like in the middle category.

1445
00:27:46,708 --> 00:27:46,958
You know,

1446
00:27:46,958 --> 00:27:47,958
we don't publish our volumes,

1447
00:27:47,958 --> 00:27:48,500
but they're big

1448
00:27:48,500 --> 00:27:50,083
like we do big volumes.

1449
00:27:50,083 --> 00:27:51,291
But we're only 30 people,

1450
00:27:51,291 --> 00:27:52,166
whereas, you know,

1451
00:27:52,166 --> 00:27:52,708
and I don't want to

1452
00:27:52,708 --> 00:27:53,458
take a stab at Kraken

1453
00:27:53,458 --> 00:27:54,500
because I like the Kraken

1454
00:27:54,500 --> 00:27:55,083
guys, but, you know,

1455
00:27:55,083 --> 00:27:56,333
they have like 5000 employees

1456
00:27:56,333 --> 00:27:56,666
or something.

1457
00:27:56,666 --> 00:27:57,166
I don't

1458
00:27:57,166 --> 00:27:58,500
remember the

1459
00:27:58,500 --> 00:27:59,666
3 to 5000 employees

1460
00:27:59,666 --> 00:28:00,083
or something.

1461
00:28:00,083 --> 00:28:01,041
So these companies,

1462
00:28:01,041 --> 00:28:02,333
they grow really rapidly.

1463
00:28:02,333 --> 00:28:02,958
And what happens

1464
00:28:02,958 --> 00:28:04,125
when they grow rapidly.

1465
00:28:04,125 --> 00:28:04,708
And so you have like

1466
00:28:04,708 --> 00:28:05,541
these factions

1467
00:28:05,541 --> 00:28:06,416
within the companies

1468
00:28:06,416 --> 00:28:07,291
that become their own

1469
00:28:07,291 --> 00:28:08,500
little bureaucracies.

1470
00:28:08,500 --> 00:28:09,333
So like

1471
00:28:09,333 --> 00:28:10,583
a compliance department

1472
00:28:10,583 --> 00:28:11,458
for example,

1473
00:28:11,458 --> 00:28:13,041
will comply over

1474
00:28:13,041 --> 00:28:13,583
they comply

1475
00:28:13,583 --> 00:28:14,541
because they need to

1476
00:28:14,541 --> 00:28:15,833
to justify their existence

1477
00:28:15,833 --> 00:28:17,541
and their paycheck. Right.

1478
00:28:17,541 --> 00:28:18,583
So you have these companies

1479
00:28:18,583 --> 00:28:18,833
that have

1480
00:28:18,833 --> 00:28:19,583
compliance department

1481
00:28:19,583 --> 00:28:21,208
that are like 75 people

1482
00:28:21,208 --> 00:28:22,458
that are almost

1483
00:28:22,458 --> 00:28:24,500
like this segregated

1484
00:28:24,500 --> 00:28:25,625
micro entity

1485
00:28:25,625 --> 00:28:26,708
within the company,

1486
00:28:26,708 --> 00:28:27,625
which which has

1487
00:28:27,625 --> 00:28:28,500
its own decision

1488
00:28:28,500 --> 00:28:29,333
making power.

1489
00:28:29,333 --> 00:28:30,166
So raising

1490
00:28:30,166 --> 00:28:31,291
a ton of money really early

1491
00:28:31,291 --> 00:28:32,041
and growing really,

1492
00:28:32,041 --> 00:28:33,500
really fast.

1493
00:28:33,500 --> 00:28:34,916
So like,

1494
00:28:34,916 --> 00:28:36,833
you know, if you look at,

1495
00:28:36,833 --> 00:28:38,750
like I have a personal

1496
00:28:38,750 --> 00:28:39,958
touch on every single

1497
00:28:39,958 --> 00:28:40,708
part of the business

1498
00:28:40,708 --> 00:28:41,875
and the compliance people

1499
00:28:41,875 --> 00:28:42,541
that work for me,

1500
00:28:42,541 --> 00:28:43,500
there are people that

1501
00:28:43,500 --> 00:28:45,208
share our ideology

1502
00:28:45,208 --> 00:28:46,708
and share our values. Right?

1503
00:28:46,708 --> 00:28:47,625
You know,

1504
00:28:47,625 --> 00:28:49,333
whenever a decision is

1505
00:28:49,333 --> 00:28:49,916
being made,

1506
00:28:49,916 --> 00:28:50,875
is is this causing

1507
00:28:50,875 --> 00:28:51,541
a privacy leak?

1508
00:28:51,541 --> 00:28:52,041
Is this causing

1509
00:28:52,041 --> 00:28:52,958
a security leak?

1510
00:28:52,958 --> 00:28:54,083
Is this necessary

1511
00:28:54,083 --> 00:28:54,958
or are

1512
00:28:54,958 --> 00:28:55,500
is the data

1513
00:28:55,500 --> 00:28:56,541
that we're giving

1514
00:28:56,541 --> 00:28:58,166
the minimum that we can?

1515
00:28:58,166 --> 00:28:58,583
Are we giving

1516
00:28:58,583 --> 00:29:00,166
too much data like

1517
00:29:00,166 --> 00:29:01,291
and they think like this

1518
00:29:01,291 --> 00:29:02,333
because I spent time

1519
00:29:02,333 --> 00:29:02,666
with them

1520
00:29:02,666 --> 00:29:03,583
and I have like

1521
00:29:03,583 --> 00:29:04,708
not control over them.

1522
00:29:04,708 --> 00:29:05,916
But you know,

1523
00:29:05,916 --> 00:29:06,750
like we stick

1524
00:29:06,750 --> 00:29:07,416
on a regular basis.

1525
00:29:07,416 --> 00:29:07,916
Whereas these

1526
00:29:07,916 --> 00:29:08,875
very large companies

1527
00:29:08,875 --> 00:29:11,208
that raise a ton of money,

1528
00:29:11,208 --> 00:29:12,833
the founders vision,

1529
00:29:12,833 --> 00:29:14,000
because the founder may

1530
00:29:14,000 --> 00:29:14,250
have been

1531
00:29:14,250 --> 00:29:15,583
originally a cypherpunk,

1532
00:29:15,583 --> 00:29:16,416
but that

1533
00:29:16,416 --> 00:29:17,791
the value of the founder

1534
00:29:17,791 --> 00:29:19,916
has not permeated the company

1535
00:29:19,916 --> 00:29:21,333
because it grew too fast.

1536
00:29:21,333 --> 00:29:22,625
Look at guys like

1537
00:29:22,625 --> 00:29:23,458
like Jesse Powell,

1538
00:29:23,458 --> 00:29:24,083
like crack On,

1539
00:29:24,083 --> 00:29:25,583
or you look at the Bitfinex

1540
00:29:25,583 --> 00:29:26,000
founders,

1541
00:29:26,000 --> 00:29:27,750
like the tether founders,

1542
00:29:27,750 --> 00:29:28,083
you know,

1543
00:29:28,083 --> 00:29:30,166
and even guys like Mark,

1544
00:29:30,166 --> 00:29:30,916
even guys like,

1545
00:29:30,916 --> 00:29:31,250
I don't know,

1546
00:29:31,250 --> 00:29:32,000
maybe not Coinbase,

1547
00:29:32,000 --> 00:29:32,750
but some of

1548
00:29:32,750 --> 00:29:34,125
these companies like

1549
00:29:34,125 --> 00:29:35,708
I kind of think like early on

1550
00:29:35,708 --> 00:29:36,375
they must have been

1551
00:29:36,375 --> 00:29:37,750
cypherpunks like, they must

1552
00:29:37,750 --> 00:29:38,541
they must have

1553
00:29:38,541 --> 00:29:39,333
in the very early

1554
00:29:39,333 --> 00:29:41,000
beginning of their careers,

1555
00:29:41,000 --> 00:29:42,083
at least

1556
00:29:42,083 --> 00:29:42,625
because they got

1557
00:29:42,625 --> 00:29:43,375
they all got interested

1558
00:29:43,375 --> 00:29:44,041
in Bitcoin,

1559
00:29:44,041 --> 00:29:44,833
you know,

1560
00:29:44,833 --> 00:29:47,541
between 2011 and 2014.

1561
00:29:47,541 --> 00:29:48,291
And that was like

1562
00:29:48,291 --> 00:29:49,500
the cypherpunk libertarian

1563
00:29:49,500 --> 00:29:50,333
era of Bitcoin

1564
00:29:50,333 --> 00:29:51,083
before it became,

1565
00:29:51,083 --> 00:29:52,333
you know, mainstream.

1566
00:29:52,333 --> 00:29:53,000
So I think these guys

1567
00:29:53,000 --> 00:29:54,541
must have originally been,

1568
00:29:54,541 --> 00:29:56,083
you know, pro privacy

1569
00:29:56,083 --> 00:29:57,416
and pro sovereignty.

1570
00:29:57,416 --> 00:29:58,333
But then their companies

1571
00:29:58,333 --> 00:29:59,416
grow to too big.

1572
00:29:59,416 --> 00:30:00,791
And then

1573
00:30:00,791 --> 00:30:01,708
you know, they're focused

1574
00:30:01,708 --> 00:30:03,250
on the finance side

1575
00:30:03,250 --> 00:30:04,500
of the company and growing,

1576
00:30:06,291 --> 00:30:08,250
user acquisition and this

1577
00:30:08,250 --> 00:30:09,041
and, you know, also

1578
00:30:09,041 --> 00:30:09,791
the other thing is like

1579
00:30:09,791 --> 00:30:10,791
they listed all these check

1580
00:30:10,791 --> 00:30:11,833
coins, right?

1581
00:30:11,833 --> 00:30:12,750
So now their mind is

1582
00:30:12,750 --> 00:30:13,333
just filled

1583
00:30:13,333 --> 00:30:14,125
with shit corners.

1584
00:30:14,125 --> 00:30:14,750
And, and they have to do

1585
00:30:14,750 --> 00:30:16,041
with securities regulation

1586
00:30:16,041 --> 00:30:16,791
and all that.

1587
00:30:16,791 --> 00:30:17,375
By the way,

1588
00:30:17,375 --> 00:30:18,750
like being a Bitcoin

1589
00:30:18,750 --> 00:30:21,041
only company is so clutch

1590
00:30:21,041 --> 00:30:21,791
in terms of

1591
00:30:21,791 --> 00:30:23,458
like not having to deal

1592
00:30:23,458 --> 00:30:24,125
with securities

1593
00:30:24,125 --> 00:30:25,583
regulation, compliance,

1594
00:30:25,583 --> 00:30:26,666
all that kind of nonsense.

1595
00:30:26,666 --> 00:30:28,875
It's so amazing.

1596
00:30:28,875 --> 00:30:30,625
And even just like focusing

1597
00:30:30,625 --> 00:30:32,458
on technology, you know, so,

1598
00:30:32,458 --> 00:30:33,291
there's things that,

1599
00:30:33,291 --> 00:30:34,791
that we focus on

1600
00:30:34,791 --> 00:30:35,750
that we do at bull

1601
00:30:35,750 --> 00:30:37,541
that it's not really well

1602
00:30:37,541 --> 00:30:39,291
advertised and marketed, but,

1603
00:30:39,291 --> 00:30:40,916
you know, in 2017

1604
00:30:40,916 --> 00:30:43,833
we started to to sign with

1605
00:30:43,833 --> 00:30:45,000
every single

1606
00:30:45,000 --> 00:30:48,000
bitcoin invoice that we were,

1607
00:30:48,583 --> 00:30:50,416
publishing because

1608
00:30:50,416 --> 00:30:51,166
I thought, okay,

1609
00:30:51,166 --> 00:30:52,666
so what if what if, what if,

1610
00:30:52,666 --> 00:30:54,000
what if someone wants to,

1611
00:30:54,000 --> 00:30:55,500
wants to pay a car

1612
00:30:55,500 --> 00:30:58,916
that's $70,000 and I display,

1613
00:30:59,708 --> 00:31:01,291
an invoice on my website,

1614
00:31:01,291 --> 00:31:03,166
and then I change the address

1615
00:31:03,166 --> 00:31:03,708
afterwards,

1616
00:31:03,708 --> 00:31:04,625
and I tell the guy

1617
00:31:04,625 --> 00:31:05,083
you sent it

1618
00:31:05,083 --> 00:31:06,750
to the wrong address.

1619
00:31:06,750 --> 00:31:07,291
I could do that.

1620
00:31:07,291 --> 00:31:08,083
I could screw people

1621
00:31:08,083 --> 00:31:08,750
over all the time.

1622
00:31:08,750 --> 00:31:09,250
And they'd be like,

1623
00:31:09,250 --> 00:31:09,625
no, no, no.

1624
00:31:09,625 --> 00:31:10,500
I sent it to the address

1625
00:31:10,500 --> 00:31:11,125
that was on the screen.

1626
00:31:11,125 --> 00:31:11,541
I'm like, well,

1627
00:31:11,541 --> 00:31:12,125
you must have sent it

1628
00:31:12,125 --> 00:31:12,958
to the wrong address.

1629
00:31:14,000 --> 00:31:14,541
How does

1630
00:31:14,541 --> 00:31:15,916
the person have a proof

1631
00:31:15,916 --> 00:31:16,791
that this was

1632
00:31:16,791 --> 00:31:17,750
a legitimate invoice

1633
00:31:17,750 --> 00:31:18,625
created by me?

1634
00:31:18,625 --> 00:31:19,583
Or maybe there's,

1635
00:31:19,583 --> 00:31:20,583
like, a man in the middle,

1636
00:31:20,583 --> 00:31:21,208
or maybe it's a

1637
00:31:21,208 --> 00:31:22,291
spoofed website.

1638
00:31:22,291 --> 00:31:22,958
Or maybe I can

1639
00:31:22,958 --> 00:31:24,125
change the rates

1640
00:31:24,125 --> 00:31:24,625
and be like,

1641
00:31:24,625 --> 00:31:25,666
oh, actually, like,

1642
00:31:25,666 --> 00:31:27,125
the rate was this rate

1643
00:31:27,125 --> 00:31:28,083
when you sent it.

1644
00:31:28,083 --> 00:31:28,791
It's like, no, actually,

1645
00:31:28,791 --> 00:31:29,625
I'm pretty sure was it.

1646
00:31:29,625 --> 00:31:30,791
So we start the times

1647
00:31:30,791 --> 00:31:31,708
to sign those

1648
00:31:31,708 --> 00:31:33,333
with PGP and timestamp.

1649
00:31:33,333 --> 00:31:33,625
Right.

1650
00:31:33,625 --> 00:31:34,083
And this took

1651
00:31:34,083 --> 00:31:35,625
like a long time to build

1652
00:31:35,625 --> 00:31:37,625
because we,

1653
00:31:37,625 --> 00:31:38,541
we only had Bitcoin

1654
00:31:38,541 --> 00:31:39,041
to worry about.

1655
00:31:39,041 --> 00:31:39,333
We're not

1656
00:31:39,333 --> 00:31:40,333
worried about integrating

1657
00:31:40,333 --> 00:31:42,750
Solana or Ethereum or Monero

1658
00:31:42,750 --> 00:31:44,333
like this takes a long.

1659
00:31:44,333 --> 00:31:45,458
I had this conversation

1660
00:31:45,458 --> 00:31:46,291
with a hardware wallet

1661
00:31:46,291 --> 00:31:48,166
manufacturer years ago

1662
00:31:48,166 --> 00:31:48,625
where I was like,

1663
00:31:48,625 --> 00:31:49,000
why don't you

1664
00:31:49,000 --> 00:31:49,541
make this feature?

1665
00:31:49,541 --> 00:31:50,416
I think it was PSV

1666
00:31:50,416 --> 00:31:51,083
or whatever.

1667
00:31:51,083 --> 00:31:51,958
And I was like, yeah,

1668
00:31:51,958 --> 00:31:52,916
we kind of want to do that.

1669
00:31:52,916 --> 00:31:53,375
But you know,

1670
00:31:53,375 --> 00:31:54,625
we have to integrate Monero.

1671
00:31:54,625 --> 00:31:55,958
And this also

1672
00:31:55,958 --> 00:31:57,500
recently happened with, with,

1673
00:31:58,666 --> 00:31:59,708
our software,

1674
00:31:59,708 --> 00:32:00,416
mobile wallets,

1675
00:32:00,416 --> 00:32:01,666
like we integrated pay,

1676
00:32:01,666 --> 00:32:03,708
join in the Bitcoin wallet

1677
00:32:03,708 --> 00:32:06,500
and it wasn't insanely hard,

1678
00:32:06,500 --> 00:32:08,375
but it was like, not trivial.

1679
00:32:08,375 --> 00:32:09,166
It was like a

1680
00:32:09,166 --> 00:32:10,583
it's it's a pretty it's

1681
00:32:10,583 --> 00:32:12,041
pretty sophisticated thing

1682
00:32:12,041 --> 00:32:13,250
to integrate pay join.

1683
00:32:13,250 --> 00:32:13,791
And I was talking

1684
00:32:13,791 --> 00:32:14,583
to this other wallets

1685
00:32:14,583 --> 00:32:15,708
and it's like why didn't

1686
00:32:15,708 --> 00:32:16,833
you integrate pay join.

1687
00:32:16,833 --> 00:32:17,833
And you know

1688
00:32:17,833 --> 00:32:19,375
I was looking at their their

1689
00:32:19,375 --> 00:32:19,916
what they're doing.

1690
00:32:19,916 --> 00:32:20,291
It's like,

1691
00:32:20,291 --> 00:32:21,250
oh it's

1692
00:32:21,250 --> 00:32:21,666
you guys are

1693
00:32:21,666 --> 00:32:22,666
working on Solana right now.

1694
00:32:22,666 --> 00:32:23,666
Okay, I see, I see. Right.

1695
00:32:23,666 --> 00:32:24,250
So you don't have time

1696
00:32:24,250 --> 00:32:24,458
for pay.

1697
00:32:24,458 --> 00:32:25,541
Join because

1698
00:32:25,541 --> 00:32:26,666
Solana is the new thing.

1699
00:32:26,666 --> 00:32:27,416
So you have to run

1700
00:32:27,416 --> 00:32:28,166
after Solana.

1701
00:32:28,166 --> 00:32:29,875
And so instead of like

1702
00:32:29,875 --> 00:32:31,541
getting deeper and deeper

1703
00:32:31,541 --> 00:32:33,750
into what Bitcoin can do,

1704
00:32:33,750 --> 00:32:34,458
you're, you're,

1705
00:32:34,458 --> 00:32:35,708
you're scratching the surface

1706
00:32:35,708 --> 00:32:36,416
on all the shit

1707
00:32:36,416 --> 00:32:38,125
coins and bitcoin right.

1708
00:32:38,125 --> 00:32:39,208
So because Bitcoin

1709
00:32:39,208 --> 00:32:41,083
can do a lot more things

1710
00:32:41,083 --> 00:32:42,375
and we can develop,

1711
00:32:42,375 --> 00:32:43,250
we can have an app

1712
00:32:43,250 --> 00:32:44,833
layer on top of Bitcoin

1713
00:32:44,833 --> 00:32:45,750
which solves

1714
00:32:45,750 --> 00:32:46,333
a lot of the

1715
00:32:46,333 --> 00:32:47,458
protocol problems

1716
00:32:47,458 --> 00:32:48,208
that people say

1717
00:32:48,208 --> 00:32:49,125
that we need to solve for

1718
00:32:49,125 --> 00:32:49,458
for I'm

1719
00:32:49,458 --> 00:32:50,625
not like anti off

1720
00:32:50,625 --> 00:32:52,916
fork forever.

1721
00:32:52,916 --> 00:32:54,625
I have I'm, I'm

1722
00:32:54,625 --> 00:32:56,375
a bitcoin conservative right.

1723
00:32:56,375 --> 00:32:57,458
And but

1724
00:32:59,375 --> 00:33:00,625
I'm not like

1725
00:33:00,625 --> 00:33:01,583
I'm not like

1726
00:33:01,583 --> 00:33:02,666
out of principle

1727
00:33:02,666 --> 00:33:04,083
opposed to soft fork

1728
00:33:04,083 --> 00:33:05,458
but and partly

1729
00:33:05,458 --> 00:33:06,500
because a lot of the problems

1730
00:33:06,500 --> 00:33:07,125
that we're trying

1731
00:33:07,125 --> 00:33:08,166
to fix with soft forks

1732
00:33:08,166 --> 00:33:09,708
actually we can fix

1733
00:33:09,708 --> 00:33:10,916
with apps instead. Right.

1734
00:33:10,916 --> 00:33:12,291
So pay joins a good example.

1735
00:33:12,291 --> 00:33:13,166
So page one fixes

1736
00:33:13,166 --> 00:33:14,291
some of the privacy issues

1737
00:33:14,291 --> 00:33:15,916
that we can do.

1738
00:33:15,916 --> 00:33:17,000
There's all sorts of stuff

1739
00:33:17,000 --> 00:33:17,541
that we can do

1740
00:33:17,541 --> 00:33:19,250
with, silence payments

1741
00:33:19,250 --> 00:33:21,416
with the liquid network

1742
00:33:21,416 --> 00:33:24,416
with Noster with lightning.

1743
00:33:24,916 --> 00:33:25,916
I'm not like the biggest

1744
00:33:25,916 --> 00:33:27,500
fan of E cash, but there are

1745
00:33:27,500 --> 00:33:28,375
there are some things

1746
00:33:28,375 --> 00:33:29,833
that we can do with e cash

1747
00:33:29,833 --> 00:33:31,750
and and if you combine

1748
00:33:31,750 --> 00:33:33,541
lightning liquid

1749
00:33:33,541 --> 00:33:35,583
e cash noster

1750
00:33:35,583 --> 00:33:37,333
Bitcoin sum

1751
00:33:37,333 --> 00:33:39,416
after our Bitcoin protocols,

1752
00:33:39,416 --> 00:33:40,166
you can achieve some,

1753
00:33:40,166 --> 00:33:40,708
some like

1754
00:33:40,708 --> 00:33:43,708
pretty incredible things.

1755
00:33:44,500 --> 00:33:46,291
If, if you focus on bitcoin

1756
00:33:46,291 --> 00:33:47,333
in a nutshell coins

1757
00:33:47,333 --> 00:33:48,416
that's the key right.

1758
00:33:48,416 --> 00:33:49,791
Because if you're just

1759
00:33:50,875 --> 00:33:52,125
doing the main features

1760
00:33:52,125 --> 00:33:54,083
of bitcoin send and receive.

1761
00:33:54,083 --> 00:33:55,125
And then you move to Solana

1762
00:33:55,125 --> 00:33:55,583
and then you move

1763
00:33:55,583 --> 00:33:56,083
to the other thing

1764
00:33:56,083 --> 00:33:57,416
and then you

1765
00:33:57,416 --> 00:33:59,000
we never have the

1766
00:33:59,000 --> 00:33:59,666
we're never going

1767
00:33:59,666 --> 00:34:00,875
deep enough in Bitcoin

1768
00:34:00,875 --> 00:34:02,250
to like fully exploit it.

1769
00:34:02,250 --> 00:34:02,875
So Bitcoin is

1770
00:34:02,875 --> 00:34:03,583
under exploited.

1771
00:34:03,583 --> 00:34:04,375
And also if you

1772
00:34:04,375 --> 00:34:05,833
look at the blockchain

1773
00:34:05,833 --> 00:34:06,625
you know all the spam

1774
00:34:06,625 --> 00:34:07,166
that's happening

1775
00:34:07,166 --> 00:34:07,583
like all

1776
00:34:07,583 --> 00:34:08,750
the exchanges

1777
00:34:08,750 --> 00:34:10,041
are doing transactions

1778
00:34:10,041 --> 00:34:11,583
that are spammy.

1779
00:34:11,583 --> 00:34:12,291
And I'm not talking

1780
00:34:12,291 --> 00:34:13,041
about ordinals, I'm

1781
00:34:13,041 --> 00:34:13,500
talking about

1782
00:34:13,500 --> 00:34:14,666
just the way that they use

1783
00:34:14,666 --> 00:34:16,916
Bitcoin is so inefficient.

1784
00:34:16,916 --> 00:34:18,083
It's unreal.

1785
00:34:18,083 --> 00:34:19,916
Like major exchanges

1786
00:34:19,916 --> 00:34:21,625
like like Binance

1787
00:34:21,625 --> 00:34:22,583
they have like this.

1788
00:34:22,583 --> 00:34:25,041
They reuse like one address

1789
00:34:25,041 --> 00:34:26,000
for a bunch of shit.

1790
00:34:26,000 --> 00:34:26,666
And then they do

1791
00:34:26,666 --> 00:34:27,333
these stupid ass

1792
00:34:27,333 --> 00:34:28,083
consolidations

1793
00:34:28,083 --> 00:34:29,416
at random times

1794
00:34:29,416 --> 00:34:30,500
and you're like,

1795
00:34:30,500 --> 00:34:31,125
okay, so

1796
00:34:31,125 --> 00:34:32,083
before we increase

1797
00:34:32,083 --> 00:34:34,375
the block size, like

1798
00:34:34,375 --> 00:34:35,666
if all of the exchanges

1799
00:34:35,666 --> 00:34:36,875
had guys like

1800
00:34:36,875 --> 00:34:37,500
the guys that work

1801
00:34:37,500 --> 00:34:38,541
at Bull Bitcoin

1802
00:34:38,541 --> 00:34:39,083
that were

1803
00:34:39,083 --> 00:34:39,500
that were

1804
00:34:39,500 --> 00:34:40,250
given the leeway

1805
00:34:40,250 --> 00:34:40,916
to be like, hey,

1806
00:34:40,916 --> 00:34:43,291
can we spend like four months

1807
00:34:43,291 --> 00:34:44,333
to just

1808
00:34:44,333 --> 00:34:45,083
look at the way

1809
00:34:45,083 --> 00:34:46,791
that we create transactions?

1810
00:34:46,791 --> 00:34:48,166
And I bet

1811
00:34:48,166 --> 00:34:50,208
we could reduce the, the,

1812
00:34:50,208 --> 00:34:51,250
the size of

1813
00:34:51,250 --> 00:34:52,333
the existing transactions

1814
00:34:52,333 --> 00:34:55,000
by like 80%, right?

1815
00:34:55,000 --> 00:34:55,375
I'm sorry,

1816
00:34:55,375 --> 00:34:55,916
I was going on

1817
00:34:55,916 --> 00:34:57,000
a big rant here.

1818
00:34:57,000 --> 00:34:58,166
Oh no, no, I love it

1819
00:34:58,166 --> 00:34:59,541
I love it. Yeah.

1820
00:34:59,541 --> 00:34:59,875
But yeah,

1821
00:34:59,875 --> 00:35:00,666
the whole point is like

1822
00:35:00,666 --> 00:35:01,791
focusing on Bitcoin

1823
00:35:01,791 --> 00:35:02,875
allows us

1824
00:35:02,875 --> 00:35:03,875
to get deeper

1825
00:35:03,875 --> 00:35:04,541
into Bitcoin

1826
00:35:04,541 --> 00:35:05,625
and discover

1827
00:35:05,625 --> 00:35:06,625
what we can do with Bitcoin,

1828
00:35:06,625 --> 00:35:08,750
which right now,

1829
00:35:08,750 --> 00:35:09,916
is being massively,

1830
00:35:09,916 --> 00:35:10,666
I think massively

1831
00:35:10,666 --> 00:35:12,166
under exploited.

1832
00:35:12,166 --> 00:35:14,375
Now I, I0I agree

1833
00:35:14,375 --> 00:35:15,500
with all of these points

1834
00:35:15,500 --> 00:35:16,041
and I love it

1835
00:35:16,041 --> 00:35:16,875
because like

1836
00:35:16,875 --> 00:35:17,583
I grew up with

1837
00:35:17,583 --> 00:35:18,875
a Commodore 64.

1838
00:35:18,875 --> 00:35:19,958
So all you had

1839
00:35:19,958 --> 00:35:21,875
was 64kB of memory

1840
00:35:21,875 --> 00:35:23,541
to do everything,

1841
00:35:23,541 --> 00:35:24,958
which meant the programmers

1842
00:35:24,958 --> 00:35:26,541
had to be really careful

1843
00:35:26,541 --> 00:35:27,791
with how they used

1844
00:35:27,791 --> 00:35:28,750
code, like the code

1845
00:35:28,750 --> 00:35:30,625
had to be super efficient

1846
00:35:30,625 --> 00:35:31,500
and like, so.

1847
00:35:31,500 --> 00:35:32,666
So when I see

1848
00:35:32,666 --> 00:35:33,875
people harass the

1849
00:35:33,875 --> 00:35:35,750
the time chain with bullshit,

1850
00:35:35,750 --> 00:35:37,083
the consolidations

1851
00:35:37,083 --> 00:35:38,416
and or even worse,

1852
00:35:38,416 --> 00:35:39,541
like the ordinals and runes

1853
00:35:39,541 --> 00:35:40,875
and stamps and whatnot,

1854
00:35:40,875 --> 00:35:42,375
like the equivalent of like,

1855
00:35:43,500 --> 00:35:44,625
14 year old girl

1856
00:35:44,625 --> 00:35:45,583
spamming the internet

1857
00:35:45,583 --> 00:35:46,458
with cat pictures.

1858
00:35:46,458 --> 00:35:49,041
I mean, it's vulgar to me.

1859
00:35:49,041 --> 00:35:49,583
Like,

1860
00:35:49,583 --> 00:35:51,375
and and I think in the long

1861
00:35:51,375 --> 00:35:52,541
run we'll have to

1862
00:35:52,541 --> 00:35:54,583
people will have to use,

1863
00:35:54,583 --> 00:35:56,708
based base layer Bitcoin

1864
00:35:56,708 --> 00:35:58,166
more efficiently

1865
00:35:58,166 --> 00:35:58,583
because it's

1866
00:35:58,583 --> 00:35:58,916
going to be

1867
00:35:58,916 --> 00:36:00,500
insanely expensive to, to,

1868
00:36:00,500 --> 00:36:02,125
to be wasteful there.

1869
00:36:02,125 --> 00:36:04,250
And that's a good thing.

1870
00:36:04,250 --> 00:36:05,833
So,

1871
00:36:05,833 --> 00:36:06,500
yeah, that

1872
00:36:06,500 --> 00:36:07,416
there was something else

1873
00:36:07,416 --> 00:36:09,375
on my mind.

1874
00:36:09,375 --> 00:36:10,791
Luke usually helps me out

1875
00:36:10,791 --> 00:36:11,875
when I lose my train

1876
00:36:11,875 --> 00:36:14,875
of thought like this.

1877
00:36:16,250 --> 00:36:17,041
But but.

1878
00:36:17,041 --> 00:36:17,291
Yeah.

1879
00:36:17,291 --> 00:36:18,666
What what are your thoughts

1880
00:36:18,666 --> 00:36:20,458
on the whole spam issue?

1881
00:36:20,458 --> 00:36:21,208
Because, like,

1882
00:36:21,208 --> 00:36:22,375
I was, recently

1883
00:36:22,375 --> 00:36:23,541
had a talk in San Salvador.

1884
00:36:23,541 --> 00:36:24,791
So let's let me lay it

1885
00:36:24,791 --> 00:36:25,500
out for you.

1886
00:36:25,500 --> 00:36:27,750
So, the way,

1887
00:36:27,750 --> 00:36:28,583
the way I view it,

1888
00:36:28,583 --> 00:36:29,708
like real estate,

1889
00:36:29,708 --> 00:36:30,250
for instance,

1890
00:36:30,250 --> 00:36:32,125
when being used as money,

1891
00:36:32,125 --> 00:36:33,083
but which it is now

1892
00:36:33,083 --> 00:36:35,125
because money doesn't,

1893
00:36:35,125 --> 00:36:36,791
work as a store of value or,

1894
00:36:36,791 --> 00:36:38,250
or as I prefer a medium

1895
00:36:38,250 --> 00:36:39,208
of exchange over time,

1896
00:36:39,208 --> 00:36:40,458
because I think the dichotomy

1897
00:36:40,458 --> 00:36:41,708
is false, like

1898
00:36:41,708 --> 00:36:42,666
median emotional store

1899
00:36:42,666 --> 00:36:43,791
value is just two sides

1900
00:36:43,791 --> 00:36:44,666
of the same coin.

1901
00:36:44,666 --> 00:36:46,250
It's just another dimension.

1902
00:36:46,250 --> 00:36:48,083
So right now

1903
00:36:48,083 --> 00:36:48,666
the billionaire

1904
00:36:48,666 --> 00:36:50,750
buys up all the C from

1905
00:36:50,750 --> 00:36:52,583
real estate. Because because

1906
00:36:53,833 --> 00:36:54,541
it solves

1907
00:36:54,541 --> 00:36:55,166
a problem for

1908
00:36:55,166 --> 00:36:55,708
the billionaire.

1909
00:36:55,708 --> 00:36:56,166
It solves

1910
00:36:56,166 --> 00:36:57,125
the inflation problem

1911
00:36:57,125 --> 00:36:57,833
so that,

1912
00:36:57,833 --> 00:36:59,041
because he can't hold cash,

1913
00:36:59,041 --> 00:37:00,666
he needs to buy,

1914
00:37:00,666 --> 00:37:02,291
equity or,

1915
00:37:02,291 --> 00:37:03,208
stocks and bonds

1916
00:37:03,208 --> 00:37:04,333
or real estate.

1917
00:37:04,333 --> 00:37:05,000
So buy up

1918
00:37:05,000 --> 00:37:06,000
all the real estate,

1919
00:37:06,000 --> 00:37:07,166
which also drives up

1920
00:37:07,166 --> 00:37:09,083
the prices and,

1921
00:37:09,083 --> 00:37:10,000
like, eliminates

1922
00:37:10,000 --> 00:37:10,791
the middle classes

1923
00:37:10,791 --> 00:37:12,125
that no longer can

1924
00:37:12,125 --> 00:37:13,083
live in a nice house

1925
00:37:13,083 --> 00:37:13,625
at the beach

1926
00:37:13,625 --> 00:37:14,666
and the houses are empty

1927
00:37:14,666 --> 00:37:17,250
and there's no one in them,

1928
00:37:17,250 --> 00:37:19,000
which is like

1929
00:37:19,000 --> 00:37:20,500
house is being used

1930
00:37:20,500 --> 00:37:22,583
as money is destroying.

1931
00:37:22,583 --> 00:37:23,291
It's destroying

1932
00:37:23,291 --> 00:37:24,291
their functionality

1933
00:37:24,291 --> 00:37:25,791
as houses.

1934
00:37:25,791 --> 00:37:26,458
And I think

1935
00:37:26,458 --> 00:37:27,333
the inverse is true

1936
00:37:27,333 --> 00:37:28,500
because I think there's like

1937
00:37:28,500 --> 00:37:29,000
I call this

1938
00:37:29,000 --> 00:37:30,458
the first law of cloud, where

1939
00:37:30,458 --> 00:37:31,166
the dynamics

1940
00:37:31,166 --> 00:37:32,208
that everything

1941
00:37:32,208 --> 00:37:33,166
that is true for fiat,

1942
00:37:33,166 --> 00:37:34,000
the inverse is true

1943
00:37:34,000 --> 00:37:34,791
for Bitcoin.

1944
00:37:34,791 --> 00:37:35,333
So I think

1945
00:37:35,333 --> 00:37:37,166
any other use case,

1946
00:37:37,166 --> 00:37:37,791
then there's a

1947
00:37:37,791 --> 00:37:38,750
strict monetary

1948
00:37:38,750 --> 00:37:40,666
use case for money

1949
00:37:40,666 --> 00:37:42,458
reduces its functionality

1950
00:37:42,458 --> 00:37:44,416
as money. So if you could put

1951
00:37:45,625 --> 00:37:46,958
a legit the cat pictures

1952
00:37:46,958 --> 00:37:47,500
which aren't

1953
00:37:47,500 --> 00:37:48,458
even cat pictures

1954
00:37:48,458 --> 00:37:49,291
because they have

1955
00:37:49,291 --> 00:37:50,333
nothing to do with

1956
00:37:50,333 --> 00:37:52,416
you can't order sets like

1957
00:37:52,416 --> 00:37:53,791
but if you say that you can

1958
00:37:53,791 --> 00:37:54,333
and you spam

1959
00:37:54,333 --> 00:37:56,000
the chain with this bullshit

1960
00:37:56,000 --> 00:37:56,875
and if you do

1961
00:37:56,875 --> 00:37:58,041
bad consolidations

1962
00:37:58,041 --> 00:37:58,958
or whatever,

1963
00:37:58,958 --> 00:38:00,791
then you're not using bitcoin

1964
00:38:00,791 --> 00:38:01,375
as money,

1965
00:38:01,375 --> 00:38:03,208
which actually makes Bitcoin

1966
00:38:03,208 --> 00:38:04,166
a slightly worse

1967
00:38:04,166 --> 00:38:04,791
form of money.

1968
00:38:04,791 --> 00:38:05,750
Every time you do that,

1969
00:38:05,750 --> 00:38:07,291
it makes it more expensive

1970
00:38:07,291 --> 00:38:09,333
to send,

1971
00:38:09,333 --> 00:38:11,291
and receive Bitcoin.

1972
00:38:11,291 --> 00:38:12,166
Because you're

1973
00:38:12,166 --> 00:38:13,416
using it for other shit.

1974
00:38:13,416 --> 00:38:14,041
So so

1975
00:38:14,041 --> 00:38:14,791
what do you think of that?

1976
00:38:14,791 --> 00:38:15,958
Can you.

1977
00:38:15,958 --> 00:38:16,791
Well, I,

1978
00:38:16,791 --> 00:38:17,875
I agree 100%

1979
00:38:17,875 --> 00:38:18,416
with what you said.

1980
00:38:18,416 --> 00:38:18,958
And you said something

1981
00:38:18,958 --> 00:38:19,625
very interesting.

1982
00:38:19,625 --> 00:38:20,333
I really like the way

1983
00:38:20,333 --> 00:38:21,708
you said it about,

1984
00:38:21,708 --> 00:38:22,583
store of value

1985
00:38:22,583 --> 00:38:23,708
and medium of exchange

1986
00:38:23,708 --> 00:38:25,416
being one of the same.

1987
00:38:25,416 --> 00:38:25,625
Yeah.

1988
00:38:25,625 --> 00:38:26,000
The first time

1989
00:38:26,000 --> 00:38:26,875
I actually heard

1990
00:38:26,875 --> 00:38:28,291
someone say it in this way.

1991
00:38:28,291 --> 00:38:29,416
But this is exactly the way

1992
00:38:29,416 --> 00:38:29,750
that I've been

1993
00:38:29,750 --> 00:38:30,750
thinking about it,

1994
00:38:30,750 --> 00:38:31,625
and especially

1995
00:38:31,625 --> 00:38:33,166
with something like Monero.

1996
00:38:33,166 --> 00:38:34,166
And I'm just going to divert

1997
00:38:34,166 --> 00:38:34,875
very quickly to

1998
00:38:34,875 --> 00:38:35,958
an arrow because,

1999
00:38:37,875 --> 00:38:38,791
I have this thing

2000
00:38:38,791 --> 00:38:41,791
where, I don't know, I just,

2001
00:38:41,791 --> 00:38:42,500
I just pick on

2002
00:38:42,500 --> 00:38:43,375
whenever people are like,

2003
00:38:43,375 --> 00:38:44,750
I don't know, maybe they

2004
00:38:44,750 --> 00:38:46,000
they pick on me or something,

2005
00:38:46,000 --> 00:38:47,333
I don't know, whatever.

2006
00:38:47,333 --> 00:38:48,625
But,

2007
00:38:48,625 --> 00:38:49,041
the reason

2008
00:38:49,041 --> 00:38:50,333
why Monero

2009
00:38:50,333 --> 00:38:51,083
is not a good

2010
00:38:51,083 --> 00:38:51,791
medium of exchange,

2011
00:38:51,791 --> 00:38:52,375
because the Monero

2012
00:38:52,375 --> 00:38:53,458
people argue,

2013
00:38:53,458 --> 00:38:54,375
oh, you guys going to have

2014
00:38:54,375 --> 00:38:55,041
your new

2015
00:38:55,041 --> 00:38:55,583
and will do

2016
00:38:55,583 --> 00:38:56,416
the medium of exchange.

2017
00:38:56,416 --> 00:38:57,625
And the reason why Monero

2018
00:38:57,625 --> 00:38:58,500
is not a good medium

2019
00:38:58,500 --> 00:38:59,416
of exchange is

2020
00:38:59,416 --> 00:39:00,250
because it is also

2021
00:39:00,250 --> 00:39:01,416
not a store of value.

2022
00:39:01,416 --> 00:39:03,208
So in order for someone

2023
00:39:03,208 --> 00:39:06,083
to accept a mineral payment,

2024
00:39:06,083 --> 00:39:06,500
let's say you're

2025
00:39:06,500 --> 00:39:07,500
a drug dealer, okay?

2026
00:39:07,500 --> 00:39:08,333
And you accept them in error

2027
00:39:08,333 --> 00:39:08,958
payments.

2028
00:39:08,958 --> 00:39:09,416
What are you going

2029
00:39:09,416 --> 00:39:10,791
to do with that? Monero?

2030
00:39:10,791 --> 00:39:13,250
Well, what they say is, well,

2031
00:39:13,250 --> 00:39:14,500
what if we just keep

2032
00:39:14,500 --> 00:39:15,000
the Monero

2033
00:39:15,000 --> 00:39:16,166
in a circular economy?

2034
00:39:16,166 --> 00:39:16,916
Because of course,

2035
00:39:16,916 --> 00:39:17,875
if the drug dealer

2036
00:39:17,875 --> 00:39:18,750
is actually going to do

2037
00:39:18,750 --> 00:39:19,750
is he's going to convert it

2038
00:39:19,750 --> 00:39:20,458
to Bitcoin,

2039
00:39:20,458 --> 00:39:21,166
that's what he's going to do.

2040
00:39:21,166 --> 00:39:21,416
Right.

2041
00:39:21,416 --> 00:39:22,375
So so the first thing

2042
00:39:22,375 --> 00:39:23,083
he's going to do

2043
00:39:23,083 --> 00:39:24,083
is he's going to go on a

2044
00:39:24,083 --> 00:39:25,166
peer exchange.

2045
00:39:25,166 --> 00:39:25,958
He's going to switch that

2046
00:39:25,958 --> 00:39:26,541
to Bitcoin.

2047
00:39:26,541 --> 00:39:27,583
And then he's

2048
00:39:27,583 --> 00:39:27,958
going to move

2049
00:39:27,958 --> 00:39:28,708
the bitcoins around

2050
00:39:28,708 --> 00:39:29,333
going join them.

2051
00:39:29,333 --> 00:39:30,083
And he's going to sell

2052
00:39:30,083 --> 00:39:30,416
Bitcoin.

2053
00:39:30,416 --> 00:39:31,166
He's not going to sell them

2054
00:39:31,166 --> 00:39:31,875
when they work for fiat.

2055
00:39:31,875 --> 00:39:32,541
That's not

2056
00:39:32,541 --> 00:39:33,000
that's not what

2057
00:39:33,000 --> 00:39:33,500
these guys do.

2058
00:39:33,500 --> 00:39:33,958
They sell them

2059
00:39:33,958 --> 00:39:35,041
when they work for Bitcoin.

2060
00:39:35,041 --> 00:39:35,416
They move

2061
00:39:35,416 --> 00:39:36,208
the bitcoins around.

2062
00:39:36,208 --> 00:39:36,833
If they're smart.

2063
00:39:36,833 --> 00:39:37,333
If they're not

2064
00:39:37,333 --> 00:39:38,750
they just sell it right away.

2065
00:39:38,750 --> 00:39:39,875
But they all go back

2066
00:39:39,875 --> 00:39:41,000
to bitcoin and fiat

2067
00:39:41,000 --> 00:39:42,500
because

2068
00:39:42,500 --> 00:39:43,250
when I roll loses

2069
00:39:43,250 --> 00:39:44,041
its value over time.

2070
00:39:44,041 --> 00:39:45,291
And that's undeniable.

2071
00:39:45,291 --> 00:39:48,208
So because because

2072
00:39:48,208 --> 00:39:49,708
if you want adoption

2073
00:39:49,708 --> 00:39:50,833
you need a circular economy.

2074
00:39:50,833 --> 00:39:51,416
And if you want a

2075
00:39:51,416 --> 00:39:52,166
circular economy,

2076
00:39:52,166 --> 00:39:52,750
you need the value

2077
00:39:52,750 --> 00:39:54,458
of the currency to to remain.

2078
00:39:54,458 --> 00:39:55,791
So I fully agree with you.

2079
00:39:55,791 --> 00:39:57,416
Like for me, new

2080
00:39:57,416 --> 00:39:57,916
and medium

2081
00:39:57,916 --> 00:39:58,916
of exchange are one

2082
00:39:58,916 --> 00:39:59,666
and the same.

2083
00:39:59,666 --> 00:40:00,750
You cannot have a medium

2084
00:40:00,750 --> 00:40:03,125
of exchange without new

2085
00:40:03,125 --> 00:40:04,666
or at least you know

2086
00:40:04,666 --> 00:40:05,833
NI like it's

2087
00:40:05,833 --> 00:40:07,041
either number goes

2088
00:40:07,041 --> 00:40:08,750
equal or number goes up like

2089
00:40:08,750 --> 00:40:09,500
it needs to be either

2090
00:40:09,500 --> 00:40:10,875
equal or up, right.

2091
00:40:10,875 --> 00:40:11,375
For people

2092
00:40:11,375 --> 00:40:11,875
to accept

2093
00:40:11,875 --> 00:40:13,416
as a medium of exchange.

2094
00:40:13,416 --> 00:40:15,041
And I don't,

2095
00:40:15,041 --> 00:40:16,250
I don't really see.

2096
00:40:16,250 --> 00:40:17,333
And that's another huge

2097
00:40:17,333 --> 00:40:18,291
philosophical argument,

2098
00:40:18,291 --> 00:40:18,583
I guess.

2099
00:40:18,583 --> 00:40:19,333
But I,

2100
00:40:19,333 --> 00:40:21,500
I, I don't really see the new

2101
00:40:21,500 --> 00:40:22,666
use case

2102
00:40:22,666 --> 00:40:24,416
being at least that solid

2103
00:40:24,416 --> 00:40:25,708
without medium of exchange.

2104
00:40:25,708 --> 00:40:26,750
Right.

2105
00:40:26,750 --> 00:40:28,375
And, of course,

2106
00:40:28,375 --> 00:40:28,916
the reason why

2107
00:40:28,916 --> 00:40:29,416
people buy

2108
00:40:29,416 --> 00:40:30,208
beachfront property

2109
00:40:30,208 --> 00:40:32,458
is because it is, scarce.

2110
00:40:32,458 --> 00:40:34,250
Right? So land is not scarce.

2111
00:40:34,250 --> 00:40:35,041
There's a lot of land,

2112
00:40:35,041 --> 00:40:36,000
but what's scarce

2113
00:40:36,000 --> 00:40:36,916
is beachfront land

2114
00:40:36,916 --> 00:40:37,750
that's fucking scarce.

2115
00:40:37,750 --> 00:40:38,708
And especially

2116
00:40:38,708 --> 00:40:40,041
with a nice view.

2117
00:40:40,041 --> 00:40:41,000
And people understand

2118
00:40:41,000 --> 00:40:42,208
scarcity instinctively.

2119
00:40:42,208 --> 00:40:43,625
They understand that if I

2120
00:40:43,625 --> 00:40:45,000
buy something that is scarce,

2121
00:40:46,208 --> 00:40:46,958
and it's

2122
00:40:46,958 --> 00:40:47,666
like a very, like,

2123
00:40:47,666 --> 00:40:48,500
80 IQ way

2124
00:40:48,500 --> 00:40:49,083
of thinking about it.

2125
00:40:49,083 --> 00:40:49,541
But it's like,

2126
00:40:49,541 --> 00:40:50,166
if I buy something

2127
00:40:50,166 --> 00:40:50,750
that's rare, it's

2128
00:40:50,750 --> 00:40:51,458
going to go up

2129
00:40:51,458 --> 00:40:53,208
and this land is facing

2130
00:40:53,208 --> 00:40:53,750
the ocean,

2131
00:40:53,750 --> 00:40:55,875
and there's only eight lots

2132
00:40:55,875 --> 00:40:56,791
that are looking

2133
00:40:56,791 --> 00:40:57,666
at the ocean here.

2134
00:40:57,666 --> 00:40:58,833
So and clearly

2135
00:40:58,833 --> 00:41:00,958
we cannot build more

2136
00:41:00,958 --> 00:41:02,000
ocean view lots.

2137
00:41:02,000 --> 00:41:02,666
I mean, you know,

2138
00:41:02,666 --> 00:41:03,708
you can build more condos,

2139
00:41:03,708 --> 00:41:04,375
but you can't build

2140
00:41:04,375 --> 00:41:05,250
oceanview lots.

2141
00:41:05,250 --> 00:41:05,958
Like there's just

2142
00:41:05,958 --> 00:41:06,875
a finite amount of

2143
00:41:06,875 --> 00:41:08,916
ocean of view in the world.

2144
00:41:08,916 --> 00:41:10,083
So people understand that.

2145
00:41:10,083 --> 00:41:11,875
And they respond by buying it

2146
00:41:11,875 --> 00:41:13,583
and investing in it. Right.

2147
00:41:13,583 --> 00:41:14,833
So, so seeking

2148
00:41:14,833 --> 00:41:16,833
scarcity is just

2149
00:41:16,833 --> 00:41:18,291
it's probably hardwired

2150
00:41:18,291 --> 00:41:20,250
in our brain through,

2151
00:41:20,250 --> 00:41:20,500
you know,

2152
00:41:20,500 --> 00:41:21,458
the human evolution.

2153
00:41:21,458 --> 00:41:22,166
We understand that

2154
00:41:22,166 --> 00:41:24,125
there's some things that are,

2155
00:41:24,125 --> 00:41:24,916
hard to get.

2156
00:41:24,916 --> 00:41:26,500
And if you find something

2157
00:41:26,500 --> 00:41:27,208
that's hard to get

2158
00:41:27,208 --> 00:41:27,958
and you can get it,

2159
00:41:27,958 --> 00:41:28,916
you should probably get it,

2160
00:41:28,916 --> 00:41:29,250
because

2161
00:41:29,250 --> 00:41:30,750
even if you don't want it,

2162
00:41:30,750 --> 00:41:31,750
someone else might want it

2163
00:41:31,750 --> 00:41:33,000
in the future.

2164
00:41:33,000 --> 00:41:34,041
So so scarcity

2165
00:41:34,041 --> 00:41:34,958
is, like, baked in,

2166
00:41:36,291 --> 00:41:37,916
and of course, that's,

2167
00:41:37,916 --> 00:41:38,541
that's that's

2168
00:41:38,541 --> 00:41:39,916
why real estate,

2169
00:41:39,916 --> 00:41:41,000
especially like,

2170
00:41:41,000 --> 00:41:42,291
land costs are,

2171
00:41:42,291 --> 00:41:44,833
like, insane, insanely high,

2172
00:41:44,833 --> 00:41:45,291
because of that

2173
00:41:45,291 --> 00:41:46,083
pursuit of scarcity,

2174
00:41:46,083 --> 00:41:47,250
which is ingrained,

2175
00:41:47,250 --> 00:41:48,583
I think, in the human psyche.

2176
00:41:48,583 --> 00:41:49,458
And regarding ordinals,

2177
00:41:49,458 --> 00:41:50,583
you know, as

2178
00:41:50,583 --> 00:41:53,458
I was very, very a perturbed

2179
00:41:53,458 --> 00:41:54,583
because I'm, I'm

2180
00:41:54,583 --> 00:41:57,166
a big proponent of,

2181
00:41:57,166 --> 00:41:58,041
and also, you know,

2182
00:41:58,041 --> 00:41:59,000
what's interesting,

2183
00:41:59,000 --> 00:42:00,000
when you run a company

2184
00:42:00,000 --> 00:42:00,750
like Bitcoin,

2185
00:42:00,750 --> 00:42:01,666
every purchase

2186
00:42:01,666 --> 00:42:03,291
is a Bitcoin withdrawal.

2187
00:42:03,291 --> 00:42:03,625
Okay.

2188
00:42:03,625 --> 00:42:04,541
So we do a lot of

2189
00:42:04,541 --> 00:42:06,208
transactions like,

2190
00:42:06,208 --> 00:42:08,125
we may not have as many users

2191
00:42:08,125 --> 00:42:09,791
as Coinbase,

2192
00:42:09,791 --> 00:42:11,250
and Kraken and Bitfinex,

2193
00:42:11,250 --> 00:42:11,958
but we do

2194
00:42:11,958 --> 00:42:12,916
a lot of transactions

2195
00:42:12,916 --> 00:42:14,708
because 100% of every trade

2196
00:42:14,708 --> 00:42:16,250
is a Bitcoin payment.

2197
00:42:16,250 --> 00:42:18,208
And even though we,

2198
00:42:18,208 --> 00:42:19,875
we have used lightning since,

2199
00:42:19,875 --> 00:42:20,583
I mean,

2200
00:42:20,583 --> 00:42:22,041
the first lightning prototype

2201
00:42:22,041 --> 00:42:23,541
we did was 2018

2202
00:42:23,541 --> 00:42:24,416
didn't work really well.

2203
00:42:24,416 --> 00:42:25,125
And then we fully

2204
00:42:25,125 --> 00:42:26,708
launched it in 2021. I think,

2205
00:42:27,958 --> 00:42:28,500
it's it's

2206
00:42:28,500 --> 00:42:29,250
mostly on chain, right.

2207
00:42:29,250 --> 00:42:30,083
It's still still

2208
00:42:30,083 --> 00:42:31,375
mostly on chain.

2209
00:42:31,375 --> 00:42:34,166
And we also we also do

2210
00:42:34,166 --> 00:42:34,458
a lot

2211
00:42:34,458 --> 00:42:37,458
of internal transactions,

2212
00:42:37,458 --> 00:42:38,708
to manage our wallets

2213
00:42:38,708 --> 00:42:39,500
in order to,

2214
00:42:39,500 --> 00:42:40,833
let's just call it,

2215
00:42:40,833 --> 00:42:41,875
make it harder

2216
00:42:41,875 --> 00:42:43,583
for hackers and fraudsters

2217
00:42:43,583 --> 00:42:45,000
to spy on our users. Right.

2218
00:42:45,000 --> 00:42:45,750
So so we do

2219
00:42:45,750 --> 00:42:46,125
a lot of

2220
00:42:46,125 --> 00:42:46,916
unchained transactions.

2221
00:42:46,916 --> 00:42:49,291
So when the fees go up,

2222
00:42:49,291 --> 00:42:50,041
it actually does

2223
00:42:50,041 --> 00:42:51,500
cost me a lot more money.

2224
00:42:51,500 --> 00:42:54,000
And, you know, at some point,

2225
00:42:54,000 --> 00:42:56,125
the, the amount of money

2226
00:42:56,125 --> 00:42:57,000
I'm spending on fees

2227
00:42:57,000 --> 00:42:57,708
per month

2228
00:42:57,708 --> 00:42:58,833
is, is an amount

2229
00:42:58,833 --> 00:43:00,000
that's so high

2230
00:43:00,000 --> 00:43:00,750
that I think

2231
00:43:00,750 --> 00:43:01,500
people would blush,

2232
00:43:01,500 --> 00:43:03,916
you know, that I,

2233
00:43:03,916 --> 00:43:05,250
I'm a big financier

2234
00:43:05,250 --> 00:43:05,916
of the Bitcoin

2235
00:43:05,916 --> 00:43:06,541
mining industry.

2236
00:43:06,541 --> 00:43:08,000
Let's just say for bitcoin.

2237
00:43:08,000 --> 00:43:09,000
So obviously when the fees

2238
00:43:09,000 --> 00:43:10,583
go really high it hurts.

2239
00:43:10,583 --> 00:43:11,750
And even though we are

2240
00:43:11,750 --> 00:43:14,208
doing our best to optimize,

2241
00:43:15,916 --> 00:43:18,833
the, the subsidy of

2242
00:43:18,833 --> 00:43:20,041
Bitcoin VC money

2243
00:43:20,041 --> 00:43:21,041
into the Bitcoin

2244
00:43:21,041 --> 00:43:23,583
network is being,

2245
00:43:23,583 --> 00:43:24,458
so these technologies

2246
00:43:24,458 --> 00:43:25,041
are subsidized

2247
00:43:25,041 --> 00:43:26,125
to make Bitcoin transactions

2248
00:43:26,125 --> 00:43:27,541
that we also have to pay for.

2249
00:43:27,541 --> 00:43:28,333
And it's like,

2250
00:43:28,333 --> 00:43:29,083
you know, people say,

2251
00:43:29,083 --> 00:43:30,333
hey, like let them spend

2252
00:43:30,333 --> 00:43:32,333
let them spend their money

2253
00:43:32,333 --> 00:43:33,291
like idiots. Yeah.

2254
00:43:33,291 --> 00:43:34,541
But like

2255
00:43:34,541 --> 00:43:35,875
I'm also spending the money.

2256
00:43:35,875 --> 00:43:36,250
Right.

2257
00:43:36,250 --> 00:43:37,583
So like when they expand

2258
00:43:37,583 --> 00:43:39,083
the chain, I spend money too.

2259
00:43:39,083 --> 00:43:39,750
It's not just them

2260
00:43:39,750 --> 00:43:40,500
that are wasting money,

2261
00:43:40,500 --> 00:43:43,250
they're wasting my money. So,

2262
00:43:43,250 --> 00:43:44,375
and and obviously

2263
00:43:44,375 --> 00:43:44,875
I agree with you.

2264
00:43:44,875 --> 00:43:45,958
Bitcoin should not be a data

2265
00:43:45,958 --> 00:43:48,125
layer and, usage.

2266
00:43:48,125 --> 00:43:48,791
Yeah.

2267
00:43:48,791 --> 00:43:49,625
More importantly,

2268
00:43:49,625 --> 00:43:50,958
they both the utxo

2269
00:43:50,958 --> 00:43:51,958
set and make,

2270
00:43:51,958 --> 00:43:52,708
running a node

2271
00:43:52,708 --> 00:43:53,458
is firing up

2272
00:43:53,458 --> 00:43:54,458
a node more costly.

2273
00:43:54,458 --> 00:43:55,458
And that's absolutely

2274
00:43:55,458 --> 00:43:56,708
crucial to so,

2275
00:43:56,708 --> 00:43:57,625
so it's a bad behavior

2276
00:43:57,625 --> 00:43:58,458
and it's a flaw of

2277
00:43:58,458 --> 00:43:59,750
the fiat system.

2278
00:43:59,750 --> 00:44:01,500
This infinite lending thing

2279
00:44:01,500 --> 00:44:03,375
that allows them allows them

2280
00:44:03,375 --> 00:44:05,000
this amount of cash to

2281
00:44:05,000 --> 00:44:06,291
to do bullshit

2282
00:44:06,291 --> 00:44:07,500
like it's not productive.

2283
00:44:07,500 --> 00:44:08,875
No one in the world,

2284
00:44:08,875 --> 00:44:10,291
humanity is not better off

2285
00:44:10,291 --> 00:44:11,500
because someone spams

2286
00:44:11,500 --> 00:44:12,791
the blockchain with JPEGs.

2287
00:44:12,791 --> 00:44:14,458
Like that's just not okay.

2288
00:44:14,458 --> 00:44:15,291
And I think that

2289
00:44:15,291 --> 00:44:16,541
there are so many like

2290
00:44:16,541 --> 00:44:16,833
we're going

2291
00:44:16,833 --> 00:44:18,000
to see more of these,

2292
00:44:18,000 --> 00:44:20,750
like late stage Fiat games,

2293
00:44:20,750 --> 00:44:22,791
like having their,

2294
00:44:22,791 --> 00:44:24,583
debit bounces.

2295
00:44:24,583 --> 00:44:25,041
Yeah.

2296
00:44:25,041 --> 00:44:26,250
Trying to trying

2297
00:44:26,250 --> 00:44:28,625
to like, mess with bitcoin,

2298
00:44:28,625 --> 00:44:28,916
you know,

2299
00:44:28,916 --> 00:44:30,375
various degrees of success.

2300
00:44:30,375 --> 00:44:32,041
But it requires bitcoiners

2301
00:44:32,041 --> 00:44:33,500
to be somewhat vigilant

2302
00:44:33,500 --> 00:44:33,916
and like,

2303
00:44:33,916 --> 00:44:34,750
take the fights

2304
00:44:34,750 --> 00:44:35,500
when we need them.

2305
00:44:35,500 --> 00:44:36,083
I mean, yeah,

2306
00:44:36,083 --> 00:44:37,083
we won the battle,

2307
00:44:37,083 --> 00:44:37,875
the big battle,

2308
00:44:37,875 --> 00:44:38,875
like the hash size

2309
00:44:38,875 --> 00:44:41,500
or the block size force or,

2310
00:44:41,500 --> 00:44:42,208
which were never

2311
00:44:42,208 --> 00:44:42,916
about block size

2312
00:44:42,916 --> 00:44:43,916
but about control.

2313
00:44:43,916 --> 00:44:44,750
But we want that.

2314
00:44:44,750 --> 00:44:45,250
So like,

2315
00:44:45,250 --> 00:44:46,166
we showed the man

2316
00:44:46,166 --> 00:44:47,875
that the users are in charge.

2317
00:44:47,875 --> 00:44:48,500
We need to

2318
00:44:48,500 --> 00:44:49,125
win the next

2319
00:44:49,125 --> 00:44:50,166
such battle as well.

2320
00:44:50,166 --> 00:44:51,416
We need to stay vigilant.

2321
00:44:51,416 --> 00:44:52,708
The AI, in my view,

2322
00:44:52,708 --> 00:44:53,250
is absolutely

2323
00:44:53,250 --> 00:44:55,458
the only only threat to to

2324
00:44:55,458 --> 00:44:56,583
to Bitcoin is

2325
00:44:58,500 --> 00:44:59,750
the US not being

2326
00:44:59,750 --> 00:45:02,000
vigilant enough or it's,

2327
00:45:02,000 --> 00:45:03,125
what is the complacency

2328
00:45:03,125 --> 00:45:04,375
is the word I'm looking for

2329
00:45:04,375 --> 00:45:06,500
like absolutely, absolutely.

2330
00:45:06,500 --> 00:45:07,583
Yeah.

2331
00:45:07,583 --> 00:45:08,666
There is like this phenomenon

2332
00:45:08,666 --> 00:45:10,500
that okay, so,

2333
00:45:10,500 --> 00:45:11,000
everything's

2334
00:45:11,000 --> 00:45:13,041
good for Bitcoin. Why?

2335
00:45:13,041 --> 00:45:13,458
Okay.

2336
00:45:13,458 --> 00:45:14,375
So so this is something

2337
00:45:14,375 --> 00:45:15,333
that a lot of Bitcoin is

2338
00:45:15,333 --> 00:45:16,250
say like well

2339
00:45:16,250 --> 00:45:16,750
everything good

2340
00:45:16,750 --> 00:45:17,375
for Bitcoin anyway.

2341
00:45:17,375 --> 00:45:18,500
So why is everything good

2342
00:45:18,500 --> 00:45:19,000
for bitcoin.

2343
00:45:19,000 --> 00:45:19,791
Well that's

2344
00:45:19,791 --> 00:45:21,333
because of the antifragile

2345
00:45:21,333 --> 00:45:22,208
nature of bitcoin.

2346
00:45:22,208 --> 00:45:23,416
Like let's go deep in that.

2347
00:45:23,416 --> 00:45:26,000
And Bitcoin is antifragile

2348
00:45:26,000 --> 00:45:26,500
because it's

2349
00:45:26,500 --> 00:45:27,375
composed of humans

2350
00:45:27,375 --> 00:45:28,166
which react.

2351
00:45:28,166 --> 00:45:29,833
It has white blood cells

2352
00:45:29,833 --> 00:45:31,166
which are nodes. Right.

2353
00:45:31,166 --> 00:45:31,625
And so

2354
00:45:31,625 --> 00:45:33,041
if the white blood cells

2355
00:45:33,041 --> 00:45:34,208
don't do their job

2356
00:45:34,208 --> 00:45:34,791
and Bitcoin

2357
00:45:34,791 --> 00:45:36,000
is not antifragile.

2358
00:45:36,000 --> 00:45:37,166
And in that case not

2359
00:45:37,166 --> 00:45:37,916
everything is good

2360
00:45:37,916 --> 00:45:38,583
for Bitcoin,

2361
00:45:38,583 --> 00:45:39,333
everything is good

2362
00:45:39,333 --> 00:45:39,958
for Bitcoin.

2363
00:45:39,958 --> 00:45:41,000
As long as as you say,

2364
00:45:41,000 --> 00:45:41,541
as long as we

2365
00:45:41,541 --> 00:45:42,208
remain vigilant.

2366
00:45:42,208 --> 00:45:43,916
That's like the premise.

2367
00:45:43,916 --> 00:45:44,416
So people should

2368
00:45:44,416 --> 00:45:44,916
say everything's

2369
00:45:44,916 --> 00:45:45,958
good for Bitcoin

2370
00:45:45,958 --> 00:45:47,166
as long as we are

2371
00:45:47,166 --> 00:45:48,208
not complacent. Right.

2372
00:45:48,208 --> 00:45:49,041
That's like the

2373
00:45:49,041 --> 00:45:49,791
the thing that people

2374
00:45:49,791 --> 00:45:50,916
don't said the second,

2375
00:45:50,916 --> 00:45:51,833
the second part of the

2376
00:45:51,833 --> 00:45:53,000
of the mantra

2377
00:45:53,000 --> 00:45:54,208
and what

2378
00:45:54,208 --> 00:45:55,125
when when the original

2379
00:45:55,125 --> 00:45:56,916
things happened, I,

2380
00:45:56,916 --> 00:45:58,000
you know, I was

2381
00:45:58,000 --> 00:45:58,791
I was very upset

2382
00:45:58,791 --> 00:46:00,000
because I was thinking like,

2383
00:46:00,000 --> 00:46:02,666
these guys are using

2384
00:46:02,666 --> 00:46:03,500
we are in a time

2385
00:46:03,500 --> 00:46:04,791
frame of easy money.

2386
00:46:04,791 --> 00:46:05,333
So. Right.

2387
00:46:05,333 --> 00:46:06,041
So there's

2388
00:46:06,041 --> 00:46:07,041
the fiat money printer,

2389
00:46:07,041 --> 00:46:08,333
which goes down to the funds,

2390
00:46:08,333 --> 00:46:09,583
which goes down to the LPs,

2391
00:46:09,583 --> 00:46:10,625
which goes to the VCs,

2392
00:46:10,625 --> 00:46:11,875
which goes to the owners

2393
00:46:11,875 --> 00:46:12,208
to pay

2394
00:46:12,208 --> 00:46:13,666
for their Bitcoin fees.

2395
00:46:13,666 --> 00:46:14,125
Right.

2396
00:46:14,125 --> 00:46:15,500
So it all flows

2397
00:46:15,500 --> 00:46:16,625
from the money printer

2398
00:46:16,625 --> 00:46:17,833
because in a sane

2399
00:46:17,833 --> 00:46:20,500
society like, you know,

2400
00:46:20,500 --> 00:46:22,791
most downward the right

2401
00:46:22,791 --> 00:46:24,041
and like

2402
00:46:24,041 --> 00:46:24,958
and like in a sane

2403
00:46:24,958 --> 00:46:26,708
society like,

2404
00:46:26,708 --> 00:46:28,083
of course nobody would spend

2405
00:46:28,083 --> 00:46:29,458
thousands of bitcoins

2406
00:46:29,458 --> 00:46:30,125
on transaction

2407
00:46:30,125 --> 00:46:30,625
fees like we had

2408
00:46:30,625 --> 00:46:33,916
of the housing in 2024, 2024.

2409
00:46:33,916 --> 00:46:34,166
Right.

2410
00:46:35,375 --> 00:46:37,250
So, so

2411
00:46:37,250 --> 00:46:37,791
that's that's

2412
00:46:37,791 --> 00:46:38,208
completely

2413
00:46:38,208 --> 00:46:39,500
irrational behavior

2414
00:46:39,500 --> 00:46:40,208
for people to,

2415
00:46:40,208 --> 00:46:41,125
to spend bitcoin

2416
00:46:41,125 --> 00:46:42,291
transaction fees

2417
00:46:42,291 --> 00:46:43,958
in order to get their Jpeg

2418
00:46:43,958 --> 00:46:45,291
faster than the other guy's

2419
00:46:45,291 --> 00:46:46,541
Jpeg onto,

2420
00:46:46,541 --> 00:46:48,208
whatever it is, the scheme 20

2421
00:46:48,208 --> 00:46:49,250
I don't know.

2422
00:46:49,250 --> 00:46:51,041
So it is obviously behavior

2423
00:46:51,041 --> 00:46:53,041
that is eliminated,

2424
00:46:53,041 --> 00:46:56,041
from the market over time.

2425
00:46:56,083 --> 00:46:57,625
As the subsidy of the money

2426
00:46:57,625 --> 00:46:59,333
printer, it goes away. Right.

2427
00:46:59,333 --> 00:47:00,166
But

2428
00:47:00,166 --> 00:47:00,625
but you have

2429
00:47:00,625 --> 00:47:02,458
these short term,

2430
00:47:02,458 --> 00:47:03,416
periods of time

2431
00:47:03,416 --> 00:47:04,791
where the market

2432
00:47:04,791 --> 00:47:06,000
has not readjusted itself.

2433
00:47:06,000 --> 00:47:06,291
Right?

2434
00:47:06,291 --> 00:47:07,500
And they actually do,

2435
00:47:07,500 --> 00:47:08,666
some damage.

2436
00:47:08,666 --> 00:47:09,833
What eventually,

2437
00:47:09,833 --> 00:47:10,750
you know, and the beginning,

2438
00:47:10,750 --> 00:47:11,541
I was like, fuck it.

2439
00:47:11,541 --> 00:47:13,166
Like I was the kind of like,

2440
00:47:13,166 --> 00:47:14,500
on the mechanic,

2441
00:47:14,500 --> 00:47:15,625
bitcoin mechanic, like,

2442
00:47:15,625 --> 00:47:16,375
side of things

2443
00:47:16,375 --> 00:47:17,500
where I was like,

2444
00:47:17,500 --> 00:47:18,541
we should fix the filters.

2445
00:47:18,541 --> 00:47:19,708
And that was my first thing.

2446
00:47:19,708 --> 00:47:19,958
It's like,

2447
00:47:19,958 --> 00:47:20,791
we should fix the filters.

2448
00:47:20,791 --> 00:47:21,458
We should

2449
00:47:21,458 --> 00:47:22,500
increase the dust limit.

2450
00:47:22,500 --> 00:47:23,125
We should.

2451
00:47:23,125 --> 00:47:24,958
We should do that something.

2452
00:47:24,958 --> 00:47:25,541
And then,

2453
00:47:26,833 --> 00:47:28,041
you know,

2454
00:47:28,041 --> 00:47:31,375
I, I began to realize that

2455
00:47:31,583 --> 00:47:32,333
there is

2456
00:47:32,333 --> 00:47:33,125
things that we can do.

2457
00:47:33,125 --> 00:47:33,750
There are things

2458
00:47:33,750 --> 00:47:34,916
that we can do.

2459
00:47:34,916 --> 00:47:37,166
But these are like,

2460
00:47:37,166 --> 00:47:38,041
these are some pretty

2461
00:47:38,041 --> 00:47:38,791
severe nuclear

2462
00:47:38,791 --> 00:47:39,708
options, right?

2463
00:47:39,708 --> 00:47:41,000
And,

2464
00:47:41,000 --> 00:47:42,125
they require us

2465
00:47:42,125 --> 00:47:43,166
to be willing to die

2466
00:47:43,166 --> 00:47:43,708
on that hill.

2467
00:47:43,708 --> 00:47:45,166
Like we could

2468
00:47:45,166 --> 00:47:46,541
we could solve for Bitcoin

2469
00:47:46,541 --> 00:47:47,166
and, like, reduce

2470
00:47:47,166 --> 00:47:47,750
the block size.

2471
00:47:47,750 --> 00:47:49,666
We could,

2472
00:47:49,666 --> 00:47:51,833
you know,

2473
00:47:51,833 --> 00:47:53,958
we could do some things with,

2474
00:47:53,958 --> 00:47:54,750
like removing

2475
00:47:54,750 --> 00:47:55,666
the SegWit discount,

2476
00:47:55,666 --> 00:47:56,791
for example. Right.

2477
00:47:56,791 --> 00:47:57,708
That was put in,

2478
00:47:57,708 --> 00:47:58,000
which is

2479
00:47:58,000 --> 00:47:59,625
what was initially exploited

2480
00:47:59,625 --> 00:48:00,958
by the Taproot Wizards,

2481
00:48:00,958 --> 00:48:01,875
which is the fact that,

2482
00:48:01,875 --> 00:48:02,958
you know,

2483
00:48:02,958 --> 00:48:03,833
some part of the data

2484
00:48:03,833 --> 00:48:04,583
is not counted

2485
00:48:04,583 --> 00:48:05,541
towards the blocksize.

2486
00:48:05,541 --> 00:48:06,541
And, and,

2487
00:48:06,541 --> 00:48:08,000
you know, you can

2488
00:48:08,000 --> 00:48:08,666
you can sneak

2489
00:48:08,666 --> 00:48:10,125
your shit in there.

2490
00:48:10,125 --> 00:48:10,875
That was not part of

2491
00:48:10,875 --> 00:48:12,000
the social contract.

2492
00:48:12,000 --> 00:48:13,458
That was one of the things

2493
00:48:13,458 --> 00:48:15,333
an unforeseen consequence of,

2494
00:48:15,333 --> 00:48:15,791
yeah.

2495
00:48:15,791 --> 00:48:17,125
Well, well-intended move.

2496
00:48:17,125 --> 00:48:18,125
Yeah, yeah, yeah.

2497
00:48:18,125 --> 00:48:18,666
In hindsight,

2498
00:48:18,666 --> 00:48:19,791
that was definitely a bad,

2499
00:48:19,791 --> 00:48:20,500
a bad decision

2500
00:48:20,500 --> 00:48:21,750
because when, when the

2501
00:48:21,750 --> 00:48:22,416
and the block size

2502
00:48:22,416 --> 00:48:23,250
was increased. Right.

2503
00:48:23,250 --> 00:48:24,041
So I hate it

2504
00:48:24,041 --> 00:48:25,041
when people say that,

2505
00:48:25,041 --> 00:48:25,666
you know,

2506
00:48:25,666 --> 00:48:26,250
they refuse

2507
00:48:26,250 --> 00:48:26,875
to increase the size.

2508
00:48:26,875 --> 00:48:27,416
What if no, no,

2509
00:48:27,416 --> 00:48:28,291
it's increasing

2510
00:48:28,291 --> 00:48:29,916
by 150%, like.

2511
00:48:29,916 --> 00:48:31,916
Yeah, yeah, yeah,

2512
00:48:31,916 --> 00:48:33,416
yeah, I think I think it's,

2513
00:48:33,416 --> 00:48:34,375
it's,

2514
00:48:34,375 --> 00:48:35,875
blocks are pretty much three

2515
00:48:35,875 --> 00:48:37,250
and a half, megabytes. Yeah.

2516
00:48:37,250 --> 00:48:39,250
That's like 250% like. Yeah.

2517
00:48:39,250 --> 00:48:39,708
Because yeah,

2518
00:48:39,708 --> 00:48:39,958
they met

2519
00:48:39,958 --> 00:48:41,291
with one megabyte before.

2520
00:48:41,291 --> 00:48:42,083
Yeah, yeah.

2521
00:48:42,083 --> 00:48:42,625
And then,

2522
00:48:42,625 --> 00:48:43,208
and then the

2523
00:48:43,208 --> 00:48:44,875
social contract was

2524
00:48:44,875 --> 00:48:47,875
we want to encourage

2525
00:48:48,166 --> 00:48:49,791
the use of SegWit.

2526
00:48:49,791 --> 00:48:51,125
Therefore,

2527
00:48:51,125 --> 00:48:52,791
all the nodes agree

2528
00:48:52,791 --> 00:48:55,083
to subsidize its SegWit usage

2529
00:48:56,083 --> 00:48:57,625
by discounting the size.

2530
00:48:57,625 --> 00:48:58,250
Right.

2531
00:48:58,250 --> 00:48:58,833
This is

2532
00:48:58,833 --> 00:49:00,166
this is like very important.

2533
00:49:00,166 --> 00:49:02,458
Like we wanted to encourage

2534
00:49:02,458 --> 00:49:03,208
specific type

2535
00:49:03,208 --> 00:49:04,083
of transactions.

2536
00:49:04,083 --> 00:49:04,791
Therefore

2537
00:49:04,791 --> 00:49:06,500
we agreed to share the burden

2538
00:49:06,500 --> 00:49:07,916
of that transaction

2539
00:49:07,916 --> 00:49:08,750
because we want people

2540
00:49:08,750 --> 00:49:10,708
to move over to SegWit.

2541
00:49:10,708 --> 00:49:12,416
And then

2542
00:49:12,416 --> 00:49:13,250
the corners

2543
00:49:13,250 --> 00:49:14,458
that figure it out,

2544
00:49:14,458 --> 00:49:15,833
that they could use this

2545
00:49:15,833 --> 00:49:16,458
to put their

2546
00:49:16,458 --> 00:49:17,541
JPEGs on the chain.

2547
00:49:17,541 --> 00:49:20,750
So we are encouraging the use

2548
00:49:20,750 --> 00:49:21,708
of ordinals

2549
00:49:21,708 --> 00:49:23,291
with the SegWit discount

2550
00:49:23,291 --> 00:49:25,666
like we are encouraging it.

2551
00:49:25,666 --> 00:49:26,875
No, no, we're

2552
00:49:26,875 --> 00:49:29,083
encouraging the use of the,

2553
00:49:29,083 --> 00:49:31,041
false notion of ordinals

2554
00:49:31,041 --> 00:49:32,750
because they don't exist.

2555
00:49:32,750 --> 00:49:34,333
I know, I know, and

2556
00:49:34,333 --> 00:49:35,250
and of course, it's

2557
00:49:35,250 --> 00:49:36,333
an important point

2558
00:49:36,333 --> 00:49:37,958
because that we shouldn't

2559
00:49:37,958 --> 00:49:40,958
give the scammers like this.

2560
00:49:42,041 --> 00:49:42,750
We shouldn't

2561
00:49:42,750 --> 00:49:43,750
encourage them more

2562
00:49:43,750 --> 00:49:44,958
because what they are

2563
00:49:44,958 --> 00:49:45,416
selling is

2564
00:49:45,416 --> 00:49:46,500
complete vaporware.

2565
00:49:46,500 --> 00:49:47,041
First of all,

2566
00:49:47,041 --> 00:49:47,958
you can't own a JP.

2567
00:49:47,958 --> 00:49:48,625
But the thing is,

2568
00:49:48,625 --> 00:49:50,000
the sets aren't ordered.

2569
00:49:50,000 --> 00:49:51,666
They only ordered on a third

2570
00:49:51,666 --> 00:49:52,375
party website.

2571
00:49:52,375 --> 00:49:53,708
That has nothing to do with

2572
00:49:53,708 --> 00:49:54,500
with Bitcoin.

2573
00:49:54,500 --> 00:49:55,958
So it's all false.

2574
00:49:55,958 --> 00:49:56,916
It's like it's

2575
00:49:56,916 --> 00:49:58,041
like someone claiming

2576
00:49:58,041 --> 00:49:59,166
you can,

2577
00:49:59,166 --> 00:50:00,416
only own a star

2578
00:50:00,416 --> 00:50:01,916
in the Andromeda galaxy.

2579
00:50:01,916 --> 00:50:02,416
Yeah.

2580
00:50:02,416 --> 00:50:03,250
No, it's the same thing.

2581
00:50:03,250 --> 00:50:04,166
Yeah, it's.

2582
00:50:04,166 --> 00:50:04,958
Yeah, it's,

2583
00:50:04,958 --> 00:50:05,458
But but it's

2584
00:50:05,458 --> 00:50:06,916
not only like it's.

2585
00:50:06,916 --> 00:50:08,041
You can own a star

2586
00:50:08,041 --> 00:50:08,708
on this third

2587
00:50:08,708 --> 00:50:09,750
party website

2588
00:50:09,750 --> 00:50:11,416
that that shows a picture

2589
00:50:11,416 --> 00:50:13,166
of the Andromeda Galaxy.

2590
00:50:13,166 --> 00:50:13,500
Exactly.

2591
00:50:13,500 --> 00:50:14,416
And it will clog

2592
00:50:14,416 --> 00:50:15,333
people's nodes.

2593
00:50:15,333 --> 00:50:16,166
Fantastic.

2594
00:50:16,166 --> 00:50:16,916
Like it's

2595
00:50:16,916 --> 00:50:17,583
the oldest scam

2596
00:50:17,583 --> 00:50:18,166
in the book, man.

2597
00:50:18,166 --> 00:50:18,625
Like, they've

2598
00:50:18,625 --> 00:50:19,708
they've done this before.

2599
00:50:19,708 --> 00:50:20,083
Exactly.

2600
00:50:20,083 --> 00:50:21,041
Like selling moon land

2601
00:50:21,041 --> 00:50:21,458
or something.

2602
00:50:21,458 --> 00:50:22,000
You have a moon

2603
00:50:22,000 --> 00:50:22,750
land certificate.

2604
00:50:22,750 --> 00:50:23,875
Like, try to enforce that

2605
00:50:23,875 --> 00:50:24,875
without my

2606
00:50:24,875 --> 00:50:25,458
like your piece

2607
00:50:25,458 --> 00:50:26,208
of paper is worth. Yeah.

2608
00:50:26,208 --> 00:50:28,083
So also that's also don't

2609
00:50:28,083 --> 00:50:29,000
exist, right.

2610
00:50:29,000 --> 00:50:30,375
No. No. Exactly.

2611
00:50:30,375 --> 00:50:31,666
That itself

2612
00:50:31,666 --> 00:50:32,125
does exist

2613
00:50:32,125 --> 00:50:33,000
but sides don't exist.

2614
00:50:33,000 --> 00:50:34,375
So all of your entire

2615
00:50:34,375 --> 00:50:35,958
premise is false.

2616
00:50:35,958 --> 00:50:36,625
And like that's

2617
00:50:36,625 --> 00:50:37,416
that's also why

2618
00:50:37,416 --> 00:50:38,666
I had this, this war

2619
00:50:38,666 --> 00:50:39,583
with Bitcoin magazine,

2620
00:50:39,583 --> 00:50:40,666
which is really

2621
00:50:40,666 --> 00:50:41,791
which is really a shame

2622
00:50:41,791 --> 00:50:43,666
because I had that a really,

2623
00:50:43,666 --> 00:50:44,833
really long

2624
00:50:44,833 --> 00:50:46,041
and great relationship

2625
00:50:46,041 --> 00:50:46,916
with Bitcoin magazine,

2626
00:50:46,916 --> 00:50:48,333
because the Bitcoin Embassy

2627
00:50:48,333 --> 00:50:50,500
was the first retailer

2628
00:50:50,500 --> 00:50:51,833
of the Bitcoin magazine.

2629
00:50:51,833 --> 00:50:53,000
So in my office

2630
00:50:53,000 --> 00:50:55,208
in 2014, 2013,

2631
00:50:55,208 --> 00:50:57,000
I was selling physical copies

2632
00:50:57,000 --> 00:50:57,833
of the Bitcoin magazine

2633
00:50:57,833 --> 00:50:58,916
like a newsstand, you know.

2634
00:50:58,916 --> 00:51:01,416
So I knew David from way,

2635
00:51:01,416 --> 00:51:02,791
way, way, way, way back.

2636
00:51:02,791 --> 00:51:03,791
And that

2637
00:51:03,791 --> 00:51:04,833
thing with the originals,

2638
00:51:04,833 --> 00:51:05,375
that's that's

2639
00:51:05,375 --> 00:51:07,458
what I think like really was

2640
00:51:07,458 --> 00:51:08,541
bothering me so much.

2641
00:51:08,541 --> 00:51:10,250
It's like you,

2642
00:51:10,250 --> 00:51:11,458
it's somehow

2643
00:51:11,458 --> 00:51:14,458
real OG legit bitcoiners.

2644
00:51:14,708 --> 00:51:15,416
And despite

2645
00:51:15,416 --> 00:51:16,500
what you want to think about.

2646
00:51:16,500 --> 00:51:17,750
Bailey. Right.

2647
00:51:17,750 --> 00:51:18,083
You know,

2648
00:51:18,083 --> 00:51:19,083
he says some cringe things

2649
00:51:19,083 --> 00:51:19,791
sometimes he is

2650
00:51:19,791 --> 00:51:21,416
like a fucking real legit

2651
00:51:21,416 --> 00:51:22,500
og bitcoin or, you know,

2652
00:51:22,500 --> 00:51:24,333
and they were bamboozled

2653
00:51:24,333 --> 00:51:25,708
into thinking

2654
00:51:25,708 --> 00:51:26,458
that ordinals

2655
00:51:26,458 --> 00:51:28,166
are good for bitcoin. Right.

2656
00:51:28,166 --> 00:51:29,875
And like

2657
00:51:29,875 --> 00:51:31,666
how how exactly

2658
00:51:31,666 --> 00:51:33,375
this cognitive dissonance

2659
00:51:33,375 --> 00:51:34,583
appeared in their head

2660
00:51:34,583 --> 00:51:36,541
where it's a good thing

2661
00:51:36,541 --> 00:51:37,250
if all the shit coins

2662
00:51:37,250 --> 00:51:38,000
happened on Bitcoin

2663
00:51:38,000 --> 00:51:38,875
because I think it's

2664
00:51:38,875 --> 00:51:39,875
probably like Ethereum

2665
00:51:39,875 --> 00:51:41,916
derangement syndrome where

2666
00:51:41,916 --> 00:51:42,625
a lot of bitcoiners,

2667
00:51:42,625 --> 00:51:44,333
they hate Ethereum so much

2668
00:51:44,333 --> 00:51:45,791
that they are happy

2669
00:51:45,791 --> 00:51:47,250
to take away the shit corner

2670
00:51:47,250 --> 00:51:48,291
away from a theorem

2671
00:51:48,291 --> 00:51:49,500
and onto Bitcoin.

2672
00:51:49,500 --> 00:51:50,458
But at what cost?

2673
00:51:50,458 --> 00:51:51,333
You know, at the cost

2674
00:51:51,333 --> 00:51:52,083
of no

2675
00:51:52,083 --> 00:51:53,500
decentralization of Bitcoin.

2676
00:51:53,500 --> 00:51:55,666
Yeah, we were back at the

2677
00:51:55,666 --> 00:51:57,625
the monetary use cases,

2678
00:51:57,625 --> 00:51:58,708
being the only

2679
00:51:58,708 --> 00:51:59,750
legit use cases

2680
00:51:59,750 --> 00:52:01,458
because everything else you

2681
00:52:01,458 --> 00:52:02,833
reduces is functional.

2682
00:52:02,833 --> 00:52:04,208
I love the debate.

2683
00:52:04,208 --> 00:52:05,375
And I was like,

2684
00:52:05,375 --> 00:52:06,625
well, Bailey,

2685
00:52:06,625 --> 00:52:07,708
one thing he,

2686
00:52:07,708 --> 00:52:08,416
he tweeted once

2687
00:52:08,416 --> 00:52:09,250
that all roads

2688
00:52:09,250 --> 00:52:10,458
lead to Bitcoin.

2689
00:52:10,458 --> 00:52:11,750
And my first thought is yeah.

2690
00:52:11,750 --> 00:52:13,166
And I think I tweeted it back

2691
00:52:13,166 --> 00:52:13,708
like, yeah,

2692
00:52:13,708 --> 00:52:14,791
but there are roadblocks

2693
00:52:14,791 --> 00:52:15,500
like you can

2694
00:52:15,500 --> 00:52:16,500
put up roadblocks

2695
00:52:16,500 --> 00:52:17,541
and this is exactly

2696
00:52:17,541 --> 00:52:18,750
what you're doing by allowing

2697
00:52:18,750 --> 00:52:20,125
the shit coins to be here.

2698
00:52:20,125 --> 00:52:20,458
Yeah.

2699
00:52:20,458 --> 00:52:21,541
Like yeah there's no

2700
00:52:21,541 --> 00:52:22,041
there's no there's

2701
00:52:22,041 --> 00:52:22,583
no need to take

2702
00:52:22,583 --> 00:52:23,125
the long road.

2703
00:52:23,125 --> 00:52:24,083
And I don't know,

2704
00:52:24,083 --> 00:52:25,750
I think that's a detour.

2705
00:52:25,750 --> 00:52:26,541
And a lot of people think

2706
00:52:26,541 --> 00:52:27,375
like, oh, like shit.

2707
00:52:27,375 --> 00:52:29,000
Coining is a necessary part

2708
00:52:29,000 --> 00:52:30,208
of every bitcoin or is like.

2709
00:52:30,208 --> 00:52:30,708
So I mean, it's

2710
00:52:30,708 --> 00:52:31,791
not it's not like

2711
00:52:31,791 --> 00:52:33,166
I never had a coin face,

2712
00:52:33,166 --> 00:52:34,250
but I mean, you know,

2713
00:52:34,250 --> 00:52:35,833
I had and $10,

2714
00:52:35,833 --> 00:52:37,833
I spent $10 on a coin, $1

2715
00:52:37,833 --> 00:52:38,500
and each

2716
00:52:38,500 --> 00:52:39,833
and eight of them went down

2717
00:52:39,833 --> 00:52:40,583
and two went up.

2718
00:52:40,583 --> 00:52:41,541
And I'm like, fuck this.

2719
00:52:41,541 --> 00:52:42,916
I'm never going to like,

2720
00:52:42,916 --> 00:52:44,000
it's bullshit anyway.

2721
00:52:44,000 --> 00:52:44,625
Like so.

2722
00:52:44,625 --> 00:52:45,166
And it's like,

2723
00:52:45,166 --> 00:52:47,250
why I, I,

2724
00:52:47,250 --> 00:52:48,541
you know, a lot of normies,

2725
00:52:48,541 --> 00:52:49,166
you know,

2726
00:52:49,166 --> 00:52:50,750
they don't need to get rekt

2727
00:52:50,750 --> 00:52:51,083
in order

2728
00:52:51,083 --> 00:52:51,958
to understand Bitcoin

2729
00:52:51,958 --> 00:52:52,416
like I can.

2730
00:52:52,416 --> 00:52:53,583
You can persuade them

2731
00:52:53,583 --> 00:52:54,833
not to get rekt.

2732
00:52:54,833 --> 00:52:55,916
There's, there's no neces

2733
00:52:55,916 --> 00:52:56,875
it's not necessary

2734
00:52:56,875 --> 00:52:58,250
for them to get rekt. Right.

2735
00:52:58,250 --> 00:52:59,333
And I, I find it

2736
00:52:59,333 --> 00:53:00,291
I find it very, very sad

2737
00:53:00,291 --> 00:53:01,000
because a lot of people

2738
00:53:01,000 --> 00:53:02,250
and also they say like,

2739
00:53:02,250 --> 00:53:03,083
well, you know,

2740
00:53:03,083 --> 00:53:04,041
if you're buying Trump

2741
00:53:04,041 --> 00:53:05,000
coin it's

2742
00:53:05,000 --> 00:53:05,375
because you're

2743
00:53:05,375 --> 00:53:06,416
fucking retards

2744
00:53:06,416 --> 00:53:08,125
and it's it's two by three.

2745
00:53:08,125 --> 00:53:08,666
There's a lot of,

2746
00:53:08,666 --> 00:53:09,958
there's a lot of like victim

2747
00:53:09,958 --> 00:53:11,250
shaming in Bitcoin

2748
00:53:11,250 --> 00:53:12,208
where it's like,

2749
00:53:12,208 --> 00:53:12,625
well,

2750
00:53:12,625 --> 00:53:13,500
if you're investing

2751
00:53:13,500 --> 00:53:14,458
in these coins,

2752
00:53:14,458 --> 00:53:15,500
you're fucking retarded.

2753
00:53:15,500 --> 00:53:15,916
Well,

2754
00:53:15,916 --> 00:53:16,583
you have to see it

2755
00:53:16,583 --> 00:53:17,541
from their perspective.

2756
00:53:17,541 --> 00:53:18,708
Like they are not inside

2757
00:53:18,708 --> 00:53:19,625
the maxi circles

2758
00:53:19,625 --> 00:53:20,125
and they don't

2759
00:53:20,125 --> 00:53:21,375
necessarily understand.

2760
00:53:21,375 --> 00:53:22,416
And they think

2761
00:53:22,416 --> 00:53:23,583
that bitcoin

2762
00:53:23,583 --> 00:53:24,958
and crypto is one thing.

2763
00:53:24,958 --> 00:53:26,041
And they heard about Bitcoin.

2764
00:53:26,041 --> 00:53:26,875
They like Bitcoin.

2765
00:53:26,875 --> 00:53:27,333
So everything

2766
00:53:27,333 --> 00:53:28,208
must be the same.

2767
00:53:28,208 --> 00:53:28,750
And they are

2768
00:53:28,750 --> 00:53:30,291
getting defrauded

2769
00:53:30,291 --> 00:53:32,500
by psychological abuse

2770
00:53:32,500 --> 00:53:34,041
and manipulation by con men.

2771
00:53:34,041 --> 00:53:34,625
Right.

2772
00:53:34,625 --> 00:53:35,541
And it's like

2773
00:53:35,541 --> 00:53:37,250
some of them are gen gamblers

2774
00:53:37,250 --> 00:53:37,958
that know what

2775
00:53:37,958 --> 00:53:38,750
they're getting into.

2776
00:53:38,750 --> 00:53:39,500
It's kind of like

2777
00:53:39,500 --> 00:53:40,416
the casino, right?

2778
00:53:40,416 --> 00:53:41,375
So some people are

2779
00:53:41,375 --> 00:53:42,875
professional poker players

2780
00:53:42,875 --> 00:53:43,666
and they know what

2781
00:53:43,666 --> 00:53:44,333
they're getting into,

2782
00:53:44,333 --> 00:53:46,833
but some people are being

2783
00:53:46,833 --> 00:53:47,750
and like not

2784
00:53:47,750 --> 00:53:48,958
everybody is high IQ

2785
00:53:48,958 --> 00:53:50,458
and not everybody is

2786
00:53:50,458 --> 00:53:51,916
is has wisdom.

2787
00:53:51,916 --> 00:53:53,166
And just because someone

2788
00:53:53,166 --> 00:53:54,208
is a little stupid

2789
00:53:54,208 --> 00:53:55,250
and like it's

2790
00:53:55,250 --> 00:53:56,916
not it's not knowledgeable

2791
00:53:56,916 --> 00:53:57,875
does not

2792
00:53:57,875 --> 00:53:58,916
does not make it

2793
00:53:58,916 --> 00:53:59,750
okay for them

2794
00:53:59,750 --> 00:54:01,375
to be to to be scam.

2795
00:54:01,375 --> 00:54:02,458
And like the reason

2796
00:54:02,458 --> 00:54:02,958
why I became

2797
00:54:02,958 --> 00:54:03,958
so toxic, by the way,

2798
00:54:03,958 --> 00:54:05,250
is because when you run

2799
00:54:05,250 --> 00:54:07,000
a physical bitcoin office

2800
00:54:07,000 --> 00:54:09,500
like I did from 2013 to 2017

2801
00:54:09,500 --> 00:54:10,166
and like I'm doing

2802
00:54:10,166 --> 00:54:11,208
now in Costa Rica,

2803
00:54:12,541 --> 00:54:13,250
you see the

2804
00:54:13,250 --> 00:54:14,666
scammer, the scam

2805
00:54:14,666 --> 00:54:16,583
victims face to face, right?

2806
00:54:16,583 --> 00:54:18,291
So the old lady

2807
00:54:18,291 --> 00:54:20,125
who got bamboozled

2808
00:54:20,125 --> 00:54:21,083
by her grandson

2809
00:54:21,083 --> 00:54:22,416
into pulling the money

2810
00:54:22,416 --> 00:54:23,000
and putting it

2811
00:54:23,000 --> 00:54:23,750
into a meme coin

2812
00:54:23,750 --> 00:54:25,291
and it's all gone like that

2813
00:54:25,291 --> 00:54:26,583
exists, right?

2814
00:54:26,583 --> 00:54:27,416
And people

2815
00:54:27,416 --> 00:54:29,458
who thought, you know, like,

2816
00:54:29,458 --> 00:54:30,625
you know, they

2817
00:54:30,625 --> 00:54:32,166
they saw an ad on Facebook

2818
00:54:32,166 --> 00:54:33,041
to buy Trump coin.

2819
00:54:33,041 --> 00:54:33,916
And, you know,

2820
00:54:33,916 --> 00:54:34,500
a lot of people

2821
00:54:34,500 --> 00:54:35,625
are fucking scared

2822
00:54:35,625 --> 00:54:36,083
because their

2823
00:54:36,083 --> 00:54:37,041
retirement savings

2824
00:54:37,041 --> 00:54:38,250
are like going down.

2825
00:54:38,250 --> 00:54:39,291
And a lot of old people

2826
00:54:39,291 --> 00:54:40,708
also are very vulnerable

2827
00:54:40,708 --> 00:54:42,000
to these high yield

2828
00:54:42,000 --> 00:54:42,666
like scams,

2829
00:54:42,666 --> 00:54:43,583
because

2830
00:54:43,583 --> 00:54:44,708
they see their bank account

2831
00:54:44,708 --> 00:54:45,083
and they're like,

2832
00:54:45,083 --> 00:54:46,166
I have $200,000

2833
00:54:46,166 --> 00:54:47,125
in my bank account

2834
00:54:47,125 --> 00:54:48,916
and I'm 67 years old.

2835
00:54:48,916 --> 00:54:50,666
Like, I'm fucked, right?

2836
00:54:50,666 --> 00:54:52,166
You are fucked, right, man.

2837
00:54:52,166 --> 00:54:53,916
Try to live

2838
00:54:53,916 --> 00:54:56,333
for 20 years with 200 grand.

2839
00:54:56,333 --> 00:54:57,125
Like it's

2840
00:54:57,125 --> 00:54:58,041
just not going to happen.

2841
00:54:58,041 --> 00:54:59,000
And then, yeah,

2842
00:54:59,000 --> 00:54:59,916
I make like,

2843
00:54:59,916 --> 00:55:00,250
you know,

2844
00:55:00,250 --> 00:55:01,166
I make like

2845
00:55:01,166 --> 00:55:02,041
8% a year

2846
00:55:02,041 --> 00:55:03,333
on my savings account,

2847
00:55:03,333 --> 00:55:05,125
but the fucking money

2848
00:55:05,125 --> 00:55:06,666
goes down 8% a year anyway.

2849
00:55:06,666 --> 00:55:07,500
Everything's 8%

2850
00:55:07,500 --> 00:55:09,000
more expensive a year anyway.

2851
00:55:09,000 --> 00:55:10,041
So these people are like,

2852
00:55:10,041 --> 00:55:11,208
I need to do something.

2853
00:55:11,208 --> 00:55:12,666
I need to do something

2854
00:55:12,666 --> 00:55:14,541
to increase my wealth.

2855
00:55:14,541 --> 00:55:15,291
And you know,

2856
00:55:15,291 --> 00:55:16,875
they see this scammer

2857
00:55:16,875 --> 00:55:17,291
who's like,

2858
00:55:17,291 --> 00:55:17,875
hey, like,

2859
00:55:17,875 --> 00:55:18,833
you can make five x

2860
00:55:18,833 --> 00:55:20,583
with this fucking shit coin.

2861
00:55:20,583 --> 00:55:21,666
And they don't understand

2862
00:55:21,666 --> 00:55:22,666
that you're being scammed.

2863
00:55:22,666 --> 00:55:25,000
They're being manipulated.

2864
00:55:25,000 --> 00:55:27,208
So I see that as being like

2865
00:55:27,208 --> 00:55:27,958
evil right.

2866
00:55:27,958 --> 00:55:30,500
So scammers are evil people.

2867
00:55:30,500 --> 00:55:32,708
They are corrupt

2868
00:55:32,708 --> 00:55:33,500
in their souls

2869
00:55:33,500 --> 00:55:34,458
and they're taking money

2870
00:55:34,458 --> 00:55:35,666
and it's like it's not okay.

2871
00:55:35,666 --> 00:55:37,166
It's like it's not fun

2872
00:55:37,166 --> 00:55:37,958
and it's not like,

2873
00:55:37,958 --> 00:55:39,291
oh, well, you know, like,

2874
00:55:39,291 --> 00:55:40,625
are you against gambling?

2875
00:55:40,625 --> 00:55:41,458
And it's like, the thing

2876
00:55:41,458 --> 00:55:42,208
is, it's different

2877
00:55:42,208 --> 00:55:42,750
with gambling

2878
00:55:42,750 --> 00:55:44,083
because everybody understands

2879
00:55:44,083 --> 00:55:45,916
that casino like

2880
00:55:45,916 --> 00:55:47,416
like most people understand

2881
00:55:47,416 --> 00:55:49,125
the casino like the risks

2882
00:55:49,125 --> 00:55:49,666
and the rewards

2883
00:55:49,666 --> 00:55:50,500
of the casino.

2884
00:55:50,500 --> 00:55:51,291
Whereas

2885
00:55:51,291 --> 00:55:52,583
these meme coins and shit

2886
00:55:52,583 --> 00:55:54,166
coins and NFTs, they're,

2887
00:55:54,166 --> 00:55:54,916
they're they're being

2888
00:55:54,916 --> 00:55:56,333
pitched as like,

2889
00:55:56,333 --> 00:55:56,833
you remember

2890
00:55:56,833 --> 00:55:58,041
when when ordinals came out,

2891
00:55:58,041 --> 00:55:59,250
people were like

2892
00:55:59,250 --> 00:56:00,208
like even

2893
00:56:00,208 --> 00:56:01,375
bitcoiners were like,

2894
00:56:01,375 --> 00:56:02,333
these are going to be worth

2895
00:56:02,333 --> 00:56:03,791
fuckin like,

2896
00:56:03,791 --> 00:56:04,708
this rare sight

2897
00:56:04,708 --> 00:56:05,416
is going to be worth

2898
00:56:05,416 --> 00:56:07,000
like an insane, insane you.

2899
00:56:07,000 --> 00:56:07,208
Right.

2900
00:56:07,208 --> 00:56:08,416
And they were selling SATs

2901
00:56:08,416 --> 00:56:11,416
for like 100 bitcoins, right?

2902
00:56:11,541 --> 00:56:13,041
Arguing that they were rare

2903
00:56:13,041 --> 00:56:15,000
where SATs don't even exist.

2904
00:56:15,000 --> 00:56:17,000
It's like it's so dishonest.

2905
00:56:17,000 --> 00:56:18,250
Anyway.

2906
00:56:18,250 --> 00:56:19,916
Yeah, we agree on that.

2907
00:56:19,916 --> 00:56:21,291
I know we agree on that. So,

2908
00:56:22,250 --> 00:56:23,291
I'm going to run for a

2909
00:56:23,291 --> 00:56:23,875
little while now

2910
00:56:23,875 --> 00:56:24,416
because, like,

2911
00:56:24,416 --> 00:56:25,625
I really want to go deeper

2912
00:56:25,625 --> 00:56:26,333
and pick your brain

2913
00:56:26,333 --> 00:56:28,000
on a couple of things like,

2914
00:56:28,000 --> 00:56:29,333
I love the run.

2915
00:56:29,333 --> 00:56:30,250
Like, first of all,

2916
00:56:30,250 --> 00:56:33,083
let's go back to,

2917
00:56:33,083 --> 00:56:33,416
yeah.

2918
00:56:33,416 --> 00:56:34,458
Because my train of thought

2919
00:56:34,458 --> 00:56:35,458
came back,

2920
00:56:35,458 --> 00:56:36,833
the organizational

2921
00:56:36,833 --> 00:56:38,250
thing, like,

2922
00:56:38,250 --> 00:56:39,416
how companies that are

2923
00:56:39,416 --> 00:56:40,166
too large

2924
00:56:40,166 --> 00:56:41,375
become institutions

2925
00:56:41,375 --> 00:56:41,916
in themselves

2926
00:56:41,916 --> 00:56:43,458
and become bureaucratic.

2927
00:56:43,458 --> 00:56:44,750
I think this has something

2928
00:56:44,750 --> 00:56:46,250
to do with Dunbar's number.

2929
00:56:46,250 --> 00:56:46,916
Like so.

2930
00:56:46,916 --> 00:56:47,875
So Dunbar's numbers

2931
00:56:47,875 --> 00:56:49,541
around 160 individuals.

2932
00:56:49,541 --> 00:56:50,125
And that's the

2933
00:56:50,125 --> 00:56:51,375
the amount of people

2934
00:56:51,375 --> 00:56:52,291
you can know

2935
00:56:52,291 --> 00:56:53,666
personally and like,

2936
00:56:53,666 --> 00:56:54,916
remember who they are

2937
00:56:54,916 --> 00:56:55,958
and have a personal

2938
00:56:55,958 --> 00:56:57,083
relationship with.

2939
00:56:57,083 --> 00:56:58,041
And this is

2940
00:56:58,041 --> 00:56:59,416
it's about the same for,

2941
00:56:59,416 --> 00:57:00,083
for humans

2942
00:57:00,083 --> 00:57:01,958
as for our closest relatives

2943
00:57:01,958 --> 00:57:03,500
in nature like bonobos

2944
00:57:03,500 --> 00:57:04,250
and chimpanzees

2945
00:57:04,250 --> 00:57:05,875
and stuff like that. Right.

2946
00:57:05,875 --> 00:57:06,833
So,

2947
00:57:06,833 --> 00:57:08,208
and I think the, the,

2948
00:57:08,208 --> 00:57:10,041
the reason that humans

2949
00:57:10,041 --> 00:57:11,041
can, can form

2950
00:57:11,041 --> 00:57:11,875
organization, ones

2951
00:57:11,875 --> 00:57:13,333
that are bigger than that is

2952
00:57:13,333 --> 00:57:14,125
because we can have

2953
00:57:14,125 --> 00:57:14,916
this collective

2954
00:57:14,916 --> 00:57:15,750
hallucinations

2955
00:57:15,750 --> 00:57:17,208
or collective fantasies

2956
00:57:17,208 --> 00:57:17,625
or whatever

2957
00:57:17,625 --> 00:57:18,666
you call them, like

2958
00:57:18,666 --> 00:57:19,750
religions, nation

2959
00:57:19,750 --> 00:57:21,541
states, money,

2960
00:57:21,541 --> 00:57:22,500
or fiat money,

2961
00:57:22,500 --> 00:57:22,958
I should say

2962
00:57:22,958 --> 00:57:23,875
not proper money.

2963
00:57:23,875 --> 00:57:24,625
But but all of

2964
00:57:24,625 --> 00:57:26,333
these frameworks

2965
00:57:26,333 --> 00:57:27,500
we build around ourselves

2966
00:57:27,500 --> 00:57:28,375
that we believe in,

2967
00:57:28,375 --> 00:57:29,458
and therefore we can form

2968
00:57:29,458 --> 00:57:30,416
larger groups

2969
00:57:30,416 --> 00:57:32,250
with maybe a evolutionary

2970
00:57:32,250 --> 00:57:33,208
good for the group,

2971
00:57:33,208 --> 00:57:34,541
but not necessarily

2972
00:57:34,541 --> 00:57:35,541
for the individual

2973
00:57:35,541 --> 00:57:37,333
in the group. So.

2974
00:57:37,333 --> 00:57:38,333
So you may be part

2975
00:57:38,333 --> 00:57:39,875
of a great nation,

2976
00:57:39,875 --> 00:57:40,875
Lord, like the Soviet

2977
00:57:40,875 --> 00:57:41,875
Union was big,

2978
00:57:41,875 --> 00:57:43,041
a big as fuck for a while,

2979
00:57:43,041 --> 00:57:45,166
but the people in it were all

2980
00:57:45,166 --> 00:57:46,125
like living

2981
00:57:46,125 --> 00:57:47,833
completely miserable lives.

2982
00:57:47,833 --> 00:57:48,583
So I think like,

2983
00:57:50,541 --> 00:57:51,791
I saw that back

2984
00:57:51,791 --> 00:57:52,916
in my old Fiat, y'all,

2985
00:57:52,916 --> 00:57:53,333
by the way,

2986
00:57:53,333 --> 00:57:54,541
my last don't laugh,

2987
00:57:54,541 --> 00:57:55,458
but my last Fiat

2988
00:57:55,458 --> 00:57:56,666
job was as an H.R.

2989
00:57:56,666 --> 00:57:57,083
manager

2990
00:57:57,083 --> 00:57:58,333
for a shipping company,

2991
00:57:58,333 --> 00:57:59,375
and this was a company

2992
00:57:59,375 --> 00:58:01,458
that was had just outgrown

2993
00:58:01,458 --> 00:58:02,291
the Dunbar's number.

2994
00:58:02,291 --> 00:58:04,791
So like 2 or 300 employees.

2995
00:58:04,791 --> 00:58:05,791
And I saw all sorts

2996
00:58:05,791 --> 00:58:06,625
of growing pains

2997
00:58:06,625 --> 00:58:07,916
that came with like,

2998
00:58:07,916 --> 00:58:09,416
the CEO not knowing

2999
00:58:09,416 --> 00:58:10,708
everyone anymore.

3000
00:58:10,708 --> 00:58:11,208
And I think

3001
00:58:11,208 --> 00:58:12,500
maybe on a Bitcoin standard,

3002
00:58:12,500 --> 00:58:14,125
it would be a lot harder

3003
00:58:14,125 --> 00:58:15,708
to form these organizations

3004
00:58:15,708 --> 00:58:16,833
because you don't need to

3005
00:58:16,833 --> 00:58:17,250
and the

3006
00:58:17,250 --> 00:58:18,291
like organization

3007
00:58:18,291 --> 00:58:19,916
will stay like 160

3008
00:58:19,916 --> 00:58:21,375
individuals or less.

3009
00:58:21,375 --> 00:58:23,833
So you get these

3010
00:58:23,833 --> 00:58:25,583
smaller entities,

3011
00:58:25,583 --> 00:58:27,791
but more of them and more

3012
00:58:27,791 --> 00:58:28,375
more this

3013
00:58:28,375 --> 00:58:29,208
distributed

3014
00:58:29,208 --> 00:58:30,125
I like distributed

3015
00:58:30,125 --> 00:58:32,166
better than the centralized.

3016
00:58:32,166 --> 00:58:33,291
That's just that's a word

3017
00:58:33,291 --> 00:58:34,333
I don't like the buzzword.

3018
00:58:34,333 --> 00:58:35,541
I think the centralization

3019
00:58:35,541 --> 00:58:36,958
is an unfortunate means

3020
00:58:36,958 --> 00:58:38,500
to a greater end in Bitcoin,

3021
00:58:38,500 --> 00:58:39,708
which is sound money.

3022
00:58:39,708 --> 00:58:40,958
But do you think there's

3023
00:58:40,958 --> 00:58:41,583
something there

3024
00:58:41,583 --> 00:58:42,625
with a Dunbar's number

3025
00:58:42,625 --> 00:58:43,500
and that

3026
00:58:43,500 --> 00:58:45,125
that that may

3027
00:58:45,125 --> 00:58:47,333
be a force at play here?

3028
00:58:47,333 --> 00:58:47,875
Absolutely.

3029
00:58:47,875 --> 00:58:49,750
And Dunbar's number is also

3030
00:58:49,750 --> 00:58:50,916
there's an evolutionary

3031
00:58:50,916 --> 00:58:52,041
mechanism to it where,

3032
00:58:53,041 --> 00:58:54,833
you know,

3033
00:58:54,833 --> 00:58:55,750
that's, that's the

3034
00:58:55,750 --> 00:58:56,500
amount of people

3035
00:58:56,500 --> 00:58:57,916
in, in your tribe in, like,

3036
00:58:57,916 --> 00:59:00,375
an actual animal level tribe.

3037
00:59:00,375 --> 00:59:01,166
Exactly.

3038
00:59:01,166 --> 00:59:03,125
You don't need to have these,

3039
00:59:03,125 --> 00:59:04,625
systematic processes

3040
00:59:04,625 --> 00:59:08,083
like laws and money and,

3041
00:59:09,041 --> 00:59:10,583
institutions,

3042
00:59:10,583 --> 00:59:11,208
if everybody

3043
00:59:11,208 --> 00:59:12,625
knows each other. Right.

3044
00:59:12,625 --> 00:59:13,125
If everybody

3045
00:59:13,125 --> 00:59:13,708
knows each other,

3046
00:59:13,708 --> 00:59:14,416
then you can

3047
00:59:14,416 --> 00:59:16,791
you can ad hoc, improvise,

3048
00:59:16,791 --> 00:59:17,083
you know,

3049
00:59:17,083 --> 00:59:18,208
social relationships

3050
00:59:18,208 --> 00:59:20,041
and for sure in companies,

3051
00:59:20,041 --> 00:59:20,541
it's it's

3052
00:59:20,541 --> 00:59:21,458
the exact same process.

3053
00:59:21,458 --> 00:59:23,041
And this is where it becomes

3054
00:59:23,041 --> 00:59:25,041
very critical to have.

3055
00:59:25,041 --> 00:59:27,000
So this hallucination

3056
00:59:27,000 --> 00:59:28,041
that you talk about this

3057
00:59:28,041 --> 00:59:29,375
framework, right,

3058
00:59:29,375 --> 00:59:32,375
this, cognitive,

3059
00:59:32,500 --> 00:59:34,958
space that we all agree

3060
00:59:34,958 --> 00:59:35,583
to share

3061
00:59:35,583 --> 00:59:36,541
or that we all share

3062
00:59:36,541 --> 00:59:37,583
spontaneously.

3063
00:59:37,583 --> 00:59:39,375
It needs to be simple

3064
00:59:39,375 --> 00:59:40,583
and it needs to, to,

3065
00:59:40,583 --> 00:59:41,875
to be very,

3066
00:59:41,875 --> 00:59:44,625
very strong and un bendable,

3067
00:59:44,625 --> 00:59:45,500
so that the institutions

3068
00:59:45,500 --> 00:59:46,125
are not necessary.

3069
00:59:46,125 --> 00:59:47,375
This is why, for example,

3070
00:59:47,375 --> 00:59:48,958
like the US was so successful

3071
00:59:48,958 --> 00:59:49,500
as a nation

3072
00:59:49,500 --> 00:59:50,291
for the longest time

3073
00:59:50,291 --> 00:59:51,291
because they had a

3074
00:59:51,291 --> 00:59:53,541
simple constitution

3075
00:59:53,541 --> 00:59:55,041
with simple principles

3076
00:59:55,041 --> 00:59:56,291
of individual rights

3077
00:59:56,291 --> 00:59:57,208
and freedoms.

3078
00:59:57,208 --> 00:59:58,541
And like that's something

3079
00:59:58,541 --> 01:00:00,208
that we can all agree.

3080
01:00:00,208 --> 01:00:01,791
We can all agree on this

3081
01:00:01,791 --> 01:00:02,625
small thing.

3082
01:00:02,625 --> 01:00:03,958
It's like I have,

3083
01:00:03,958 --> 01:00:05,000
I have rights,

3084
01:00:05,000 --> 01:00:05,541
you don't have the

3085
01:00:05,541 --> 01:00:06,500
right over me.

3086
01:00:06,500 --> 01:00:08,333
It's, it's it's very clear.

3087
01:00:08,333 --> 01:00:09,083
And this is why

3088
01:00:09,083 --> 01:00:10,833
Bitcoin scales really, really

3089
01:00:10,833 --> 01:00:12,083
well because it has very,

3090
01:00:12,083 --> 01:00:13,000
very simple

3091
01:00:13,000 --> 01:00:14,666
and flexible rules.

3092
01:00:14,666 --> 01:00:15,500
So Bitcoin

3093
01:00:15,500 --> 01:00:17,583
as a social kind of like

3094
01:00:17,583 --> 01:00:18,500
system can,

3095
01:00:18,500 --> 01:00:19,041
can scale

3096
01:00:19,041 --> 01:00:20,000
to a very large number

3097
01:00:20,000 --> 01:00:21,125
of users. Right.

3098
01:00:21,125 --> 01:00:22,250
Because the,

3099
01:00:22,250 --> 01:00:23,125
because the rules

3100
01:00:23,125 --> 01:00:25,041
are extremely difficult

3101
01:00:25,041 --> 01:00:26,583
to change. Extremely.

3102
01:00:26,583 --> 01:00:27,625
And that's, that's good.

3103
01:00:27,625 --> 01:00:29,125
Why has the US gone to shit.

3104
01:00:29,125 --> 01:00:29,583
It's because

3105
01:00:29,583 --> 01:00:30,500
the US Constitution

3106
01:00:30,500 --> 01:00:31,666
is not being respected,

3107
01:00:31,666 --> 01:00:32,708
right? It's not.

3108
01:00:32,708 --> 01:00:33,416
Which is because

3109
01:00:33,416 --> 01:00:34,541
of the Federal Reserve.

3110
01:00:34,541 --> 01:00:35,541
As soon as you get

3111
01:00:35,541 --> 01:00:37,083
control of the money printer,

3112
01:00:37,083 --> 01:00:37,791
you care not

3113
01:00:37,791 --> 01:00:39,083
who makes the country's laws

3114
01:00:39,083 --> 01:00:40,333
because you can bypass them,

3115
01:00:40,333 --> 01:00:41,125
because you can fucking

3116
01:00:41,125 --> 01:00:42,041
bribe everyone.

3117
01:00:42,041 --> 01:00:43,708
And this is back to the shit

3118
01:00:43,708 --> 01:00:44,416
coins again.

3119
01:00:44,416 --> 01:00:46,000
Like the original shit

3120
01:00:46,000 --> 01:00:47,250
coin with a precedent on it.

3121
01:00:47,250 --> 01:00:48,458
It's not fucking trump coin.

3122
01:00:48,458 --> 01:00:50,250
It's it's the dollar.

3123
01:00:50,250 --> 01:00:50,541
Yeah,

3124
01:00:50,541 --> 01:00:52,041
and that's not even issued

3125
01:00:52,041 --> 01:00:52,916
by a precedent.

3126
01:00:52,916 --> 01:00:54,083
It's issued by us.

3127
01:00:54,083 --> 01:00:55,166
It's a so,

3128
01:00:55,166 --> 01:00:57,166
so I, I like to frame it

3129
01:00:57,166 --> 01:00:58,375
as klepto currencies

3130
01:00:58,375 --> 01:00:59,291
and cryptocurrency.

3131
01:00:59,291 --> 01:01:00,541
So yeah, klepto currencies

3132
01:01:00,541 --> 01:01:01,833
are the old Fiats

3133
01:01:01,833 --> 01:01:03,000
and the crap

3134
01:01:03,000 --> 01:01:04,125
those are the cryptos,

3135
01:01:04,125 --> 01:01:05,791
but they're the same thing.

3136
01:01:05,791 --> 01:01:07,250
And by the way, number

3137
01:01:07,250 --> 01:01:08,458
go equal

3138
01:01:08,458 --> 01:01:10,541
is also someone scamming you.

3139
01:01:10,541 --> 01:01:11,708
Because on the free market,

3140
01:01:11,708 --> 01:01:12,750
if there's actual sound

3141
01:01:12,750 --> 01:01:14,541
money number has to go up

3142
01:01:14,541 --> 01:01:15,625
because the prices

3143
01:01:15,625 --> 01:01:16,708
of everything else drops.

3144
01:01:16,708 --> 01:01:17,375
It's like the

3145
01:01:17,375 --> 01:01:18,625
easiest way of framing that

3146
01:01:18,625 --> 01:01:19,916
I think is like

3147
01:01:19,916 --> 01:01:20,750
if you practice

3148
01:01:20,750 --> 01:01:21,916
doing something,

3149
01:01:21,916 --> 01:01:23,208
do you usually get better

3150
01:01:23,208 --> 01:01:24,541
or worse at that thing?

3151
01:01:24,541 --> 01:01:25,208
And it's obvious

3152
01:01:25,208 --> 01:01:26,041
when you get better.

3153
01:01:26,041 --> 01:01:26,791
So why aren't

3154
01:01:26,791 --> 01:01:28,375
or why aren't oil prices

3155
01:01:28,375 --> 01:01:29,458
dropping forever?

3156
01:01:29,458 --> 01:01:30,208
Well,

3157
01:01:30,208 --> 01:01:30,833
if you use the

3158
01:01:30,833 --> 01:01:31,750
correct denominator,

3159
01:01:31,750 --> 01:01:33,833
or so I congratulate.

3160
01:01:33,833 --> 01:01:34,583
Absolutely.

3161
01:01:34,583 --> 01:01:35,208
This is probably

3162
01:01:35,208 --> 01:01:35,958
the biggest scam.

3163
01:01:35,958 --> 01:01:37,083
The biggest psychological

3164
01:01:37,083 --> 01:01:38,458
psyops of all time

3165
01:01:38,458 --> 01:01:40,500
is that people believe

3166
01:01:40,500 --> 01:01:42,125
that prices going up over

3167
01:01:42,125 --> 01:01:44,666
time is a natural phenomenon.

3168
01:01:44,666 --> 01:01:45,791
It's like a winter.

3169
01:01:45,791 --> 01:01:46,791
It's like summer.

3170
01:01:46,791 --> 01:01:47,666
It's like the moon.

3171
01:01:47,666 --> 01:01:49,000
It goes up, it goes down.

3172
01:01:49,000 --> 01:01:50,333
Prices just go up over time.

3173
01:01:50,333 --> 01:01:51,458
That's just the way it is.

3174
01:01:51,458 --> 01:01:51,750
Right?

3175
01:01:51,750 --> 01:01:52,791
But that's not like

3176
01:01:52,791 --> 01:01:55,791
and some of it is the

3177
01:01:55,791 --> 01:01:57,083
opposite is true because like

3178
01:01:58,333 --> 01:01:59,458
if, if we

3179
01:01:59,458 --> 01:02:01,041
have better technology

3180
01:02:01,041 --> 01:02:02,416
to make the same thing

3181
01:02:02,416 --> 01:02:03,000
and better

3182
01:02:03,000 --> 01:02:04,333
organizational processes

3183
01:02:04,333 --> 01:02:06,541
and like stronger connected

3184
01:02:06,541 --> 01:02:07,541
trades ties,

3185
01:02:07,541 --> 01:02:08,750
like obviously

3186
01:02:08,750 --> 01:02:09,750
this fucking coffee cup

3187
01:02:09,750 --> 01:02:11,041
should, should decrease.

3188
01:02:11,041 --> 01:02:11,541
The price

3189
01:02:11,541 --> 01:02:12,666
should decrease over time

3190
01:02:12,666 --> 01:02:13,791
because we're getting better

3191
01:02:13,791 --> 01:02:15,083
and better at it. Right.

3192
01:02:15,083 --> 01:02:15,666
And and

3193
01:02:15,666 --> 01:02:16,333
we have technology

3194
01:02:16,333 --> 01:02:17,500
to make it more efficient.

3195
01:02:17,500 --> 01:02:18,750
So like deflation

3196
01:02:18,750 --> 01:02:20,458
is the natural,

3197
01:02:20,458 --> 01:02:21,958
state of prices.

3198
01:02:21,958 --> 01:02:22,916
And, you know,

3199
01:02:22,916 --> 01:02:24,000
unlike other guys like,

3200
01:02:24,000 --> 01:02:24,833
you know,

3201
01:02:24,833 --> 01:02:26,250
I think Jeff, Jeff Booth has,

3202
01:02:26,250 --> 01:02:28,083
this, this,

3203
01:02:28,083 --> 01:02:29,125
this thing, it's like,

3204
01:02:29,125 --> 01:02:29,583
everything's

3205
01:02:29,583 --> 01:02:30,666
going to exactly zero.

3206
01:02:30,666 --> 01:02:31,708
It's not going to go exactly

3207
01:02:31,708 --> 01:02:32,541
to zero, right?

3208
01:02:32,541 --> 01:02:33,708
No, it's

3209
01:02:33,708 --> 01:02:35,125
marginal cost of production

3210
01:02:35,125 --> 01:02:36,000
every, every

3211
01:02:36,000 --> 01:02:36,625
go down the field,

3212
01:02:36,625 --> 01:02:37,500
it approaches

3213
01:02:37,500 --> 01:02:38,250
its marginal

3214
01:02:38,250 --> 01:02:39,000
cost of production,

3215
01:02:39,000 --> 01:02:39,875
which is right

3216
01:02:39,875 --> 01:02:41,125
trending towards zero.

3217
01:02:41,125 --> 01:02:43,250
That was a but so like,

3218
01:02:43,250 --> 01:02:44,541
zero marginal cost.

3219
01:02:44,541 --> 01:02:45,416
I think it's a book

3220
01:02:45,416 --> 01:02:46,083
like written

3221
01:02:46,083 --> 01:02:48,208
like 15 years ago maybe.

3222
01:02:48,208 --> 01:02:48,708
Yeah.

3223
01:02:48,708 --> 01:02:49,708
Everything is trending

3224
01:02:49,708 --> 01:02:50,666
that direction.

3225
01:02:50,666 --> 01:02:50,875
Yeah.

3226
01:02:50,875 --> 01:02:51,333
Never,

3227
01:02:51,333 --> 01:02:52,583
never go to absolute zero.

3228
01:02:52,583 --> 01:02:53,583
But it is trending

3229
01:02:53,583 --> 01:02:54,666
in that direction.

3230
01:02:54,666 --> 01:02:55,166
And there's things

3231
01:02:55,166 --> 01:02:56,000
that you can't produce, like

3232
01:02:56,000 --> 01:02:57,083
you can't produce human time

3233
01:02:57,083 --> 01:02:57,875
and you can't produce

3234
01:02:57,875 --> 01:02:58,750
beachfront real estate.

3235
01:02:58,750 --> 01:02:59,000
Right.

3236
01:02:59,000 --> 01:03:01,083
So so there are things that

3237
01:03:01,083 --> 01:03:02,041
so, so,

3238
01:03:02,041 --> 01:03:03,458
so money will always be,

3239
01:03:04,916 --> 01:03:06,083
like even if there's

3240
01:03:06,083 --> 01:03:08,416
deflation over time,

3241
01:03:08,416 --> 01:03:08,875
the argument

3242
01:03:08,875 --> 01:03:09,208
that money

3243
01:03:09,208 --> 01:03:10,125
is going to disappear one day

3244
01:03:10,125 --> 01:03:10,708
because everything

3245
01:03:10,708 --> 01:03:11,416
is going to be free

3246
01:03:11,416 --> 01:03:12,750
is, is nonsensical.

3247
01:03:12,750 --> 01:03:13,500
Because there will

3248
01:03:13,500 --> 01:03:15,625
there will always be a,

3249
01:03:15,625 --> 01:03:16,041
a pick

3250
01:03:16,041 --> 01:03:17,125
an original Picasso

3251
01:03:17,125 --> 01:03:18,000
and you'll say, well,

3252
01:03:18,000 --> 01:03:18,875
I can 3D print

3253
01:03:18,875 --> 01:03:20,333
that Picasso with I.

3254
01:03:20,333 --> 01:03:21,416
Yeah, but it doesn't matter.

3255
01:03:21,416 --> 01:03:22,625
Like I am not.

3256
01:03:22,625 --> 01:03:24,000
I am willing to pay

3257
01:03:24,000 --> 01:03:25,541
for the original Picasso,

3258
01:03:25,541 --> 01:03:27,500
even though you can create,

3259
01:03:27,500 --> 01:03:28,041
the exact

3260
01:03:28,041 --> 01:03:29,333
you can create the exact

3261
01:03:29,333 --> 01:03:30,500
same thing, Adam.

3262
01:03:30,500 --> 01:03:31,708
For Adam,

3263
01:03:31,708 --> 01:03:32,250
it will not have

3264
01:03:32,250 --> 01:03:32,875
the same value

3265
01:03:32,875 --> 01:03:33,791
as the original Picasso.

3266
01:03:33,791 --> 01:03:33,958
Right.

3267
01:03:33,958 --> 01:03:34,250
There are

3268
01:03:34,250 --> 01:03:34,958
there are

3269
01:03:34,958 --> 01:03:35,875
there are things that people

3270
01:03:35,875 --> 01:03:37,208
subjectively value,

3271
01:03:37,208 --> 01:03:37,875
and that are

3272
01:03:37,875 --> 01:03:40,041
that are objectively scarce.

3273
01:03:40,041 --> 01:03:41,666
Like an original Picasso,

3274
01:03:41,666 --> 01:03:43,250
there will only be one

3275
01:03:43,250 --> 01:03:44,125
Mona Lisa,

3276
01:03:44,125 --> 01:03:44,666
regardless of

3277
01:03:44,666 --> 01:03:45,958
how many Mona Lisa's you

3278
01:03:45,958 --> 01:03:46,750
3D print with.

3279
01:03:46,750 --> 01:03:47,666
I you know what I mean?

3280
01:03:47,666 --> 01:03:48,500
And only when people

3281
01:03:48,500 --> 01:03:48,833
at the same.

3282
01:03:49,916 --> 01:03:50,208
Yes.

3283
01:03:50,208 --> 01:03:51,291
Oh no one

3284
01:03:51,291 --> 01:03:52,833
so so this is I'd love that.

3285
01:03:52,833 --> 01:03:54,250
I love this because this

3286
01:03:54,250 --> 01:03:54,833
this is

3287
01:03:54,833 --> 01:03:55,291
something

3288
01:03:55,291 --> 01:03:56,000
I've been thinking of

3289
01:03:56,000 --> 01:03:56,666
for a long time

3290
01:03:56,666 --> 01:03:57,625
and having

3291
01:03:57,625 --> 01:03:59,000
difficulty explaining,

3292
01:03:59,000 --> 01:03:59,833
but this is like

3293
01:03:59,833 --> 01:04:01,125
one of the most

3294
01:04:01,125 --> 01:04:02,375
one of the deeper parts

3295
01:04:02,375 --> 01:04:03,916
of the rabbit hole. So.

3296
01:04:03,916 --> 01:04:05,583
So you say it like,

3297
01:04:05,583 --> 01:04:06,541
imagine this world

3298
01:04:06,541 --> 01:04:07,916
where everyone uses

3299
01:04:07,916 --> 01:04:09,625
Bitcoin as the denominator,

3300
01:04:09,625 --> 01:04:11,125
so they can actually see that

3301
01:04:11,125 --> 01:04:12,291
everything is dropping

3302
01:04:12,291 --> 01:04:14,416
towards zero.

3303
01:04:14,416 --> 01:04:15,000
Except,

3304
01:04:15,000 --> 01:04:15,333
you know,

3305
01:04:15,333 --> 01:04:17,125
beachfront houses and stuff.

3306
01:04:17,125 --> 01:04:18,041
So things that

3307
01:04:18,041 --> 01:04:19,125
are actually scarce,

3308
01:04:19,125 --> 01:04:20,083
but everything else

3309
01:04:20,083 --> 01:04:20,833
is becoming

3310
01:04:20,833 --> 01:04:21,583
abundant

3311
01:04:21,583 --> 01:04:22,833
and available to people

3312
01:04:22,833 --> 01:04:24,708
because the cost is so low

3313
01:04:24,708 --> 01:04:25,416
denominated

3314
01:04:25,416 --> 01:04:26,750
in the right denominator,

3315
01:04:26,750 --> 01:04:28,875
which is Bitcoin in sets.

3316
01:04:28,875 --> 01:04:31,208
So, and add to that,

3317
01:04:31,208 --> 01:04:31,958
this whole thing

3318
01:04:31,958 --> 01:04:32,875
that the dichotomy

3319
01:04:32,875 --> 01:04:34,041
between store of value

3320
01:04:34,041 --> 01:04:34,708
and meaning

3321
01:04:34,708 --> 01:04:35,541
exchange is false.

3322
01:04:35,541 --> 01:04:36,208
So you have meaningful

3323
01:04:36,208 --> 01:04:37,791
change over time and space.

3324
01:04:39,208 --> 01:04:39,666
In my

3325
01:04:39,666 --> 01:04:40,250
mind that

3326
01:04:40,250 --> 01:04:41,125
that world

3327
01:04:41,125 --> 01:04:43,458
looks something like,

3328
01:04:43,458 --> 01:04:45,708
barter and, and,

3329
01:04:45,708 --> 01:04:46,625
you know, people

3330
01:04:46,625 --> 01:04:47,750
just being kind to one

3331
01:04:47,750 --> 01:04:49,708
another actually goes up

3332
01:04:49,708 --> 01:04:50,458
and the number

3333
01:04:50,458 --> 01:04:51,541
of transactions

3334
01:04:51,541 --> 01:04:53,375
that need to be done at all

3335
01:04:53,375 --> 01:04:55,166
monetary transactions,

3336
01:04:55,166 --> 01:04:56,875
the need for them goes away.

3337
01:04:56,875 --> 01:04:57,833
Because I think,

3338
01:04:57,833 --> 01:04:58,708
and this is

3339
01:04:58,708 --> 01:05:00,291
such a weird mindfuck,

3340
01:05:00,291 --> 01:05:01,916
because micropayments,

3341
01:05:01,916 --> 01:05:02,541
everyone's talking

3342
01:05:02,541 --> 01:05:03,458
about micropayments

3343
01:05:03,458 --> 01:05:04,250
and lightning is great

3344
01:05:04,250 --> 01:05:05,750
because you can zap people

3345
01:05:05,750 --> 01:05:07,666
for nodes and stuff.

3346
01:05:07,666 --> 01:05:09,125
But micropayments in my mind

3347
01:05:09,125 --> 01:05:10,708
is a very fiat thing.

3348
01:05:10,708 --> 01:05:12,583
Like paying $0.50

3349
01:05:12,583 --> 01:05:13,625
to go to the bathroom

3350
01:05:13,625 --> 01:05:14,875
at the central station

3351
01:05:14,875 --> 01:05:15,666
will be replaced

3352
01:05:15,666 --> 01:05:16,958
by some subscription model

3353
01:05:16,958 --> 01:05:18,000
where you can go buy

3354
01:05:18,000 --> 01:05:18,750
any train

3355
01:05:18,750 --> 01:05:19,708
anywhere in the world

3356
01:05:19,708 --> 01:05:20,625
for the rest of your life

3357
01:05:20,625 --> 01:05:21,833
with a one time

3358
01:05:21,833 --> 01:05:23,000
bitcoin payment,

3359
01:05:23,000 --> 01:05:24,333
because numbers go up.

3360
01:05:24,333 --> 01:05:26,541
So so I think like the

3361
01:05:26,541 --> 01:05:27,500
there's a scaling

3362
01:05:27,500 --> 01:05:29,500
solution there, quote

3363
01:05:29,500 --> 01:05:30,625
unquote solution there.

3364
01:05:30,625 --> 01:05:31,833
And just money

3365
01:05:31,833 --> 01:05:33,125
not being as needed

3366
01:05:33,125 --> 01:05:34,500
because why was money

3367
01:05:34,500 --> 01:05:36,333
invented or discovered.

3368
01:05:36,333 --> 01:05:37,500
We'll get into that later.

3369
01:05:38,666 --> 01:05:39,500
It was

3370
01:05:39,500 --> 01:05:40,708
between people who

3371
01:05:40,708 --> 01:05:42,041
didn't know each other.

3372
01:05:42,041 --> 01:05:42,875
Like if you didn't

3373
01:05:42,875 --> 01:05:43,875
trust the other guy,

3374
01:05:43,875 --> 01:05:45,500
then money was a very good

3375
01:05:45,500 --> 01:05:47,250
medium of exchange.

3376
01:05:47,250 --> 01:05:48,208
And you didn't need it

3377
01:05:48,208 --> 01:05:49,208
if you knew the other guy,

3378
01:05:49,208 --> 01:05:50,125
because then you could

3379
01:05:50,125 --> 01:05:51,416
just trust one another.

3380
01:05:51,416 --> 01:05:52,250
And ironically,

3381
01:05:52,250 --> 01:05:53,625
this don't trust verify

3382
01:05:53,625 --> 01:05:54,708
that underpins

3383
01:05:54,708 --> 01:05:56,875
Bitcoin has led us to a state

3384
01:05:56,875 --> 01:05:57,666
where we can trust

3385
01:05:57,666 --> 01:05:58,500
each other more.

3386
01:05:58,500 --> 01:06:00,958
I mean, you, for instance,

3387
01:06:00,958 --> 01:06:03,666
I've, I've known you for,

3388
01:06:03,666 --> 01:06:04,541
a couple of years.

3389
01:06:04,541 --> 01:06:05,875
We've only met in real life

3390
01:06:05,875 --> 01:06:07,250
like a handful of times.

3391
01:06:07,250 --> 01:06:08,041
And we've had

3392
01:06:08,041 --> 01:06:08,875
brief conversation.

3393
01:06:08,875 --> 01:06:09,791
We had conversations

3394
01:06:09,791 --> 01:06:10,291
like this

3395
01:06:10,291 --> 01:06:11,916
a couple of occasions.

3396
01:06:11,916 --> 01:06:13,208
But still, I know you

3397
01:06:13,208 --> 01:06:15,291
from your reputation online,

3398
01:06:15,291 --> 01:06:16,333
and I would trust you

3399
01:06:16,333 --> 01:06:17,125
with my savings.

3400
01:06:17,125 --> 01:06:17,875
I don't think

3401
01:06:17,875 --> 01:06:18,750
you'd fuck me over

3402
01:06:18,750 --> 01:06:20,583
like I know you that well.

3403
01:06:20,583 --> 01:06:21,208
And this goes

3404
01:06:21,208 --> 01:06:22,458
for so many other Bitcoiners.

3405
01:06:22,458 --> 01:06:23,416
So, like,

3406
01:06:23,416 --> 01:06:24,833
ironically, like

3407
01:06:24,833 --> 01:06:25,916
this reputation

3408
01:06:25,916 --> 01:06:27,958
we've gained from not,

3409
01:06:27,958 --> 01:06:29,041
not compromising

3410
01:06:29,041 --> 01:06:30,208
our principles

3411
01:06:30,208 --> 01:06:31,250
has given us this

3412
01:06:31,250 --> 01:06:32,250
amazing ability

3413
01:06:32,250 --> 01:06:33,333
to trust one another.

3414
01:06:33,333 --> 01:06:33,708
And, like,

3415
01:06:33,708 --> 01:06:34,375
I know that

3416
01:06:34,375 --> 01:06:35,750
if I pay for a dinner

3417
01:06:35,750 --> 01:06:36,958
with a bunch of bitcoiners

3418
01:06:36,958 --> 01:06:38,708
or someone else will pay

3419
01:06:38,708 --> 01:06:39,958
next time, like, we're

3420
01:06:39,958 --> 01:06:41,291
we're inherently good

3421
01:06:41,291 --> 01:06:41,916
to one another.

3422
01:06:41,916 --> 01:06:43,291
And it's also

3423
01:06:43,291 --> 01:06:44,708
because we know

3424
01:06:44,708 --> 01:06:45,416
deep inside

3425
01:06:45,416 --> 01:06:46,333
that what is good for

3426
01:06:46,333 --> 01:06:47,208
the other Bitcoiners

3427
01:06:47,208 --> 01:06:48,125
is good for Bitcoin.

3428
01:06:48,125 --> 01:06:48,958
So we are doing it

3429
01:06:48,958 --> 01:06:50,083
for egotistical reasons

3430
01:06:50,083 --> 01:06:51,541
to we're pumping our backs.

3431
01:06:51,541 --> 01:06:53,208
But it's it's all

3432
01:06:53,208 --> 01:06:54,041
and all of a sudden

3433
01:06:54,041 --> 01:06:54,416
you get to

3434
01:06:54,416 --> 01:06:56,875
this insanely powerful

3435
01:06:56,875 --> 01:06:58,541
utopian society

3436
01:06:58,541 --> 01:07:00,000
where 8 billion people

3437
01:07:00,000 --> 01:07:01,458
are helping 8 billion people

3438
01:07:01,458 --> 01:07:02,250
whatever they want.

3439
01:07:02,250 --> 01:07:03,833
Like if we can get to that,

3440
01:07:03,833 --> 01:07:05,250
like I

3441
01:07:05,250 --> 01:07:06,583
this is why I'm bullish.

3442
01:07:06,583 --> 01:07:07,041
This is why

3443
01:07:07,041 --> 01:07:08,958
I think this is so powerful,

3444
01:07:08,958 --> 01:07:09,708
because it's

3445
01:07:09,708 --> 01:07:10,500
just it

3446
01:07:10,500 --> 01:07:11,750
increases the value

3447
01:07:11,750 --> 01:07:13,625
of being a human being,

3448
01:07:13,625 --> 01:07:14,958
and it increases the value

3449
01:07:14,958 --> 01:07:15,708
of other human

3450
01:07:15,708 --> 01:07:16,541
beings around you

3451
01:07:16,541 --> 01:07:17,666
because you can trust them

3452
01:07:17,666 --> 01:07:18,208
all of a sudden.

3453
01:07:18,208 --> 01:07:19,583
You can. Yeah.

3454
01:07:19,583 --> 01:07:20,208
But what are your

3455
01:07:20,208 --> 01:07:21,291
thoughts on this?

3456
01:07:21,291 --> 01:07:23,875
I think, the,

3457
01:07:23,875 --> 01:07:24,666
you know, the Maslow

3458
01:07:24,666 --> 01:07:25,416
pyramid, right?

3459
01:07:25,416 --> 01:07:26,458
Like the, the most,

3460
01:07:26,458 --> 01:07:27,625
the most basic needs

3461
01:07:27,625 --> 01:07:28,791
of hierarchy of needs.

3462
01:07:28,791 --> 01:07:29,708
Yeah, yeah I agree.

3463
01:07:29,708 --> 01:07:30,208
And these

3464
01:07:30,208 --> 01:07:30,583
I think

3465
01:07:30,583 --> 01:07:31,333
what's going to happen

3466
01:07:31,333 --> 01:07:32,250
is the things that are

3467
01:07:32,250 --> 01:07:33,291
the most

3468
01:07:33,291 --> 01:07:35,000
needful for people

3469
01:07:35,000 --> 01:07:36,125
are going to become

3470
01:07:36,125 --> 01:07:37,250
exceedingly cheap,

3471
01:07:37,250 --> 01:07:37,875
if not three

3472
01:07:37,875 --> 01:07:38,791
and just an example

3473
01:07:38,791 --> 01:07:39,416
I was thinking about

3474
01:07:39,416 --> 01:07:40,125
when you were talking

3475
01:07:40,125 --> 01:07:41,458
is water, right? So,

3476
01:07:42,958 --> 01:07:43,916
clean water,

3477
01:07:43,916 --> 01:07:44,625
if you go to

3478
01:07:44,625 --> 01:07:45,833
anybody's house and be like,

3479
01:07:45,833 --> 01:07:48,500
hey, like my car broke down,

3480
01:07:48,500 --> 01:07:49,541
can I have a glass of water?

3481
01:07:49,541 --> 01:07:50,750
I mean, you know,

3482
01:07:50,750 --> 01:07:51,291
no, nobody's

3483
01:07:51,291 --> 01:07:51,875
going to charge you

3484
01:07:51,875 --> 01:07:53,125
for water, right?

3485
01:07:53,125 --> 01:07:54,083
And water is, like,

3486
01:07:54,083 --> 01:07:54,791
pretty much free

3487
01:07:54,791 --> 01:07:55,375
at this point.

3488
01:07:55,375 --> 01:07:57,041
But this is something that's

3489
01:07:57,041 --> 01:07:58,500
exceedingly crazy

3490
01:07:58,500 --> 01:07:59,750
in terms of human history,

3491
01:07:59,750 --> 01:08:02,791
that clean water is available

3492
01:08:02,791 --> 01:08:03,750
pretty much anywhere

3493
01:08:03,750 --> 01:08:05,250
in the world for free. Right.

3494
01:08:05,250 --> 01:08:06,000
And then if you

3495
01:08:06,000 --> 01:08:06,833
think about other stuff

3496
01:08:06,833 --> 01:08:08,416
like food and lodging,

3497
01:08:08,416 --> 01:08:09,833
the cost of food production

3498
01:08:09,833 --> 01:08:10,916
should be very,

3499
01:08:10,916 --> 01:08:12,083
very low in the future.

3500
01:08:12,083 --> 01:08:13,041
The cost of lodging

3501
01:08:13,041 --> 01:08:13,875
also should be low,

3502
01:08:13,875 --> 01:08:14,583
it should be

3503
01:08:14,583 --> 01:08:15,375
very low in the future.

3504
01:08:15,375 --> 01:08:16,583
And we're not talking about,

3505
01:08:16,583 --> 01:08:17,583
of course,

3506
01:08:17,583 --> 01:08:18,375
expensive beachfront

3507
01:08:18,375 --> 01:08:18,833
real estate.

3508
01:08:18,833 --> 01:08:19,333
We're talking about

3509
01:08:19,333 --> 01:08:20,125
just like basic

3510
01:08:20,125 --> 01:08:22,416
lodging, clothing,

3511
01:08:22,416 --> 01:08:22,750
kind of like

3512
01:08:22,750 --> 01:08:23,750
the basic needs like

3513
01:08:23,750 --> 01:08:24,416
these are going to

3514
01:08:24,416 --> 01:08:24,833
these

3515
01:08:24,833 --> 01:08:25,875
prices are going to drop.

3516
01:08:25,875 --> 01:08:26,916
And I think you're right

3517
01:08:26,916 --> 01:08:27,541
that on a long

3518
01:08:27,541 --> 01:08:28,916
enough timeline,

3519
01:08:28,916 --> 01:08:31,750
you know, maybe not food, but

3520
01:08:31,750 --> 01:08:32,458
also kind of food

3521
01:08:32,458 --> 01:08:32,958
like they

3522
01:08:32,958 --> 01:08:33,958
will trends to a very,

3523
01:08:33,958 --> 01:08:35,291
very, very low cost.

3524
01:08:35,291 --> 01:08:36,083
And if they are

3525
01:08:36,083 --> 01:08:37,791
exceedingly abundant

3526
01:08:37,791 --> 01:08:38,458
like these are

3527
01:08:38,458 --> 01:08:39,083
the things

3528
01:08:39,083 --> 01:08:40,500
that are creating conflict.

3529
01:08:40,500 --> 01:08:41,125
Like when you

3530
01:08:41,125 --> 01:08:41,333
when you're

3531
01:08:41,333 --> 01:08:42,625
competing for food

3532
01:08:42,625 --> 01:08:43,291
and you're competing

3533
01:08:43,291 --> 01:08:44,541
for lodging

3534
01:08:44,541 --> 01:08:44,833
and you're

3535
01:08:44,833 --> 01:08:46,250
competing for water

3536
01:08:46,250 --> 01:08:46,583
and you're

3537
01:08:46,583 --> 01:08:48,083
competing for like,

3538
01:08:48,083 --> 01:08:50,291
you know, safety, you know,

3539
01:08:50,291 --> 01:08:51,291
or security.

3540
01:08:51,291 --> 01:08:51,750
So these are

3541
01:08:51,750 --> 01:08:52,708
the things that cause,

3542
01:08:52,708 --> 01:08:53,875
like human conflict.

3543
01:08:53,875 --> 01:08:54,208
And I think

3544
01:08:54,208 --> 01:08:54,833
what's going to happen

3545
01:08:54,833 --> 01:08:56,208
is as these things,

3546
01:08:56,208 --> 01:08:57,208
the cost translate

3547
01:08:57,208 --> 01:08:58,625
to very little,

3548
01:08:58,625 --> 01:08:59,333
then we're going

3549
01:08:59,333 --> 01:08:59,916
to be starting

3550
01:08:59,916 --> 01:09:01,208
to think about we're going to

3551
01:09:01,208 --> 01:09:01,541
we're going

3552
01:09:01,541 --> 01:09:03,083
to go up into the Maslow

3553
01:09:03,083 --> 01:09:03,666
pyramid,

3554
01:09:03,666 --> 01:09:04,208
and we're going

3555
01:09:04,208 --> 01:09:04,708
to be starting

3556
01:09:04,708 --> 01:09:05,375
to produce things

3557
01:09:05,375 --> 01:09:06,875
that were previously

3558
01:09:06,875 --> 01:09:08,375
incredibly hard

3559
01:09:08,375 --> 01:09:09,458
and difficult to produce.

3560
01:09:09,458 --> 01:09:09,666
Right?

3561
01:09:09,666 --> 01:09:10,375
So it's like

3562
01:09:10,375 --> 01:09:11,041
now that these things

3563
01:09:11,041 --> 01:09:12,208
are basically free

3564
01:09:12,208 --> 01:09:12,958
and the

3565
01:09:12,958 --> 01:09:15,541
the margin of return on like,

3566
01:09:15,541 --> 01:09:16,333
you know, something

3567
01:09:16,333 --> 01:09:18,375
is, is, is so low that

3568
01:09:18,375 --> 01:09:19,500
who cares about,

3569
01:09:19,500 --> 01:09:19,916
you know,

3570
01:09:19,916 --> 01:09:20,333
who cares

3571
01:09:20,333 --> 01:09:21,416
about reducing the price

3572
01:09:21,416 --> 01:09:22,916
of corn,

3573
01:09:22,916 --> 01:09:24,041
0.01%

3574
01:09:24,041 --> 01:09:25,291
more than it already is.

3575
01:09:25,291 --> 01:09:26,541
Let's produce other things.

3576
01:09:26,541 --> 01:09:27,041
And this might

3577
01:09:27,041 --> 01:09:28,333
be technologies,

3578
01:09:28,333 --> 01:09:28,916
this might be

3579
01:09:28,916 --> 01:09:30,291
medical sciences,

3580
01:09:30,291 --> 01:09:32,125
this might be space travel.

3581
01:09:32,125 --> 01:09:32,875
This might be,

3582
01:09:32,875 --> 01:09:34,250
I don't know, like building

3583
01:09:34,250 --> 01:09:35,458
fucking cathedrals

3584
01:09:35,458 --> 01:09:36,625
for no good reason

3585
01:09:36,625 --> 01:09:37,416
other than because it's

3586
01:09:37,416 --> 01:09:39,416
fucking awesome or, you know,

3587
01:09:41,208 --> 01:09:42,625
so, so I think like,

3588
01:09:42,625 --> 01:09:43,416
not everything

3589
01:09:43,416 --> 01:09:44,000
is going to be free,

3590
01:09:44,000 --> 01:09:45,708
but the stuff that the stuff

3591
01:09:45,708 --> 01:09:46,875
that we are competing over

3592
01:09:46,875 --> 01:09:47,625
now will be very

3593
01:09:47,625 --> 01:09:48,291
variable costs.

3594
01:09:48,291 --> 01:09:49,375
And then this,

3595
01:09:49,375 --> 01:09:50,583
this will free up our time

3596
01:09:50,583 --> 01:09:51,541
and energy

3597
01:09:51,541 --> 01:09:52,666
to produce things

3598
01:09:52,666 --> 01:09:54,041
that were previously thought

3599
01:09:54,041 --> 01:09:54,791
to be impossible

3600
01:09:54,791 --> 01:09:56,333
to produce, like

3601
01:09:56,333 --> 01:09:58,166
life extension technologies.

3602
01:09:58,166 --> 01:09:59,541
And I think space travel

3603
01:09:59,541 --> 01:10:00,375
is probably like

3604
01:10:00,375 --> 01:10:01,541
the better example.

3605
01:10:01,541 --> 01:10:02,666
And, you know,

3606
01:10:02,666 --> 01:10:05,125
like once, once,

3607
01:10:05,125 --> 01:10:05,541
once.

3608
01:10:05,541 --> 01:10:06,875
It takes far

3609
01:10:06,875 --> 01:10:08,958
less people to build housing,

3610
01:10:08,958 --> 01:10:09,541
you know, like,

3611
01:10:09,541 --> 01:10:09,958
what are people

3612
01:10:09,958 --> 01:10:10,375
going to build?

3613
01:10:10,375 --> 01:10:10,791
They're going to be

3614
01:10:10,791 --> 01:10:11,833
fucking space rockets,

3615
01:10:11,833 --> 01:10:12,708
because that's the new thing

3616
01:10:12,708 --> 01:10:13,916
that's in demand.

3617
01:10:13,916 --> 01:10:15,000
So this is how this is

3618
01:10:15,000 --> 01:10:17,000
how we evolve as a society.

3619
01:10:17,000 --> 01:10:19,166
Like stopping this,

3620
01:10:19,166 --> 01:10:20,500
stopping to focus our energy

3621
01:10:20,500 --> 01:10:23,500
on low Maslow pyramid things.

3622
01:10:23,625 --> 01:10:24,958
And we go higher,

3623
01:10:24,958 --> 01:10:25,708
higher, higher

3624
01:10:25,708 --> 01:10:27,125
into the more like,

3625
01:10:27,125 --> 01:10:27,916
I don't know, like,

3626
01:10:29,041 --> 01:10:30,958
you know, like

3627
01:10:30,958 --> 01:10:31,833
extending life, for

3628
01:10:31,833 --> 01:10:33,083
example, is not a priority

3629
01:10:33,083 --> 01:10:34,208
for a peasant. Right.

3630
01:10:34,208 --> 01:10:36,541
So the peasants has no

3631
01:10:36,541 --> 01:10:37,416
concept of

3632
01:10:37,416 --> 01:10:38,083
maybe I can live

3633
01:10:38,083 --> 01:10:39,625
to like 150 years.

3634
01:10:39,625 --> 01:10:40,166
You know,

3635
01:10:40,166 --> 01:10:40,916
the peasant has

3636
01:10:40,916 --> 01:10:41,708
the concept of need

3637
01:10:41,708 --> 01:10:42,458
to feed my family,

3638
01:10:42,458 --> 01:10:43,708
like the next

3639
01:10:43,708 --> 01:10:46,166
three quarters, you know,

3640
01:10:46,166 --> 01:10:47,166
subsistence lifestyle

3641
01:10:47,166 --> 01:10:47,583
is basically

3642
01:10:47,583 --> 01:10:49,500
like the next three months

3643
01:10:49,500 --> 01:10:50,541
in a,

3644
01:10:50,541 --> 01:10:52,250
like a medium case scenario.

3645
01:10:52,250 --> 01:10:53,000
And like the worst case

3646
01:10:53,000 --> 01:10:53,708
scenario,

3647
01:10:53,708 --> 01:10:54,750
it's like the crackhead

3648
01:10:54,750 --> 01:10:55,250
on the street,

3649
01:10:55,250 --> 01:10:56,666
which is like the next

3650
01:10:56,666 --> 01:10:57,375
six hours.

3651
01:10:57,375 --> 01:10:57,916
Right?

3652
01:10:57,916 --> 01:11:00,500
But, as, as we extend

3653
01:11:00,500 --> 01:11:02,041
like, okay, I'm pretty good.

3654
01:11:02,041 --> 01:11:02,791
I'm pretty good

3655
01:11:02,791 --> 01:11:03,750
for the next ten years,

3656
01:11:03,750 --> 01:11:05,333
you know, like, I'm,

3657
01:11:05,333 --> 01:11:06,291
now let's think about

3658
01:11:06,291 --> 01:11:07,375
more and more and more.

3659
01:11:07,375 --> 01:11:08,583
And this is how we elevate

3660
01:11:08,583 --> 01:11:10,625
ourselves above,

3661
01:11:10,625 --> 01:11:12,291
like the our base

3662
01:11:12,291 --> 01:11:14,250
nature of, like, subsistence.

3663
01:11:14,250 --> 01:11:15,708
So, this is why

3664
01:11:15,708 --> 01:11:16,583
deflation is good.

3665
01:11:16,583 --> 01:11:17,541
Like deflation

3666
01:11:17,541 --> 01:11:18,333
allows us to

3667
01:11:18,333 --> 01:11:19,375
elevate ourselves.

3668
01:11:19,375 --> 01:11:20,541
And if the price of things

3669
01:11:20,541 --> 01:11:22,041
are always going up and

3670
01:11:22,041 --> 01:11:22,583
due to.

3671
01:11:22,583 --> 01:11:23,125
And I just thought

3672
01:11:23,125 --> 01:11:23,625
about something

3673
01:11:23,625 --> 01:11:24,833
that the stupidest argument

3674
01:11:24,833 --> 01:11:26,666
ever is the argument of like,

3675
01:11:26,666 --> 01:11:27,041
well,

3676
01:11:27,041 --> 01:11:27,791
if the price of things

3677
01:11:27,791 --> 01:11:28,125
goes up

3678
01:11:28,125 --> 01:11:29,250
when the price of wages

3679
01:11:29,250 --> 01:11:30,416
goes up also.

3680
01:11:30,416 --> 01:11:33,000
Yeah, but the wages, your,

3681
01:11:33,000 --> 01:11:34,375
your savings

3682
01:11:34,375 --> 01:11:36,833
are still being devalued.

3683
01:11:36,833 --> 01:11:38,041
So if,

3684
01:11:38,041 --> 01:11:39,333
if you use that argument

3685
01:11:39,333 --> 01:11:39,916
it's like okay,

3686
01:11:39,916 --> 01:11:40,500
so you have to keep

3687
01:11:40,500 --> 01:11:41,416
working forever

3688
01:11:41,416 --> 01:11:42,208
just to catch up.

3689
01:11:42,208 --> 01:11:42,458
Right.

3690
01:11:42,458 --> 01:11:42,833
You can

3691
01:11:42,833 --> 01:11:44,458
you can never escape

3692
01:11:44,458 --> 01:11:46,166
like the fiat slave mindset.

3693
01:11:46,166 --> 01:11:47,500
You can never be like,

3694
01:11:47,500 --> 01:11:47,750
all right,

3695
01:11:47,750 --> 01:11:48,833
I have enough savings now.

3696
01:11:48,833 --> 01:11:49,958
I don't need to work from

3697
01:11:49,958 --> 01:11:51,208
9 to 7 every single

3698
01:11:51,208 --> 01:11:52,291
fucking day of my life

3699
01:11:52,291 --> 01:11:53,666
and like,

3700
01:11:53,666 --> 01:11:54,958
you know, work on this hobby

3701
01:11:54,958 --> 01:11:55,291
that I have.

3702
01:11:55,291 --> 01:11:56,333
I have an idea for this,

3703
01:11:56,333 --> 01:11:57,416
like, new motor.

3704
01:11:57,416 --> 01:11:58,250
You know, I'm a mechanic,

3705
01:11:58,250 --> 01:11:58,833
you know, like,

3706
01:11:58,833 --> 01:11:59,583
I have an idea

3707
01:11:59,583 --> 01:12:01,333
of how to make cars,

3708
01:12:01,333 --> 01:12:02,041
more efficient.

3709
01:12:02,041 --> 01:12:02,666
But I don't

3710
01:12:02,666 --> 01:12:03,458
have time to do that

3711
01:12:03,458 --> 01:12:04,041
because I'm

3712
01:12:04,041 --> 01:12:05,458
a fucking fiat slave,

3713
01:12:05,458 --> 01:12:06,625
and I hate to fucking work

3714
01:12:06,625 --> 01:12:07,458
9 to 7

3715
01:12:07,458 --> 01:12:08,125
every single day,

3716
01:12:08,125 --> 01:12:09,208
including Saturday,

3717
01:12:09,208 --> 01:12:10,166
in order to just keep up

3718
01:12:10,166 --> 01:12:11,250
with the cost of living.

3719
01:12:11,250 --> 01:12:12,625
So the idea

3720
01:12:12,625 --> 01:12:13,708
that deflation is bad,

3721
01:12:13,708 --> 01:12:14,291
I think,

3722
01:12:14,291 --> 01:12:15,750
and I mean, I haven't

3723
01:12:15,750 --> 01:12:16,208
you know,

3724
01:12:16,208 --> 01:12:18,083
I stopped really

3725
01:12:18,083 --> 01:12:19,000
getting deep

3726
01:12:19,000 --> 01:12:20,125
in economics like,

3727
01:12:20,125 --> 01:12:21,750
you know, years ago

3728
01:12:21,750 --> 01:12:23,125
now I'm more into technology,

3729
01:12:23,125 --> 01:12:24,208
but the idea

3730
01:12:24,208 --> 01:12:25,208
that deflation is bad

3731
01:12:25,208 --> 01:12:27,750
seems to be like current.

3732
01:12:27,750 --> 01:12:28,875
It still is current,

3733
01:12:28,875 --> 01:12:29,666
like mainstream

3734
01:12:29,666 --> 01:12:30,583
economic theory.

3735
01:12:30,583 --> 01:12:31,125
It's it's

3736
01:12:31,125 --> 01:12:33,291
the biggest lie ever told.

3737
01:12:33,291 --> 01:12:34,916
And it doesn't pass

3738
01:12:34,916 --> 01:12:35,666
the smell test

3739
01:12:35,666 --> 01:12:37,083
of the layperson.

3740
01:12:37,083 --> 01:12:38,333
So it can only be

3741
01:12:38,333 --> 01:12:39,583
created through a science.

3742
01:12:39,583 --> 01:12:40,750
Because if you ask the

3743
01:12:40,750 --> 01:12:42,083
average person, it's like

3744
01:12:43,375 --> 01:12:44,041
paying less

3745
01:12:44,041 --> 01:12:44,875
for the same stuff

3746
01:12:44,875 --> 01:12:47,125
over time, good or bad,

3747
01:12:47,125 --> 01:12:48,708
everybody that has a fucking

3748
01:12:48,708 --> 01:12:50,083
brain is going to say, well,

3749
01:12:50,083 --> 01:12:51,083
obviously that's good.

3750
01:12:51,083 --> 01:12:51,833
Like it takes

3751
01:12:51,833 --> 01:12:53,708
a lot of psyops

3752
01:12:53,708 --> 01:12:56,083
to make it the official

3753
01:12:56,083 --> 01:12:57,916
like dogma that, no,

3754
01:12:57,916 --> 01:13:00,125
actually it must be 2% more

3755
01:13:00,125 --> 01:13:00,625
every year.

3756
01:13:00,625 --> 01:13:01,125
That's like

3757
01:13:01,125 --> 01:13:02,750
the necessary target.

3758
01:13:02,750 --> 01:13:03,750
And that's like

3759
01:13:03,750 --> 01:13:04,916
Unchallengeable. Right?

3760
01:13:04,916 --> 01:13:05,583
Like our entire

3761
01:13:05,583 --> 01:13:06,708
system is like,

3762
01:13:06,708 --> 01:13:07,041
you know,

3763
01:13:07,041 --> 01:13:08,041
it must be between 1

3764
01:13:08,041 --> 01:13:08,958
and 3% more

3765
01:13:08,958 --> 01:13:09,833
every single year.

3766
01:13:09,833 --> 01:13:11,250
And you must accept

3767
01:13:11,250 --> 01:13:12,875
that as being true.

3768
01:13:12,875 --> 01:13:13,583
And people don't

3769
01:13:13,583 --> 01:13:14,333
even think about that,

3770
01:13:14,333 --> 01:13:14,875
you know.

3771
01:13:14,875 --> 01:13:15,625
Hello there.

3772
01:13:15,625 --> 01:13:16,750
I'm Kurt Swann home,

3773
01:13:16,750 --> 01:13:17,208
and I'm

3774
01:13:17,208 --> 01:13:18,291
an International Village

3775
01:13:18,291 --> 01:13:19,791
idiot and author.

3776
01:13:19,791 --> 01:13:21,250
These are my books

3777
01:13:21,250 --> 01:13:22,458
on Bitcoin,

3778
01:13:22,458 --> 01:13:23,291
Bitcoin, sovereignty

3779
01:13:23,291 --> 01:13:24,625
through mathematics,

3780
01:13:24,625 --> 01:13:25,708
Bitcoin independence

3781
01:13:25,708 --> 01:13:27,291
reimagined, Bitcoin

3782
01:13:27,291 --> 01:13:28,125
everything divided

3783
01:13:28,125 --> 01:13:29,583
by 21 million.

3784
01:13:29,583 --> 01:13:30,208
Bitcoin

3785
01:13:30,208 --> 01:13:31,708
the inverse of clown world.

3786
01:13:31,708 --> 01:13:33,583
These are now re-edited,

3787
01:13:33,583 --> 01:13:35,541
redesigned and available

3788
01:13:35,541 --> 01:13:36,208
from the Bitcoin

3789
01:13:36,208 --> 01:13:36,875
Infinity store.

3790
01:13:36,875 --> 01:13:38,083
I mean look at that.

3791
01:13:38,083 --> 01:13:39,541
Look at how your collection

3792
01:13:39,541 --> 01:13:41,041
could look.

3793
01:13:41,041 --> 01:13:42,416
Oh. It's upside down.

3794
01:13:42,416 --> 01:13:43,875
But there they are anyway.

3795
01:13:43,875 --> 01:13:44,916
But more than that,

3796
01:13:44,916 --> 01:13:45,833
all of these books

3797
01:13:45,833 --> 01:13:46,916
will be released

3798
01:13:46,916 --> 01:13:48,083
for free, chapter

3799
01:13:48,083 --> 01:13:48,958
by chapter, week

3800
01:13:48,958 --> 01:13:50,375
by week on Noster,

3801
01:13:50,375 --> 01:13:52,375
also accompanied by a video

3802
01:13:52,375 --> 01:13:53,000
that Luke

3803
01:13:53,000 --> 01:13:54,125
and I will make talking

3804
01:13:54,125 --> 01:13:55,708
about the ideas in the book

3805
01:13:55,708 --> 01:13:56,541
where we answer

3806
01:13:56,541 --> 01:13:57,750
your questions

3807
01:13:57,750 --> 01:13:59,458
because you can sign up

3808
01:13:59,458 --> 01:14:00,208
for the Bitcoin

3809
01:14:00,208 --> 01:14:01,750
Infinity Academy

3810
01:14:01,750 --> 01:14:03,000
and join courses

3811
01:14:03,000 --> 01:14:03,500
for each

3812
01:14:03,500 --> 01:14:04,833
and every one of the books,

3813
01:14:04,833 --> 01:14:06,041
and talk to us

3814
01:14:06,041 --> 01:14:06,833
every now and then

3815
01:14:06,833 --> 01:14:08,000
and get other perks

3816
01:14:08,000 --> 01:14:08,750
like a free

3817
01:14:08,750 --> 01:14:10,125
set of steak knives.

3818
01:14:10,125 --> 01:14:11,000
So go to the Bitcoin

3819
01:14:11,000 --> 01:14:12,375
Infinity store right now.

3820
01:14:12,375 --> 01:14:13,083
Get the books,

3821
01:14:13,083 --> 01:14:14,708
sign up for the Academy.

3822
01:14:14,708 --> 01:14:16,166
There's an economic,

3823
01:14:16,166 --> 01:14:17,041
phenomenon called

3824
01:14:17,041 --> 01:14:18,666
Jevons paradox.

3825
01:14:18,666 --> 01:14:20,500
And it's states that

3826
01:14:20,500 --> 01:14:21,708
when prices go down,

3827
01:14:21,708 --> 01:14:22,250
you think that

3828
01:14:22,250 --> 01:14:23,125
people will buy

3829
01:14:23,125 --> 01:14:24,208
like what they need

3830
01:14:24,208 --> 01:14:25,250
in terms of that product

3831
01:14:25,250 --> 01:14:26,416
and then stop buying it.

3832
01:14:26,416 --> 01:14:27,208
But that's not true.

3833
01:14:27,208 --> 01:14:27,583
They'll buy

3834
01:14:27,583 --> 01:14:28,583
more of the product

3835
01:14:28,583 --> 01:14:29,458
because they can afford

3836
01:14:29,458 --> 01:14:29,916
more of it.

3837
01:14:29,916 --> 01:14:31,416
It's very simple,

3838
01:14:31,416 --> 01:14:32,333
like the whole notion

3839
01:14:32,333 --> 01:14:32,916
that prices

3840
01:14:32,916 --> 01:14:34,125
have to go up in order

3841
01:14:34,125 --> 01:14:34,583
for people

3842
01:14:34,583 --> 01:14:35,458
to spend their money.

3843
01:14:35,458 --> 01:14:37,125
It's it's it's bullshit.

3844
01:14:37,125 --> 01:14:37,916
Yeah.

3845
01:14:37,916 --> 01:14:40,500
And, and the best example

3846
01:14:40,500 --> 01:14:41,208
in the real world,

3847
01:14:41,208 --> 01:14:41,708
I think, is

3848
01:14:41,708 --> 01:14:43,250
the, is computers

3849
01:14:43,250 --> 01:14:44,000
and the internet,

3850
01:14:44,000 --> 01:14:45,375
like a device,

3851
01:14:45,375 --> 01:14:46,583
like a mobile phone,

3852
01:14:46,583 --> 01:14:48,291
which is like James Bond

3853
01:14:48,291 --> 01:14:50,791
with dream just 20 years ago.

3854
01:14:50,791 --> 01:14:51,041
Like,

3855
01:14:51,041 --> 01:14:52,208
we have everything, access

3856
01:14:52,208 --> 01:14:53,208
to absolutely everything.

3857
01:14:53,208 --> 01:14:54,083
You can manage

3858
01:14:54,083 --> 01:14:55,541
your entire life

3859
01:14:55,541 --> 01:14:56,666
and have all the world's

3860
01:14:56,666 --> 01:14:58,041
entertainment in this thing,

3861
01:14:58,041 --> 01:14:58,750
like books,

3862
01:14:58,750 --> 01:15:01,750
CDs and, movies, everything.

3863
01:15:02,541 --> 01:15:03,666
The fact that you and I

3864
01:15:03,666 --> 01:15:04,708
can have a conversation

3865
01:15:04,708 --> 01:15:06,333
without lag

3866
01:15:06,333 --> 01:15:07,250
between, like,

3867
01:15:07,250 --> 01:15:07,750
from on

3868
01:15:07,750 --> 01:15:08,541
different sides

3869
01:15:08,541 --> 01:15:09,208
of the planet,

3870
01:15:09,208 --> 01:15:10,083
it's just insane.

3871
01:15:10,083 --> 01:15:11,458
Mainly good. Like.

3872
01:15:11,458 --> 01:15:12,750
And this is the thing.

3873
01:15:12,750 --> 01:15:14,000
And this is just a

3874
01:15:14,000 --> 01:15:15,333
tiny little taste

3875
01:15:15,333 --> 01:15:16,291
of what's to come.

3876
01:15:16,291 --> 01:15:17,500
If you start using the right,

3877
01:15:17,500 --> 01:15:18,000
the nominee

3878
01:15:18,000 --> 01:15:19,166
and quality will go up,

3879
01:15:19,166 --> 01:15:19,750
like people

3880
01:15:19,750 --> 01:15:20,666
will buy more

3881
01:15:20,666 --> 01:15:21,541
and you will like,

3882
01:15:21,541 --> 01:15:23,750
okay, so this computer thing.

3883
01:15:23,750 --> 01:15:24,000
Yeah.

3884
01:15:24,000 --> 01:15:25,000
Just to finish the point,

3885
01:15:25,000 --> 01:15:25,791
like, yeah, it's

3886
01:15:25,791 --> 01:15:26,500
it happened

3887
01:15:26,500 --> 01:15:27,875
despite fiat

3888
01:15:27,875 --> 01:15:28,458
because it's

3889
01:15:28,458 --> 01:15:29,958
so it's so powerful

3890
01:15:29,958 --> 01:15:30,958
that despite

3891
01:15:30,958 --> 01:15:32,208
all the Fiat being printed

3892
01:15:32,208 --> 01:15:33,791
just that actually hinders

3893
01:15:33,791 --> 01:15:34,458
the process.

3894
01:15:34,458 --> 01:15:35,791
It happened anyway.

3895
01:15:35,791 --> 01:15:36,208
And like

3896
01:15:36,208 --> 01:15:37,625
when you remove that,

3897
01:15:37,625 --> 01:15:39,291
like it's absolutely

3898
01:15:39,291 --> 01:15:40,291
mind blowing what

3899
01:15:40,291 --> 01:15:41,125
this can lead to.

3900
01:15:41,125 --> 01:15:42,458
So yeah. Yeah.

3901
01:15:42,458 --> 01:15:42,750
No, no.

3902
01:15:42,750 --> 01:15:43,750
And absolutely you're right.

3903
01:15:43,750 --> 01:15:44,916
Like we have seen deflation

3904
01:15:44,916 --> 01:15:46,500
for certain things

3905
01:15:46,500 --> 01:15:47,250
where the

3906
01:15:47,250 --> 01:15:49,125
technology innovation

3907
01:15:49,125 --> 01:15:50,375
was so rapid

3908
01:15:50,375 --> 01:15:52,041
and so like powerful

3909
01:15:52,041 --> 01:15:53,625
that even despite fiat

3910
01:15:53,625 --> 01:15:54,625
it's still cheaper over time.

3911
01:15:54,625 --> 01:15:55,125
Like,

3912
01:15:55,125 --> 01:15:56,500
you know, like the TVs,

3913
01:15:56,500 --> 01:15:56,791
you know,

3914
01:15:56,791 --> 01:15:57,333
that we have

3915
01:15:57,333 --> 01:15:58,500
in the random Airbnb

3916
01:15:58,500 --> 01:15:59,833
that are fucking gigantic

3917
01:15:59,833 --> 01:16:01,458
like that used to be.

3918
01:16:01,458 --> 01:16:02,666
You are a multi

3919
01:16:02,666 --> 01:16:03,625
fucking millionaire.

3920
01:16:03,625 --> 01:16:05,541
If you have a gigantic flat

3921
01:16:05,541 --> 01:16:07,083
screen TV in your house.

3922
01:16:07,083 --> 01:16:08,708
And now every single cheap

3923
01:16:08,708 --> 01:16:09,791
Airbnb in the world

3924
01:16:09,791 --> 01:16:10,166
has like

3925
01:16:10,166 --> 01:16:11,541
four gigantic

3926
01:16:11,541 --> 01:16:12,291
televisions in it,

3927
01:16:12,291 --> 01:16:13,250
it's like a commodity.

3928
01:16:13,250 --> 01:16:13,500
Yeah.

3929
01:16:13,500 --> 01:16:15,333
And to your point about,

3930
01:16:15,333 --> 01:16:16,041
about quantity

3931
01:16:16,041 --> 01:16:17,583
and quality and deflation,

3932
01:16:17,583 --> 01:16:18,125
of course.

3933
01:16:18,125 --> 01:16:18,500
Okay.

3934
01:16:18,500 --> 01:16:18,916
Let's say that

3935
01:16:18,916 --> 01:16:19,708
I'm again, I'm

3936
01:16:19,708 --> 01:16:20,250
a peasant

3937
01:16:20,250 --> 01:16:22,375
and I spend $10 on,

3938
01:16:22,375 --> 01:16:23,750
I don't know, cornmeal

3939
01:16:23,750 --> 01:16:24,916
to feed my family.

3940
01:16:24,916 --> 01:16:27,333
And now cornmeal is $1.

3941
01:16:27,333 --> 01:16:28,291
I'm not going to buy

3942
01:16:28,291 --> 01:16:30,000
ten times more cornmeal.

3943
01:16:30,000 --> 01:16:30,750
I'm going to buy

3944
01:16:30,750 --> 01:16:31,875
ribeye steaks,

3945
01:16:31,875 --> 01:16:32,291
you know,

3946
01:16:32,291 --> 01:16:32,625
and I'm

3947
01:16:32,625 --> 01:16:33,833
going to be increasing

3948
01:16:33,833 --> 01:16:34,791
my quality of life

3949
01:16:34,791 --> 01:16:36,291
with higher quality goods.

3950
01:16:36,291 --> 01:16:37,166
And when ribeye

3951
01:16:37,166 --> 01:16:38,583
steaks are $1,

3952
01:16:38,583 --> 01:16:39,125
I don't know

3953
01:16:39,125 --> 01:16:39,875
what I'm going to buy,

3954
01:16:39,875 --> 01:16:41,125
but I'm I'm not going to buy

3955
01:16:41,125 --> 01:16:42,375
ten times more ribeye steaks,

3956
01:16:42,375 --> 01:16:43,833
but I'm going to buy stuff

3957
01:16:43,833 --> 01:16:44,458
that, you know,

3958
01:16:44,458 --> 01:16:45,791
I don't know, organic fruits

3959
01:16:45,791 --> 01:16:46,500
and I'm going to sweat.

3960
01:16:46,500 --> 01:16:47,083
I'm going to stop

3961
01:16:47,083 --> 01:16:48,083
buying the fucking

3962
01:16:48,083 --> 01:16:49,291
disgusting pesticide

3963
01:16:49,291 --> 01:16:50,875
full, fruits.

3964
01:16:50,875 --> 01:16:51,291
And I'm going to be

3965
01:16:51,291 --> 01:16:52,250
buying the organic fruits

3966
01:16:52,250 --> 01:16:53,333
and so on and so forth.

3967
01:16:53,333 --> 01:16:54,125
And then, you know,

3968
01:16:54,125 --> 01:16:55,416
once I've reached my

3969
01:16:55,416 --> 01:16:57,250
the highest quality of food,

3970
01:16:57,250 --> 01:16:58,000
then I'm going to move

3971
01:16:58,000 --> 01:16:59,708
to quality of housing,

3972
01:16:59,708 --> 01:17:00,500
and then I'm going to

3973
01:17:00,500 --> 01:17:01,875
move to quality of

3974
01:17:01,875 --> 01:17:02,500
health care,

3975
01:17:02,500 --> 01:17:03,333
and I'm going to get high

3976
01:17:03,333 --> 01:17:04,916
quality transportation,

3977
01:17:04,916 --> 01:17:05,333
and then I'm going

3978
01:17:05,333 --> 01:17:05,958
to get high

3979
01:17:05,958 --> 01:17:07,583
quality education,

3980
01:17:07,583 --> 01:17:08,125
and I'm going to get

3981
01:17:08,125 --> 01:17:09,000
how high quality

3982
01:17:09,000 --> 01:17:10,500
entertainment, you know,

3983
01:17:10,500 --> 01:17:11,500
and so everything

3984
01:17:11,500 --> 01:17:13,166
is just going to get

3985
01:17:13,166 --> 01:17:13,708
and it's

3986
01:17:13,708 --> 01:17:14,750
and but I'm going to still be

3987
01:17:14,750 --> 01:17:15,083
spending

3988
01:17:15,083 --> 01:17:15,875
the same amount of money.

3989
01:17:15,875 --> 01:17:16,125
Right.

3990
01:17:16,125 --> 01:17:16,875
So like,

3991
01:17:16,875 --> 01:17:17,583
you know, I'm

3992
01:17:17,583 --> 01:17:18,125
going to be I'm

3993
01:17:18,125 --> 01:17:18,458
still going

3994
01:17:18,458 --> 01:17:19,125
to be spending money,

3995
01:17:19,125 --> 01:17:19,583
but I'm going to

3996
01:17:19,583 --> 01:17:21,083
be getting more for my money

3997
01:17:21,083 --> 01:17:21,500
and I'm going to

3998
01:17:21,500 --> 01:17:22,791
be more happy.

3999
01:17:22,791 --> 01:17:24,875
And and I will save two.

4000
01:17:24,875 --> 01:17:25,125
Right.

4001
01:17:25,125 --> 01:17:26,333
So there's like both sides.

4002
01:17:26,333 --> 01:17:27,750
So, so let's say that

4003
01:17:27,750 --> 01:17:28,500
everything goes down

4004
01:17:28,500 --> 01:17:29,416
over time.

4005
01:17:29,416 --> 01:17:30,625
Like,

4006
01:17:30,625 --> 01:17:32,250
yes, I might be spending

4007
01:17:32,250 --> 01:17:32,916
the same amount of money

4008
01:17:32,916 --> 01:17:33,750
because I'm buying

4009
01:17:33,750 --> 01:17:34,750
higher quality goods,

4010
01:17:34,750 --> 01:17:35,541
but there's like a

4011
01:17:35,541 --> 01:17:36,791
max level of quality

4012
01:17:36,791 --> 01:17:37,375
that you can get.

4013
01:17:37,375 --> 01:17:37,958
You know what I mean?

4014
01:17:37,958 --> 01:17:39,375
Like like like a,

4015
01:17:39,375 --> 01:17:40,250
like a rib eye, you know,

4016
01:17:40,250 --> 01:17:41,125
I mean like, no, no, no.

4017
01:17:41,125 --> 01:17:41,916
Okay.

4018
01:17:41,916 --> 01:17:42,958
You can't get much

4019
01:17:42,958 --> 01:17:43,833
better than a ribeye.

4020
01:17:43,833 --> 01:17:45,166
And I, like,

4021
01:17:45,166 --> 01:17:47,041
you can buy a $30

4022
01:17:47,041 --> 01:17:48,083
bottle of wine

4023
01:17:48,083 --> 01:17:48,708
and you can buy

4024
01:17:48,708 --> 01:17:51,000
a $3,000 bottle of wine.

4025
01:17:51,000 --> 01:17:51,875
The difference

4026
01:17:51,875 --> 01:17:53,541
is less than between

4027
01:17:53,541 --> 01:17:55,791
a $30 and a $20 bottle.

4028
01:17:55,791 --> 01:17:55,958
Yeah.

4029
01:17:55,958 --> 01:17:56,500
Like, yeah,

4030
01:17:56,500 --> 01:17:58,208
like the absolute limit.

4031
01:17:58,208 --> 01:17:58,541
Like.

4032
01:17:58,541 --> 01:17:59,750
And life

4033
01:17:59,750 --> 01:18:00,916
doesn't get much better.

4034
01:18:00,916 --> 01:18:01,791
Like.

4035
01:18:01,791 --> 01:18:03,750
Yeah, I mean, I,

4036
01:18:03,750 --> 01:18:05,500
we partied at Saylor's house.

4037
01:18:05,500 --> 01:18:05,958
I mean,

4038
01:18:05,958 --> 01:18:07,041
he still has to take

4039
01:18:07,041 --> 01:18:08,250
a shit in the morning, like.

4040
01:18:08,250 --> 01:18:09,041
Yeah, with friend.

4041
01:18:09,041 --> 01:18:10,625
We were still human beings.

4042
01:18:10,625 --> 01:18:11,833
It doesn't matter

4043
01:18:11,833 --> 01:18:14,125
like basic needs,

4044
01:18:14,125 --> 01:18:15,208
but it's the Maslow thing.

4045
01:18:15,208 --> 01:18:16,583
And I think the, the,

4046
01:18:16,583 --> 01:18:17,958
the thing we're getting away

4047
01:18:17,958 --> 01:18:19,125
from is vulgar

4048
01:18:19,125 --> 01:18:20,791
consumerism and, like, buying

4049
01:18:20,791 --> 01:18:21,500
Chinese crap

4050
01:18:21,500 --> 01:18:22,291
just for the sake

4051
01:18:22,291 --> 01:18:23,416
of buying crap.

4052
01:18:23,416 --> 01:18:25,083
And it's going to be so good.

4053
01:18:25,083 --> 01:18:26,458
I think this is also

4054
01:18:26,458 --> 01:18:27,208
one of the

4055
01:18:27,208 --> 01:18:28,250
deeper thoughts I have.

4056
01:18:28,250 --> 01:18:29,958
This is a saying that rings

4057
01:18:29,958 --> 01:18:30,666
in the back of my head

4058
01:18:30,666 --> 01:18:31,791
for my grandfathers.

4059
01:18:31,791 --> 01:18:33,125
I used to say that

4060
01:18:33,125 --> 01:18:33,833
which you can do

4061
01:18:33,833 --> 01:18:34,875
without your own.

4062
01:18:34,875 --> 01:18:35,541
And I think there's

4063
01:18:35,541 --> 01:18:37,500
a profound truth in that,

4064
01:18:37,500 --> 01:18:38,625
because I think the

4065
01:18:38,625 --> 01:18:40,166
the opposite of quality

4066
01:18:40,166 --> 01:18:41,166
is not,

4067
01:18:41,166 --> 01:18:41,958
lack of call it,

4068
01:18:41,958 --> 01:18:43,500
it's equality.

4069
01:18:43,500 --> 01:18:44,583
Yeah, yeah.

4070
01:18:44,583 --> 01:18:45,458
But like,

4071
01:18:45,458 --> 01:18:46,791
you can't have both.

4072
01:18:46,791 --> 01:18:49,041
And I think, like you,

4073
01:18:49,041 --> 01:18:50,750
you get to

4074
01:18:50,750 --> 01:18:51,791
this inside of that,

4075
01:18:51,791 --> 01:18:52,500
which you can do

4076
01:18:52,500 --> 01:18:53,875
without your own.

4077
01:18:53,875 --> 01:18:54,666
Now, if you

4078
01:18:54,666 --> 01:18:55,375
if you have money

4079
01:18:55,375 --> 01:18:56,791
that's appreciating in value,

4080
01:18:56,791 --> 01:18:57,416
you don't want

4081
01:18:57,416 --> 01:18:58,708
to spend on shit

4082
01:18:58,708 --> 01:18:59,333
like you want to

4083
01:18:59,333 --> 01:19:00,375
spend on quality.

4084
01:19:00,375 --> 01:19:01,583
What you actually need,

4085
01:19:01,583 --> 01:19:03,291
and you don't use the urge

4086
01:19:03,291 --> 01:19:04,916
to spend on other shit

4087
01:19:04,916 --> 01:19:06,250
just goes away.

4088
01:19:06,250 --> 01:19:06,958
You know, the sell

4089
01:19:06,958 --> 01:19:08,291
all your cherished meme

4090
01:19:08,291 --> 01:19:09,750
like, yeah, that's what.

4091
01:19:09,750 --> 01:19:11,750
And Jack, my, for instance,

4092
01:19:11,750 --> 01:19:12,500
a great example

4093
01:19:12,500 --> 01:19:13,666
of that sitting in that empty

4094
01:19:13,666 --> 01:19:14,666
closet and just,

4095
01:19:14,666 --> 01:19:15,208
no, I'm

4096
01:19:15,208 --> 01:19:16,125
not I'm going to stack.

4097
01:19:16,125 --> 01:19:16,750
I'm not gonna

4098
01:19:16,750 --> 01:19:17,500
I'm not going to fall

4099
01:19:17,500 --> 01:19:19,125
for any of this bullshit.

4100
01:19:19,125 --> 01:19:19,916
Like, yeah, yeah,

4101
01:19:19,916 --> 01:19:20,666
I love that.

4102
01:19:20,666 --> 01:19:22,500
I absolutely love that.

4103
01:19:22,500 --> 01:19:22,958
And this is,

4104
01:19:22,958 --> 01:19:24,208
this is very bullish for art.

4105
01:19:24,208 --> 01:19:25,500
So, you know, like,

4106
01:19:25,500 --> 01:19:26,125
one of the reasons

4107
01:19:26,125 --> 01:19:27,250
that we're talking is,

4108
01:19:27,250 --> 01:19:28,041
I think you were

4109
01:19:28,041 --> 01:19:29,666
talking with mate X.

4110
01:19:29,666 --> 01:19:30,208
Yeah, mate,

4111
01:19:30,208 --> 01:19:30,958
we had a couple

4112
01:19:30,958 --> 01:19:31,625
of conversations

4113
01:19:31,625 --> 01:19:33,166
with, with mate X,

4114
01:19:33,166 --> 01:19:34,166
and they proudly.

4115
01:19:34,166 --> 01:19:35,416
So that's,

4116
01:19:35,416 --> 01:19:36,208
our other friends

4117
01:19:36,208 --> 01:19:37,958
in both Bitcoin right now.

4118
01:19:37,958 --> 01:19:38,833
Yeah, we have many

4119
01:19:38,833 --> 01:19:40,375
and but yeah.

4120
01:19:40,375 --> 01:19:41,000
And mate

4121
01:19:41,000 --> 01:19:43,375
X you know he's

4122
01:19:43,375 --> 01:19:44,041
he's basically

4123
01:19:44,041 --> 01:19:44,583
my best friend.

4124
01:19:44,583 --> 01:19:45,000
I've known him

4125
01:19:45,000 --> 01:19:47,458
for a long time and, and,

4126
01:19:47,458 --> 01:19:48,416
I,

4127
01:19:48,416 --> 01:19:49,916
I was never interested in art

4128
01:19:49,916 --> 01:19:50,500
before.

4129
01:19:50,500 --> 01:19:51,500
Before meeting him

4130
01:19:51,500 --> 01:19:53,416
and before kind of,

4131
01:19:53,416 --> 01:19:55,375
understanding his his vision

4132
01:19:55,375 --> 01:19:56,625
and his principles for art.

4133
01:19:56,625 --> 01:19:57,416
And, you know,

4134
01:19:57,416 --> 01:19:59,125
we talk a lot about,

4135
01:19:59,125 --> 01:20:00,708
you know, cathedrals

4136
01:20:00,708 --> 01:20:02,125
and the Renaissance

4137
01:20:02,125 --> 01:20:05,125
and how we can,

4138
01:20:05,458 --> 01:20:06,875
why is this art's

4139
01:20:06,875 --> 01:20:07,875
so important

4140
01:20:07,875 --> 01:20:08,875
to the human soul,

4141
01:20:08,875 --> 01:20:09,833
first of all?

4142
01:20:09,833 --> 01:20:11,625
And why is the art

4143
01:20:11,625 --> 01:20:13,041
not happening today?

4144
01:20:13,041 --> 01:20:13,958
And, you know, one

4145
01:20:13,958 --> 01:20:14,625
thing, it's like

4146
01:20:15,750 --> 01:20:18,375
I have

4147
01:20:18,375 --> 01:20:19,416
this is the only this

4148
01:20:19,416 --> 01:20:20,541
is the only piece of jewelry

4149
01:20:20,541 --> 01:20:21,750
that I that I own. Right?

4150
01:20:21,750 --> 01:20:23,458
And it's a, it's a mate X

4151
01:20:23,458 --> 01:20:23,750
bull.

4152
01:20:23,750 --> 01:20:25,666
Bitcoin gold, gold pendant.

4153
01:20:25,666 --> 01:20:26,708
Oh yeah.

4154
01:20:26,708 --> 01:20:29,083
I have a 2007,

4155
01:20:29,083 --> 01:20:31,250
Rav4 and a 1978

4156
01:20:31,250 --> 01:20:32,875
old fucking LandCruiser.

4157
01:20:32,875 --> 01:20:34,916
I don't own anything

4158
01:20:34,916 --> 01:20:36,083
really expensive

4159
01:20:36,083 --> 01:20:37,041
other than a laptop

4160
01:20:37,041 --> 01:20:38,833
and a phone.

4161
01:20:38,833 --> 01:20:40,875
But I do collect art.

4162
01:20:40,875 --> 01:20:41,750
Like I do collect

4163
01:20:41,750 --> 01:20:43,250
art that I find to be very,

4164
01:20:43,250 --> 01:20:44,041
very good

4165
01:20:44,041 --> 01:20:46,541
out of principle because,

4166
01:20:46,541 --> 01:20:47,875
this art is the only thing

4167
01:20:47,875 --> 01:20:48,291
that's, like,

4168
01:20:48,291 --> 01:20:49,583
worthy of my money, right?

4169
01:20:49,583 --> 01:20:50,208
The art is

4170
01:20:50,208 --> 01:20:51,416
the only thing that

4171
01:20:51,416 --> 01:20:52,708
can't like

4172
01:20:52,708 --> 01:20:53,583
that can't be easily

4173
01:20:53,583 --> 01:20:54,250
reproduced or,

4174
01:20:54,250 --> 01:20:56,541
you know, like the the,

4175
01:20:56,541 --> 01:20:57,291
it's very,

4176
01:20:57,291 --> 01:20:58,083
very difficult

4177
01:20:58,083 --> 01:20:59,000
to, to reproduce,

4178
01:20:59,000 --> 01:20:59,916
like extremely good

4179
01:20:59,916 --> 01:21:01,250
art versus like a fucking,

4180
01:21:01,250 --> 01:21:01,791
for example,

4181
01:21:01,791 --> 01:21:03,000
like a fucking jpeg.

4182
01:21:03,000 --> 01:21:05,125
So thinking about, like,

4183
01:21:05,125 --> 01:21:06,416
a second

4184
01:21:06,416 --> 01:21:07,291
architectural

4185
01:21:07,291 --> 01:21:09,583
and artistic renaissance,

4186
01:21:09,583 --> 01:21:10,416
especially when

4187
01:21:10,416 --> 01:21:10,958
you think about

4188
01:21:10,958 --> 01:21:11,875
like increasing

4189
01:21:11,875 --> 01:21:12,750
the quality of stuff,

4190
01:21:13,875 --> 01:21:15,291
architecture and

4191
01:21:15,291 --> 01:21:16,333
building, man.

4192
01:21:16,333 --> 01:21:17,458
Like the house

4193
01:21:17,458 --> 01:21:18,250
that I'm in, right now

4194
01:21:18,250 --> 01:21:19,791
is just a typical Airbnb.

4195
01:21:19,791 --> 01:21:20,416
I don't know how

4196
01:21:20,416 --> 01:21:21,208
long it took to

4197
01:21:21,208 --> 01:21:22,375
to fucking build.

4198
01:21:22,375 --> 01:21:23,500
Probably three months.

4199
01:21:23,500 --> 01:21:24,916
You know, I bang on the walls

4200
01:21:24,916 --> 01:21:25,708
and it's oh,

4201
01:21:25,708 --> 01:21:27,541
my camera's automatically.

4202
01:21:27,541 --> 01:21:28,541
I bang on the walls

4203
01:21:28,541 --> 01:21:29,625
and like the,

4204
01:21:29,625 --> 01:21:30,625
you know, it's it's

4205
01:21:30,625 --> 01:21:31,333
the constructions

4206
01:21:31,333 --> 01:21:32,083
shit, you know,

4207
01:21:32,083 --> 01:21:33,041
and it's not going to

4208
01:21:33,041 --> 01:21:33,375
like this

4209
01:21:33,375 --> 01:21:34,125
house is not gonna last

4210
01:21:34,125 --> 01:21:35,125
more than 20 years before

4211
01:21:35,125 --> 01:21:36,000
it needs to be taken down

4212
01:21:36,000 --> 01:21:37,625
from old and shit like that.

4213
01:21:37,625 --> 01:21:38,875
And how come you have

4214
01:21:38,875 --> 01:21:40,041
these buildings

4215
01:21:40,041 --> 01:21:41,541
in Europe, for example,

4216
01:21:41,541 --> 01:21:42,958
or in Asia,

4217
01:21:42,958 --> 01:21:44,166
that are built of stone

4218
01:21:44,166 --> 01:21:44,958
and that have been built

4219
01:21:44,958 --> 01:21:46,250
in the 15th century,

4220
01:21:46,250 --> 01:21:48,000
and they're still livable

4221
01:21:48,000 --> 01:21:49,708
and great today.

4222
01:21:49,708 --> 01:21:50,875
It's because

4223
01:21:50,875 --> 01:21:52,833
they had sound money there,

4224
01:21:52,833 --> 01:21:54,208
and they had very,

4225
01:21:54,208 --> 01:21:56,000
very low time preference,

4226
01:21:56,000 --> 01:21:56,750
in their building

4227
01:21:56,750 --> 01:21:57,791
because they had sound money

4228
01:21:57,791 --> 01:21:58,625
and because they thought

4229
01:21:58,625 --> 01:21:59,625
on the very long term.

4230
01:21:59,625 --> 01:22:00,208
So I'm very,

4231
01:22:00,208 --> 01:22:01,625
very bullish on art

4232
01:22:01,625 --> 01:22:03,250
and architecture.

4233
01:22:03,250 --> 01:22:05,208
No more ugly fucking shit.

4234
01:22:05,208 --> 01:22:06,750
No more cheap Chinese crap.

4235
01:22:07,708 --> 01:22:09,000
And and.

4236
01:22:09,000 --> 01:22:09,333
Yeah.

4237
01:22:09,333 --> 01:22:11,416
So, you know,

4238
01:22:11,416 --> 01:22:12,291
this this is the,

4239
01:22:12,291 --> 01:22:13,333
the one of the topics

4240
01:22:13,333 --> 01:22:15,000
I love the most about,

4241
01:22:15,000 --> 01:22:16,250
about, like,

4242
01:22:16,250 --> 01:22:17,458
high and low time preference.

4243
01:22:17,458 --> 01:22:18,208
And, you know,

4244
01:22:18,208 --> 01:22:19,041
I never really thought

4245
01:22:19,041 --> 01:22:19,458
about that

4246
01:22:19,458 --> 01:22:20,291
until reading

4247
01:22:20,291 --> 01:22:20,958
safety in the book,

4248
01:22:20,958 --> 01:22:22,875
which was,

4249
01:22:22,875 --> 01:22:23,583
illuminating.

4250
01:22:23,583 --> 01:22:25,041
And that was probably in 2018

4251
01:22:25,041 --> 01:22:26,416
or something.

4252
01:22:26,416 --> 01:22:26,916
The cons

4253
01:22:26,916 --> 01:22:27,958
and and this,

4254
01:22:27,958 --> 01:22:29,125
this is probably the line

4255
01:22:29,125 --> 01:22:29,791
that I talk to

4256
01:22:29,791 --> 01:22:31,250
people about, like,

4257
01:22:31,250 --> 01:22:32,458
what's the social gain

4258
01:22:32,458 --> 01:22:33,125
of bitcoin?

4259
01:22:33,125 --> 01:22:33,500
You know, a

4260
01:22:33,500 --> 01:22:34,875
lot of people are.

4261
01:22:34,875 --> 01:22:36,750
And my immediate answer

4262
01:22:36,750 --> 01:22:37,583
is to tell them, like,

4263
01:22:37,583 --> 01:22:38,375
who gives a fuck?

4264
01:22:38,375 --> 01:22:38,666
You're right.

4265
01:22:38,666 --> 01:22:39,291
It's good for you.

4266
01:22:39,291 --> 01:22:40,125
So like you,

4267
01:22:40,125 --> 01:22:40,833
you should use it.

4268
01:22:40,833 --> 01:22:41,833
But, but

4269
01:22:41,833 --> 01:22:43,541
people do want to hear,

4270
01:22:43,541 --> 01:22:43,916
you know,

4271
01:22:43,916 --> 01:22:44,791
what's the social

4272
01:22:44,791 --> 01:22:46,125
benefit of Bitcoin?

4273
01:22:46,125 --> 01:22:46,666
And even though

4274
01:22:46,666 --> 01:22:47,750
it makes me cringe

4275
01:22:47,750 --> 01:22:48,833
to have to justify

4276
01:22:48,833 --> 01:22:49,583
the social benefit

4277
01:22:49,583 --> 01:22:50,041
of something

4278
01:22:50,041 --> 01:22:50,666
because

4279
01:22:50,666 --> 01:22:51,625
who gives a fuck, right?

4280
01:22:51,625 --> 01:22:52,125
If it's good for

4281
01:22:52,125 --> 01:22:52,958
you just to do it?

4282
01:22:54,208 --> 01:22:55,250
I that's what I talk about

4283
01:22:55,250 --> 01:22:56,583
and I talk about

4284
01:22:56,583 --> 01:22:57,500
lowering people's

4285
01:22:57,500 --> 01:22:58,041
time preference

4286
01:22:58,041 --> 01:22:59,458
and what happens in a society

4287
01:22:59,458 --> 01:23:01,500
where you have,

4288
01:23:01,500 --> 01:23:02,375
generalized

4289
01:23:02,375 --> 01:23:03,291
low time preference.

4290
01:23:03,291 --> 01:23:05,333
Well, you have cathedrals,

4291
01:23:05,333 --> 01:23:06,666
you have monuments,

4292
01:23:06,666 --> 01:23:07,750
you have the Mona

4293
01:23:07,750 --> 01:23:09,625
Lisa and the David.

4294
01:23:09,625 --> 01:23:10,791
You have gigantic

4295
01:23:10,791 --> 01:23:12,000
stone aqueducts

4296
01:23:12,000 --> 01:23:13,458
like the Roman Empire had.

4297
01:23:13,458 --> 01:23:15,958
And you have generally,

4298
01:23:15,958 --> 01:23:17,625
just incredibly beautiful

4299
01:23:17,625 --> 01:23:19,250
and high quality things.

4300
01:23:19,250 --> 01:23:20,250
And is that not

4301
01:23:20,250 --> 01:23:21,291
something that you want,

4302
01:23:21,291 --> 01:23:23,958
like, do you like living,

4303
01:23:23,958 --> 01:23:26,000
seeing these condo towers

4304
01:23:26,000 --> 01:23:27,666
that are fucking cheap

4305
01:23:27,666 --> 01:23:28,375
and that are going to

4306
01:23:28,375 --> 01:23:29,666
crumble in 70 years

4307
01:23:29,666 --> 01:23:30,458
and you know,

4308
01:23:30,458 --> 01:23:31,541
that are going to become low

4309
01:23:31,541 --> 01:23:32,583
income housing,

4310
01:23:32,583 --> 01:23:33,958
you know, these modern condos

4311
01:23:33,958 --> 01:23:35,041
that you have there

4312
01:23:35,041 --> 01:23:35,875
all the fucking same.

4313
01:23:35,875 --> 01:23:36,833
Every fucking city

4314
01:23:36,833 --> 01:23:37,833
has the same goddamn

4315
01:23:37,833 --> 01:23:38,958
fucking condo,

4316
01:23:38,958 --> 01:23:39,833
same fucking thing.

4317
01:23:39,833 --> 01:23:41,125
It looks exactly the same.

4318
01:23:41,125 --> 01:23:42,000
It's the same fucking

4319
01:23:42,000 --> 01:23:43,375
building materials.

4320
01:23:43,375 --> 01:23:44,791
It's the same architecture.

4321
01:23:44,791 --> 01:23:45,291
And like

4322
01:23:45,291 --> 01:23:46,250
these are supposed

4323
01:23:46,250 --> 01:23:47,750
to be modern, expected,

4324
01:23:47,750 --> 01:23:48,875
expensive things.

4325
01:23:48,875 --> 01:23:49,500
And it's insane.

4326
01:23:49,500 --> 01:23:50,000
Like you'll pay

4327
01:23:50,000 --> 01:23:51,791
$1 million for a condo.

4328
01:23:51,791 --> 01:23:52,541
I guarantee you

4329
01:23:52,541 --> 01:23:53,333
that in 50 years,

4330
01:23:53,333 --> 01:23:53,708
this is going

4331
01:23:53,708 --> 01:23:54,291
to be low income

4332
01:23:54,291 --> 01:23:55,333
housing, right?

4333
01:23:55,333 --> 01:23:56,125
This is going to be like

4334
01:23:56,125 --> 01:23:57,333
a whorehouse, right?

4335
01:23:57,333 --> 01:23:58,791
It's incredible.

4336
01:23:58,791 --> 01:23:59,125
No.

4337
01:23:59,125 --> 01:24:00,583
And isn't it insane

4338
01:24:00,583 --> 01:24:01,500
that we're personal

4339
01:24:01,500 --> 01:24:02,416
friends of people

4340
01:24:02,416 --> 01:24:04,500
like, matrix and and Fractal

4341
01:24:04,500 --> 01:24:06,208
Crypt and apex and all that,

4342
01:24:06,208 --> 01:24:08,083
like these are the,

4343
01:24:08,083 --> 01:24:09,500
the Leonardo da Vinci

4344
01:24:09,500 --> 01:24:11,458
of of of RH, like.

4345
01:24:11,458 --> 01:24:12,250
Yeah, yeah.

4346
01:24:12,250 --> 01:24:13,166
And we're fucking buddies

4347
01:24:13,166 --> 01:24:13,500
with them.

4348
01:24:13,500 --> 01:24:14,541
It's just insane.

4349
01:24:14,541 --> 01:24:15,333
Like because

4350
01:24:15,333 --> 01:24:16,250
they have this low time

4351
01:24:16,250 --> 01:24:18,000
preference thing. Yeah.

4352
01:24:18,000 --> 01:24:19,750
And I love it.

4353
01:24:19,750 --> 01:24:21,416
Even though I would say that

4354
01:24:21,416 --> 01:24:23,500
I can, I can appreciate

4355
01:24:23,500 --> 01:24:24,916
some high tech reference

4356
01:24:24,916 --> 01:24:26,375
art, like pop music.

4357
01:24:26,375 --> 01:24:27,458
There are good pop songs

4358
01:24:27,458 --> 01:24:28,583
and, like that,

4359
01:24:28,583 --> 01:24:29,125
in a way,

4360
01:24:29,125 --> 01:24:30,291
they're not both a

4361
01:24:30,291 --> 01:24:31,166
high time preference,

4362
01:24:31,166 --> 01:24:32,333
because they're probably made

4363
01:24:32,333 --> 01:24:33,000
by people

4364
01:24:33,000 --> 01:24:33,958
who had a lifetime

4365
01:24:33,958 --> 01:24:35,250
of experience

4366
01:24:35,250 --> 01:24:36,708
producing this stuff. Yeah.

4367
01:24:36,708 --> 01:24:38,083
And I, I like to

4368
01:24:38,083 --> 01:24:39,791
this is another rabbit hole,

4369
01:24:39,791 --> 01:24:40,291
but I

4370
01:24:40,291 --> 01:24:41,000
like the term

4371
01:24:41,000 --> 01:24:42,125
proof of results

4372
01:24:42,125 --> 01:24:43,375
rather than proof of work.

4373
01:24:43,375 --> 01:24:44,083
Like I think pop

4374
01:24:44,083 --> 01:24:44,875
songs are fine.

4375
01:24:44,875 --> 01:24:45,500
I don't, I don't,

4376
01:24:45,500 --> 01:24:47,333
I like to listen to pop songs

4377
01:24:47,333 --> 01:24:48,291
and like house music.

4378
01:24:48,291 --> 01:24:49,083
You know, the thing

4379
01:24:49,083 --> 01:24:50,583
is, every house music

4380
01:24:50,583 --> 01:24:51,833
song is more or less

4381
01:24:51,833 --> 01:24:53,000
the same song, right?

4382
01:24:53,000 --> 01:24:53,750
Yeah, yeah, every,

4383
01:24:53,750 --> 01:24:55,041
every pop song is more

4384
01:24:55,041 --> 01:24:56,750
or less the same song.

4385
01:24:56,750 --> 01:24:57,708
But it's enjoyable, right?

4386
01:24:57,708 --> 01:24:58,500
It's like it,

4387
01:24:58,500 --> 01:25:00,333
it's like our base,

4388
01:25:00,333 --> 01:25:01,583
you know, the bass, the drum,

4389
01:25:01,583 --> 01:25:02,583
you know, it's like kind of,

4390
01:25:04,166 --> 01:25:04,791
Sometimes you don't want

4391
01:25:04,791 --> 01:25:05,750
to elevate your spirits,

4392
01:25:05,750 --> 01:25:06,208
you know, you don't

4393
01:25:06,208 --> 01:25:07,250
you don't always.

4394
01:25:07,250 --> 01:25:07,875
You don't want,

4395
01:25:07,875 --> 01:25:09,250
always want to have the

4396
01:25:09,250 --> 01:25:11,083
the ninth Symphony with. No.

4397
01:25:11,083 --> 01:25:11,375
You know,

4398
01:25:11,375 --> 01:25:13,041
there's only one, right?

4399
01:25:13,041 --> 01:25:13,875
There's only one ninth

4400
01:25:13,875 --> 01:25:14,875
Symphony of Beethoven,

4401
01:25:14,875 --> 01:25:15,750
you know, I mean, yeah,

4402
01:25:15,750 --> 01:25:16,291
none of the

4403
01:25:16,291 --> 01:25:16,708
none of the

4404
01:25:16,708 --> 01:25:17,666
symphonies are alike,

4405
01:25:17,666 --> 01:25:18,166
you know what I mean?

4406
01:25:18,166 --> 01:25:19,750
They're all different.

4407
01:25:19,750 --> 01:25:20,708
But all the pop songs

4408
01:25:20,708 --> 01:25:21,083
are the same.

4409
01:25:21,083 --> 01:25:21,833
But it's it's

4410
01:25:21,833 --> 01:25:23,041
okay to have some cheap shit,

4411
01:25:23,041 --> 01:25:23,541
you know,

4412
01:25:23,541 --> 01:25:24,750
we we can't have or

4413
01:25:24,750 --> 01:25:26,041
are guilty pleasures,

4414
01:25:26,041 --> 01:25:27,500
but it's the illusion.

4415
01:25:27,500 --> 01:25:28,250
It's the illusion

4416
01:25:28,250 --> 01:25:29,125
of diversity

4417
01:25:29,125 --> 01:25:30,291
of the cheap shit, right?

4418
01:25:30,291 --> 01:25:31,333
It's like the same thing

4419
01:25:31,333 --> 01:25:32,666
with, like, not

4420
01:25:32,666 --> 01:25:33,208
same thing

4421
01:25:33,208 --> 01:25:34,416
with, with all the shit coins

4422
01:25:34,416 --> 01:25:34,666
and thing

4423
01:25:34,666 --> 01:25:35,750
with all the houses.

4424
01:25:35,750 --> 01:25:36,375
It's like

4425
01:25:36,375 --> 01:25:37,458
you have an illusion

4426
01:25:37,458 --> 01:25:38,458
that,

4427
01:25:38,458 --> 01:25:40,416
you have some diversity.

4428
01:25:40,416 --> 01:25:41,875
But it's all the same

4429
01:25:41,875 --> 01:25:42,208
right there.

4430
01:25:42,208 --> 01:25:43,708
It's like 200 different

4431
01:25:43,708 --> 01:25:45,333
brands of cornflakes, like.

4432
01:25:45,333 --> 01:25:45,833
Yeah, well,

4433
01:25:45,833 --> 01:25:46,791
you could have the ribeye

4434
01:25:46,791 --> 01:25:48,375
steak, like. Yeah, exactly.

4435
01:25:48,375 --> 01:25:49,500
Exactly the way

4436
01:25:49,500 --> 01:25:50,708
or the way I look at time

4437
01:25:50,708 --> 01:25:51,791
preference is like,

4438
01:25:51,791 --> 01:25:52,458
if you take

4439
01:25:52,458 --> 01:25:53,958
the shortest time preference

4440
01:25:53,958 --> 01:25:55,291
I prefer short or long,

4441
01:25:55,291 --> 01:25:56,625
but this is just

4442
01:25:56,625 --> 01:25:57,583
all this bullshit.

4443
01:25:57,583 --> 01:25:58,666
But anyway, if you take the

4444
01:25:58,666 --> 01:25:59,750
highest time preference,

4445
01:26:00,708 --> 01:26:02,416
possible, which is

4446
01:26:02,416 --> 01:26:02,750
all the,

4447
01:26:02,750 --> 01:26:03,916
all your possessions

4448
01:26:03,916 --> 01:26:04,583
are removed,

4449
01:26:04,583 --> 01:26:05,541
so you're naked

4450
01:26:05,541 --> 01:26:06,500
in the streets

4451
01:26:06,500 --> 01:26:07,916
and you have nothing.

4452
01:26:07,916 --> 01:26:08,250
What?

4453
01:26:08,250 --> 01:26:09,000
It's that like

4454
01:26:09,000 --> 01:26:11,041
that is a state of fear.

4455
01:26:11,041 --> 01:26:12,166
And if you take

4456
01:26:12,166 --> 01:26:13,041
the opposite of fear,

4457
01:26:13,041 --> 01:26:14,541
what's the opposite of fear?

4458
01:26:14,541 --> 01:26:15,833
Like it's love.

4459
01:26:15,833 --> 01:26:17,000
So the longer your time

4460
01:26:17,000 --> 01:26:18,708
for like time preference is.

4461
01:26:18,708 --> 01:26:19,583
So the process

4462
01:26:19,583 --> 01:26:20,708
of civilization

4463
01:26:20,708 --> 01:26:22,166
delaying gratification is.

4464
01:26:22,166 --> 01:26:23,000
It's the Robinson

4465
01:26:23,000 --> 01:26:23,958
Crusoe example

4466
01:26:23,958 --> 01:26:25,291
of like delaying

4467
01:26:25,291 --> 01:26:26,875
saving up fish

4468
01:26:26,875 --> 01:26:28,291
so that you can eat

4469
01:26:28,291 --> 01:26:29,458
while constructing

4470
01:26:29,458 --> 01:26:30,958
constructing the fishing net

4471
01:26:30,958 --> 01:26:32,333
in order to,

4472
01:26:32,333 --> 01:26:33,583
catch more fish per

4473
01:26:33,583 --> 01:26:35,041
time unit in the future.

4474
01:26:35,041 --> 01:26:36,000
That is the process

4475
01:26:36,000 --> 01:26:36,750
of civilization.

4476
01:26:36,750 --> 01:26:38,125
There is no other

4477
01:26:38,125 --> 01:26:38,666
like like

4478
01:26:38,666 --> 01:26:39,625
the opposite of that

4479
01:26:39,625 --> 01:26:40,541
is just bashing

4480
01:26:40,541 --> 01:26:41,541
the other guy over the head

4481
01:26:41,541 --> 01:26:42,208
with a stick

4482
01:26:42,208 --> 01:26:43,541
and taking his stuff.

4483
01:26:43,541 --> 01:26:44,708
So and that's

4484
01:26:44,708 --> 01:26:45,708
the highest time preference

4485
01:26:45,708 --> 01:26:47,250
there is the crime.

4486
01:26:47,250 --> 01:26:48,625
So, so

4487
01:26:48,625 --> 01:26:49,791
it's, it's it's

4488
01:26:49,791 --> 01:26:51,166
the dichotomy is fear

4489
01:26:51,166 --> 01:26:51,666
and love.

4490
01:26:51,666 --> 01:26:52,791
It's the same thing

4491
01:26:52,791 --> 01:26:53,416
as a high

4492
01:26:53,416 --> 01:26:54,500
and a low time preference.

4493
01:26:54,500 --> 01:26:56,250
And I think I use that a lot.

4494
01:26:56,250 --> 01:26:57,250
I use that a lot here

4495
01:26:57,250 --> 01:26:58,250
because where I live,

4496
01:26:58,250 --> 01:27:01,166
it's a very, kind of hippie,

4497
01:27:02,750 --> 01:27:03,083
kind of

4498
01:27:03,083 --> 01:27:05,166
pagan, almost,

4499
01:27:05,166 --> 01:27:06,500
like element, I guess.

4500
01:27:06,500 --> 01:27:07,625
Like, like, isn't it? Right.

4501
01:27:07,625 --> 01:27:08,541
So it's it's yoga,

4502
01:27:08,541 --> 01:27:09,750
it's surf, it's nature.

4503
01:27:09,750 --> 01:27:10,791
People who are here,

4504
01:27:10,791 --> 01:27:13,166
they are.

4505
01:27:13,166 --> 01:27:13,708
I guess it's

4506
01:27:13,708 --> 01:27:15,041
kind of a weird,

4507
01:27:15,041 --> 01:27:16,833
left libertarian

4508
01:27:16,833 --> 01:27:19,375
type of people where

4509
01:27:19,375 --> 01:27:20,500
everybody's like Antifa,

4510
01:27:20,500 --> 01:27:21,416
but it's kind of like Robert

4511
01:27:21,416 --> 01:27:22,541
Kennedy style, you know?

4512
01:27:22,541 --> 01:27:23,416
Like,

4513
01:27:23,416 --> 01:27:23,958
you know, everybody's

4514
01:27:23,958 --> 01:27:25,250
kind of like anti

4515
01:27:25,250 --> 01:27:27,833
big pharma, anti-capitalist,

4516
01:27:27,833 --> 01:27:28,458
but also they're

4517
01:27:28,458 --> 01:27:29,250
all entrepreneurs

4518
01:27:29,250 --> 01:27:29,875
and they all make money.

4519
01:27:29,875 --> 01:27:31,416
So it's kind of like weird.

4520
01:27:31,416 --> 01:27:33,791
But I use this example a lot

4521
01:27:33,791 --> 01:27:35,875
because we are facing this,

4522
01:27:35,875 --> 01:27:37,166
political situation

4523
01:27:37,166 --> 01:27:38,416
of gentrification, right,

4524
01:27:38,416 --> 01:27:39,166
where there's

4525
01:27:39,166 --> 01:27:39,791
a lot of foreigners

4526
01:27:39,791 --> 01:27:40,833
are moving here

4527
01:27:40,833 --> 01:27:41,833
and, people are

4528
01:27:41,833 --> 01:27:43,166
anti capitalistic

4529
01:27:43,166 --> 01:27:44,125
because they think it's bad

4530
01:27:44,125 --> 01:27:45,333
for the environment.

4531
01:27:45,333 --> 01:27:47,666
But I explain to them, like,

4532
01:27:47,666 --> 01:27:48,833
like if I am

4533
01:27:48,833 --> 01:27:50,333
a wealthy individual

4534
01:27:50,333 --> 01:27:52,041
and I move to Costa Rica

4535
01:27:52,041 --> 01:27:52,375
and I'm

4536
01:27:52,375 --> 01:27:53,458
buying a thousand

4537
01:27:53,458 --> 01:27:54,833
acres of land,

4538
01:27:54,833 --> 01:27:56,791
what is going to be my desire

4539
01:27:56,791 --> 01:27:57,750
to do with this land?

4540
01:27:57,750 --> 01:28:00,291
I am going to preserve it.

4541
01:28:00,291 --> 01:28:01,500
I'm going to preserve it

4542
01:28:01,500 --> 01:28:03,000
because I don't need.

4543
01:28:03,000 --> 01:28:04,083
And then,

4544
01:28:04,083 --> 01:28:06,000
if but if I am a peasant

4545
01:28:06,000 --> 01:28:07,041
and I have a thousand

4546
01:28:07,041 --> 01:28:08,125
acres of land,

4547
01:28:08,125 --> 01:28:09,083
what am I going to do?

4548
01:28:09,083 --> 01:28:10,916
I'm going to cut it all down.

4549
01:28:10,916 --> 01:28:12,291
I'm going to sell the wood,

4550
01:28:12,291 --> 01:28:13,250
I'm going to burn it,

4551
01:28:13,250 --> 01:28:14,250
and I'm going to make a field

4552
01:28:14,250 --> 01:28:15,625
for my cows. Right.

4553
01:28:15,625 --> 01:28:16,791
So so I use this

4554
01:28:16,791 --> 01:28:18,416
this example of,

4555
01:28:18,416 --> 01:28:19,166
you know, it's

4556
01:28:19,166 --> 01:28:20,166
kind of like the fear, love

4557
01:28:20,166 --> 01:28:21,333
and subsistence and,

4558
01:28:21,333 --> 01:28:22,416
and higher,

4559
01:28:22,416 --> 01:28:23,458
higher achievement.

4560
01:28:23,458 --> 01:28:24,333
And it's like if,

4561
01:28:24,333 --> 01:28:25,291
if we're all rich,

4562
01:28:25,291 --> 01:28:26,041
we're not going to be

4563
01:28:26,041 --> 01:28:27,000
fucking building

4564
01:28:27,000 --> 01:28:28,791
condo towers on the land

4565
01:28:28,791 --> 01:28:29,708
that we buy.

4566
01:28:29,708 --> 01:28:30,416
And, you know,

4567
01:28:30,416 --> 01:28:31,791
I also use this example

4568
01:28:31,791 --> 01:28:32,500
with people here.

4569
01:28:32,500 --> 01:28:34,000
And it's like the

4570
01:28:34,000 --> 01:28:35,416
for me, the,

4571
01:28:35,416 --> 01:28:36,666
the ultimate

4572
01:28:36,666 --> 01:28:39,666
luxury to own is a Jaguar.

4573
01:28:40,166 --> 01:28:41,125
But I tell them it's I'm

4574
01:28:41,125 --> 01:28:42,458
not talking about a car,

4575
01:28:42,458 --> 01:28:43,250
I'm talking about an actual

4576
01:28:43,250 --> 01:28:44,333
fucking Jaguar.

4577
01:28:44,333 --> 01:28:45,083
Like,

4578
01:28:45,083 --> 01:28:46,583
I want to have 10,000

4579
01:28:46,583 --> 01:28:47,625
acres of jungle,

4580
01:28:47,625 --> 01:28:49,208
and I want to have jaguars

4581
01:28:49,208 --> 01:28:50,375
live on my land,

4582
01:28:50,375 --> 01:28:52,416
and I derive an insane

4583
01:28:52,416 --> 01:28:53,583
amount of pleasure

4584
01:28:53,583 --> 01:28:54,500
from knowing

4585
01:28:54,500 --> 01:28:55,708
that I have jaguars

4586
01:28:55,708 --> 01:28:57,500
in my backyard like that.

4587
01:28:57,500 --> 01:28:58,250
And that's that's

4588
01:28:58,250 --> 01:28:59,125
because I'm.

4589
01:28:59,125 --> 01:29:00,000
And I'm

4590
01:29:00,000 --> 01:29:01,500
able to value something

4591
01:29:01,500 --> 01:29:02,708
so abstract

4592
01:29:02,708 --> 01:29:03,625
as like the fact,

4593
01:29:03,625 --> 01:29:05,000
the fact that I'm allowing

4594
01:29:05,000 --> 01:29:06,625
the jaguar to exist

4595
01:29:06,625 --> 01:29:07,875
and to do its life

4596
01:29:07,875 --> 01:29:09,375
and without that,

4597
01:29:09,375 --> 01:29:10,791
without me protecting him,

4598
01:29:10,791 --> 01:29:11,708
he would not exist

4599
01:29:11,708 --> 01:29:12,250
because someone

4600
01:29:12,250 --> 01:29:12,666
would have cut

4601
01:29:12,666 --> 01:29:13,583
the forest down.

4602
01:29:13,583 --> 01:29:14,750
So that I can make a field.

4603
01:29:14,750 --> 01:29:16,333
I derive an incredible amount

4604
01:29:16,333 --> 01:29:17,166
of pleasure from that.

4605
01:29:17,166 --> 01:29:17,958
And this is like

4606
01:29:17,958 --> 01:29:19,041
the state of love

4607
01:29:19,041 --> 01:29:19,958
that you're talking about.

4608
01:29:19,958 --> 01:29:21,583
Like, I mean, oh, there's a

4609
01:29:22,875 --> 01:29:23,625
yeah, sorry for

4610
01:29:23,625 --> 01:29:24,333
interrupting, but

4611
01:29:24,333 --> 01:29:25,791
but but I get that like,

4612
01:29:25,791 --> 01:29:27,875
this is the typical lefty

4613
01:29:27,875 --> 01:29:28,791
derangement thing

4614
01:29:28,791 --> 01:29:29,583
because they think

4615
01:29:29,583 --> 01:29:30,833
they're against capitalism

4616
01:29:30,833 --> 01:29:31,166
when what

4617
01:29:31,166 --> 01:29:32,250
they're actually against

4618
01:29:32,250 --> 01:29:33,750
is crony capitalism. Yeah.

4619
01:29:33,750 --> 01:29:34,541
Because we never

4620
01:29:34,541 --> 01:29:35,875
had capitalism.

4621
01:29:35,875 --> 01:29:37,750
We never had falling prices.

4622
01:29:37,750 --> 01:29:38,708
It's always been

4623
01:29:38,708 --> 01:29:40,166
a centrally planned economy

4624
01:29:40,166 --> 01:29:41,333
where someone has access

4625
01:29:41,333 --> 01:29:42,166
to a money printer.

4626
01:29:42,166 --> 01:29:43,041
So we never seen

4627
01:29:43,041 --> 01:29:44,333
actual capitalist,

4628
01:29:44,333 --> 01:29:47,125
we never seen the state

4629
01:29:47,125 --> 01:29:47,666
of love.

4630
01:29:47,666 --> 01:29:48,416
We never seen

4631
01:29:48,416 --> 01:29:49,583
the state of that

4632
01:29:49,583 --> 01:29:50,375
which you can do without.

4633
01:29:50,375 --> 01:29:51,416
We all know

4634
01:29:51,416 --> 01:29:52,916
we haven't seen this

4635
01:29:52,916 --> 01:29:54,083
greater civilization,

4636
01:29:54,083 --> 01:29:54,958
but we're about to

4637
01:29:54,958 --> 01:29:56,416
and it's yeah, it's fantastic

4638
01:29:56,416 --> 01:29:57,500
because we have a front row

4639
01:29:57,500 --> 01:29:59,125
seat. It's just amazing.

4640
01:29:59,125 --> 01:30:00,041
And and here

4641
01:30:00,041 --> 01:30:01,166
when we try to orange

4642
01:30:01,166 --> 01:30:02,333
build this kind of community.

4643
01:30:02,333 --> 01:30:02,541
Right.

4644
01:30:02,541 --> 01:30:04,375
So, the kind of like Bitcoin

4645
01:30:04,375 --> 01:30:06,083
jungle and,

4646
01:30:06,083 --> 01:30:08,375
yoga, alternative community.

4647
01:30:09,625 --> 01:30:10,625
This is very interesting

4648
01:30:10,625 --> 01:30:10,916
for me

4649
01:30:10,916 --> 01:30:12,041
because the argument

4650
01:30:12,041 --> 01:30:12,625
that people have

4651
01:30:12,625 --> 01:30:13,750
is against money itself.

4652
01:30:13,750 --> 01:30:14,000
Right.

4653
01:30:14,000 --> 01:30:15,958
So you explain to someone,

4654
01:30:15,958 --> 01:30:16,708
you don't need to explain

4655
01:30:16,708 --> 01:30:17,666
to someone here

4656
01:30:17,666 --> 01:30:19,041
that fiat money is evil.

4657
01:30:19,041 --> 01:30:19,708
They already know

4658
01:30:19,708 --> 01:30:20,333
that, right?

4659
01:30:20,333 --> 01:30:21,833
They they understand.

4660
01:30:21,833 --> 01:30:22,916
But in their mind

4661
01:30:22,916 --> 01:30:23,958
they have made the connection

4662
01:30:23,958 --> 01:30:26,000
that money itself is evil.

4663
01:30:26,000 --> 01:30:27,708
Therefore the solution

4664
01:30:27,708 --> 01:30:28,916
is barter. Right?

4665
01:30:28,916 --> 01:30:29,833
So a lot of people here

4666
01:30:29,833 --> 01:30:31,500
they are for barter

4667
01:30:31,500 --> 01:30:32,833
and then the end

4668
01:30:32,833 --> 01:30:33,958
and and then you have

4669
01:30:33,958 --> 01:30:36,416
to explain like

4670
01:30:36,416 --> 01:30:37,250
I understand

4671
01:30:37,250 --> 01:30:38,666
where every argument

4672
01:30:38,666 --> 01:30:39,208
you have against

4673
01:30:39,208 --> 01:30:41,333
money is a good argument,

4674
01:30:41,333 --> 01:30:41,833
but that's

4675
01:30:41,833 --> 01:30:43,041
because you don't understand

4676
01:30:43,041 --> 01:30:43,625
sound money

4677
01:30:43,625 --> 01:30:45,416
and specifically censorship

4678
01:30:45,416 --> 01:30:47,250
resistant sovereign wealth

4679
01:30:47,250 --> 01:30:48,416
like Bitcoin.

4680
01:30:48,416 --> 01:30:49,791
So I don't have to argue

4681
01:30:49,791 --> 01:30:50,625
against fiat

4682
01:30:50,625 --> 01:30:51,375
and credit cards here.

4683
01:30:51,375 --> 01:30:52,083
I have to argue

4684
01:30:52,083 --> 01:30:53,250
against barter

4685
01:30:53,250 --> 01:30:55,000
and like, well, you know,

4686
01:30:55,000 --> 01:30:55,916
like sure.

4687
01:30:55,916 --> 01:30:57,541
And barter works as you say,

4688
01:30:57,541 --> 01:30:58,333
with like kind of like

4689
01:30:58,333 --> 01:30:58,875
a Dunbar's

4690
01:30:58,875 --> 01:30:59,708
Dunbar's

4691
01:30:59,708 --> 01:31:01,583
number type of situation,

4692
01:31:01,583 --> 01:31:04,833
but like, okay, like we

4693
01:31:05,666 --> 01:31:07,041
if you want to barter,

4694
01:31:07,041 --> 01:31:07,958
that's completely fine.

4695
01:31:07,958 --> 01:31:08,750
But fucking

4696
01:31:08,750 --> 01:31:10,166
give me your iPhone.

4697
01:31:10,166 --> 01:31:10,541
Yeah, yeah.

4698
01:31:10,541 --> 01:31:11,208
No, no,

4699
01:31:11,208 --> 01:31:12,458
give me your conurbation.

4700
01:31:12,458 --> 01:31:13,791
No subway station was ever

4701
01:31:13,791 --> 01:31:14,833
built without money.

4702
01:31:14,833 --> 01:31:15,916
Like there was never

4703
01:31:15,916 --> 01:31:17,416
a barter civilization.

4704
01:31:17,416 --> 01:31:18,000
Because you.

4705
01:31:18,000 --> 01:31:18,791
Because your kids

4706
01:31:18,791 --> 01:31:19,708
will by

4707
01:31:19,708 --> 01:31:21,500
mutual coincidence of need.

4708
01:31:21,500 --> 01:31:22,500
And it never happens.

4709
01:31:22,500 --> 01:31:23,041
Like your

4710
01:31:23,041 --> 01:31:24,458
your children will die

4711
01:31:24,458 --> 01:31:25,708
at childbirth.

4712
01:31:25,708 --> 01:31:26,666
And be a mother.

4713
01:31:26,666 --> 01:31:27,375
And you will live

4714
01:31:27,375 --> 01:31:28,375
to be 55 years

4715
01:31:28,375 --> 01:31:29,750
old, if you're lucky.

4716
01:31:29,750 --> 01:31:30,666
And that's

4717
01:31:30,666 --> 01:31:32,000
that's totally fine.

4718
01:31:32,000 --> 01:31:32,791
And I'm not.

4719
01:31:32,791 --> 01:31:34,208
And you have to explain,

4720
01:31:34,208 --> 01:31:34,541
like I'm

4721
01:31:34,541 --> 01:31:35,500
not talking about

4722
01:31:35,500 --> 01:31:36,500
having because.

4723
01:31:36,500 --> 01:31:37,458
And then they'll think like,

4724
01:31:37,458 --> 01:31:38,916
I don't need to Chinese shit.

4725
01:31:38,916 --> 01:31:39,291
I'm like, I'm

4726
01:31:39,291 --> 01:31:39,791
not talking about

4727
01:31:39,791 --> 01:31:40,750
fiat Chinese shit.

4728
01:31:40,750 --> 01:31:41,958
I'm talking about like,

4729
01:31:41,958 --> 01:31:43,041
high quality

4730
01:31:43,041 --> 01:31:44,875
food and high quality shelter

4731
01:31:44,875 --> 01:31:45,500
and high quality

4732
01:31:45,500 --> 01:31:46,500
and efficient transportation,

4733
01:31:46,500 --> 01:31:46,833
you know?

4734
01:31:46,833 --> 01:31:48,041
So, yeah,

4735
01:31:48,041 --> 01:31:49,041
people have insight ups

4736
01:31:49,041 --> 01:31:49,666
into thinking

4737
01:31:49,666 --> 01:31:51,875
capitalism is bad and the.

4738
01:31:51,875 --> 01:31:52,875
Yeah, other.

4739
01:31:52,875 --> 01:31:53,291
And then

4740
01:31:53,291 --> 01:31:54,625
so what we need is,

4741
01:31:54,625 --> 01:31:56,083
is, is radical

4742
01:31:56,083 --> 01:31:57,916
utopian communism and barter

4743
01:31:57,916 --> 01:31:59,250
and it's like that

4744
01:31:59,250 --> 01:32:00,208
is that is

4745
01:32:00,208 --> 01:32:02,375
a destructive mindset,

4746
01:32:02,375 --> 01:32:03,500
super destructive.

4747
01:32:03,500 --> 01:32:04,583
Like these people

4748
01:32:04,583 --> 01:32:05,125
think money

4749
01:32:05,125 --> 01:32:06,166
is the root of all evil

4750
01:32:06,166 --> 01:32:07,041
when it's actually

4751
01:32:07,041 --> 01:32:07,875
the other way around.

4752
01:32:07,875 --> 01:32:09,541
Evil is the root of all money

4753
01:32:09,541 --> 01:32:10,666
except Bitcoin.

4754
01:32:10,666 --> 01:32:12,375
Because Bitcoin in a way,

4755
01:32:12,375 --> 01:32:13,375
I think it's degrading

4756
01:32:13,375 --> 01:32:14,541
to Bitcoin to call it money

4757
01:32:14,541 --> 01:32:16,166
because it's more like

4758
01:32:16,166 --> 01:32:17,458
it's just a way

4759
01:32:17,458 --> 01:32:18,791
for us to communicate

4760
01:32:18,791 --> 01:32:19,875
love like,

4761
01:32:19,875 --> 01:32:21,083
and to to actually

4762
01:32:21,083 --> 01:32:22,083
be good people

4763
01:32:22,083 --> 01:32:22,750
to one another.

4764
01:32:22,750 --> 01:32:24,125
And we have a mathematical

4765
01:32:24,125 --> 01:32:25,375
formula for,

4766
01:32:25,375 --> 01:32:26,875
for expressing

4767
01:32:26,875 --> 01:32:28,041
who we truly are and,

4768
01:32:28,041 --> 01:32:29,333
and our true potential.

4769
01:32:29,333 --> 01:32:30,625
I think it's just insane.

4770
01:32:30,625 --> 01:32:31,125
So yeah.

4771
01:32:32,083 --> 01:32:32,416
Yeah.

4772
01:32:32,416 --> 01:32:33,250
Let's let's go.

4773
01:32:33,250 --> 01:32:34,166
There was Bitcoin

4774
01:32:34,166 --> 01:32:35,708
an invention or a discovery?

4775
01:32:35,708 --> 01:32:36,333
This is something

4776
01:32:36,333 --> 01:32:37,500
you tweeted the other day.

4777
01:32:37,500 --> 01:32:38,875
So we should have a battle

4778
01:32:38,875 --> 01:32:41,833
like let's go. Yes.

4779
01:32:41,833 --> 01:32:43,500
My my contention is

4780
01:32:43,500 --> 01:32:45,000
that Bitcoin was invented.

4781
01:32:45,000 --> 01:32:48,375
And sometimes, you know, I,

4782
01:32:49,000 --> 01:32:49,666
I understand

4783
01:32:49,666 --> 01:32:51,250
that it's not a, it's

4784
01:32:51,250 --> 01:32:51,958
not and it's not like

4785
01:32:51,958 --> 01:32:52,708
against the Toshi.

4786
01:32:52,708 --> 01:32:53,916
And when people say

4787
01:32:53,916 --> 01:32:54,833
that bitcoin was discovered

4788
01:32:54,833 --> 01:32:55,916
understand that it has it's

4789
01:32:55,916 --> 01:32:56,666
not like an insult

4790
01:32:56,666 --> 01:32:57,250
to Satoshi,

4791
01:32:57,250 --> 01:32:58,625
but I,

4792
01:32:58,625 --> 01:32:59,666
kind of get triggered

4793
01:32:59,666 --> 01:33:02,666
on that because, I, I see,

4794
01:33:05,083 --> 01:33:05,541
I see

4795
01:33:05,541 --> 01:33:06,958
Satoshi's genius

4796
01:33:06,958 --> 01:33:08,541
as being the person

4797
01:33:08,541 --> 01:33:10,250
that created

4798
01:33:10,250 --> 01:33:11,250
all the components

4799
01:33:11,250 --> 01:33:12,500
and made them come together

4800
01:33:12,500 --> 01:33:13,250
like an engineer

4801
01:33:13,250 --> 01:33:14,291
who was designing a motor.

4802
01:33:14,291 --> 01:33:14,541
Right.

4803
01:33:14,541 --> 01:33:16,541
So, like the underlying

4804
01:33:16,541 --> 01:33:17,375
principles of,

4805
01:33:17,375 --> 01:33:18,000
like a motor,

4806
01:33:18,000 --> 01:33:19,500
like thermodynamics

4807
01:33:19,500 --> 01:33:20,875
were discovered,

4808
01:33:20,875 --> 01:33:22,208
but the motor itself

4809
01:33:22,208 --> 01:33:24,500
was created and engineered,

4810
01:33:24,500 --> 01:33:25,791
and that might

4811
01:33:25,791 --> 01:33:27,041
the distinction that I bring

4812
01:33:27,041 --> 01:33:27,708
is basically

4813
01:33:27,708 --> 01:33:28,791
that,

4814
01:33:28,791 --> 01:33:30,416
Bitcoin does not exist

4815
01:33:30,416 --> 01:33:31,458
in nature.

4816
01:33:31,458 --> 01:33:32,166
Bitcoin is not

4817
01:33:32,166 --> 01:33:33,500
a natural phenomenon.

4818
01:33:33,500 --> 01:33:34,125
It's definitely

4819
01:33:34,125 --> 01:33:35,750
like a manmade phenomenon.

4820
01:33:35,750 --> 01:33:36,041
Right.

4821
01:33:36,041 --> 01:33:38,541
So the idea, for example, and

4822
01:33:38,541 --> 01:33:39,500
one of the most mind

4823
01:33:39,500 --> 01:33:40,250
blowing revelations

4824
01:33:40,250 --> 01:33:41,083
I've had with Bitcoin

4825
01:33:41,083 --> 01:33:41,541
was, okay,

4826
01:33:41,541 --> 01:33:42,333
so how do you prove that

4827
01:33:42,333 --> 01:33:43,250
something that's not exists?

4828
01:33:43,250 --> 01:33:44,250
It's something that in nature

4829
01:33:44,250 --> 01:33:45,541
you cannot do right

4830
01:33:45,541 --> 01:33:47,125
because the space

4831
01:33:47,125 --> 01:33:47,583
is infinite.

4832
01:33:47,583 --> 01:33:47,916
Then like,

4833
01:33:47,916 --> 01:33:49,125
how do I know that this big

4834
01:33:49,125 --> 01:33:50,875
Spaghetti monster is not

4835
01:33:50,875 --> 01:33:51,625
right behind me?

4836
01:33:51,625 --> 01:33:52,375
I can't verify

4837
01:33:52,375 --> 01:33:53,250
that the Spaghetti Monster

4838
01:33:53,250 --> 01:33:54,291
is not like,

4839
01:33:54,291 --> 01:33:55,958
right, right above my head.

4840
01:33:55,958 --> 01:33:57,375
How do I prove a negative?

4841
01:33:57,375 --> 01:33:59,250
I can't prove a negative.

4842
01:33:59,250 --> 01:34:00,250
So what I did

4843
01:34:00,250 --> 01:34:01,833
was he conscripted.

4844
01:34:01,833 --> 01:34:03,083
He created a box,

4845
01:34:03,083 --> 01:34:04,666
which is the blockchain,

4846
01:34:04,666 --> 01:34:05,458
and each block.

4847
01:34:05,458 --> 01:34:06,208
And he said,

4848
01:34:06,208 --> 01:34:07,375
for the purpose of us

4849
01:34:07,375 --> 01:34:08,583
talking about money,

4850
01:34:08,583 --> 01:34:09,583
this box is

4851
01:34:09,583 --> 01:34:10,458
the entire size

4852
01:34:10,458 --> 01:34:11,458
of the universe.

4853
01:34:11,458 --> 01:34:12,333
And you can download it

4854
01:34:12,333 --> 01:34:13,250
on your computer.

4855
01:34:13,250 --> 01:34:14,541
And if there is no double

4856
01:34:14,541 --> 01:34:15,500
spent transaction

4857
01:34:15,500 --> 01:34:16,750
inside this box,

4858
01:34:16,750 --> 01:34:17,750
we agree that it

4859
01:34:17,750 --> 01:34:18,750
is not exists. Right?

4860
01:34:18,750 --> 01:34:20,125
So so what's associated

4861
01:34:20,125 --> 01:34:20,375
is like

4862
01:34:20,375 --> 01:34:20,875
we are able

4863
01:34:20,875 --> 01:34:22,208
to prove the absence

4864
01:34:22,208 --> 01:34:23,458
of a double spend

4865
01:34:23,458 --> 01:34:24,291
by reducing

4866
01:34:24,291 --> 01:34:25,458
the size of the universe.

4867
01:34:25,458 --> 01:34:26,125
When it comes money

4868
01:34:26,125 --> 01:34:27,000
to this little block

4869
01:34:27,000 --> 01:34:27,875
and this other block

4870
01:34:27,875 --> 01:34:28,666
and this other block.

4871
01:34:29,875 --> 01:34:31,791
So, Bitcoin did not

4872
01:34:31,791 --> 01:34:33,000
exist before

4873
01:34:33,000 --> 01:34:34,833
Satoshi invented it.

4874
01:34:34,833 --> 01:34:36,125
Although I will concede that,

4875
01:34:36,125 --> 01:34:37,250
like the underlying,

4876
01:34:37,250 --> 01:34:37,541
you know,

4877
01:34:37,541 --> 01:34:38,125
the underlying

4878
01:34:38,125 --> 01:34:39,375
principles and digital

4879
01:34:39,375 --> 01:34:40,375
digital scarcity

4880
01:34:40,375 --> 01:34:41,291
also did not exist.

4881
01:34:41,291 --> 01:34:43,166
So the other counter argument

4882
01:34:43,166 --> 01:34:43,916
is that okay,

4883
01:34:43,916 --> 01:34:45,208
so Bitcoin was invented,

4884
01:34:45,208 --> 01:34:47,041
but digital scarcity itself

4885
01:34:47,041 --> 01:34:48,208
was discovered.

4886
01:34:48,208 --> 01:34:49,333
No

4887
01:34:49,333 --> 01:34:50,166
digital scarcity

4888
01:34:50,166 --> 01:34:51,000
did not exist.

4889
01:34:51,000 --> 01:34:53,250
It did not exist before it.

4890
01:34:53,250 --> 01:34:55,250
We needed to engineer it.

4891
01:34:55,250 --> 01:34:56,250
And not only do

4892
01:34:56,250 --> 01:34:57,583
we need to engineer it,

4893
01:34:57,583 --> 01:34:59,250
we need to maintain it.

4894
01:34:59,250 --> 01:34:59,541
Right?

4895
01:34:59,541 --> 01:35:02,000
Because if Bitcoin crumbles,

4896
01:35:02,000 --> 01:35:03,833
digital scarcity will.

4897
01:35:03,833 --> 01:35:04,625
It's not like

4898
01:35:04,625 --> 01:35:06,041
it's still going to be there

4899
01:35:06,041 --> 01:35:07,250
after Bitcoin crumbles.

4900
01:35:07,250 --> 01:35:07,791
And then we can

4901
01:35:07,791 --> 01:35:08,958
rediscover it again.

4902
01:35:08,958 --> 01:35:10,625
So I my contention

4903
01:35:10,625 --> 01:35:11,458
is that Bitcoin

4904
01:35:11,458 --> 01:35:12,541
didn't exist before.

4905
01:35:12,541 --> 01:35:13,833
Before Satoshi

4906
01:35:13,833 --> 01:35:14,541
digital scarcity

4907
01:35:14,541 --> 01:35:16,208
did not exist before Satoshi.

4908
01:35:16,208 --> 01:35:17,166
And yes,

4909
01:35:17,166 --> 01:35:17,666
some of the

4910
01:35:17,666 --> 01:35:19,208
mathematical principles

4911
01:35:19,208 --> 01:35:20,500
of Bitcoin exist.

4912
01:35:20,500 --> 01:35:20,875
I think

4913
01:35:20,875 --> 01:35:21,791
mathematical principles

4914
01:35:21,791 --> 01:35:22,708
exist, right?

4915
01:35:22,708 --> 01:35:23,625
And I think

4916
01:35:23,625 --> 01:35:25,083
physics exists

4917
01:35:25,083 --> 01:35:26,625
outside of us, right?

4918
01:35:26,625 --> 01:35:28,250
So if we die,

4919
01:35:28,250 --> 01:35:30,416
if humanity just all dies,

4920
01:35:30,416 --> 01:35:31,375
gravity

4921
01:35:31,375 --> 01:35:33,083
thermodynamics will still be

4922
01:35:33,083 --> 01:35:33,833
in mathematics.

4923
01:35:33,833 --> 01:35:34,708
Mathematical patterns

4924
01:35:34,708 --> 01:35:35,583
will still exist,

4925
01:35:35,583 --> 01:35:36,708
but Bitcoin will not.

4926
01:35:36,708 --> 01:35:38,458
All right, all right.

4927
01:35:38,458 --> 01:35:40,250
So devil's advocate back here

4928
01:35:40,250 --> 01:35:42,250
I love the whole box thing

4929
01:35:42,250 --> 01:35:43,625
that it's very reminiscent

4930
01:35:43,625 --> 01:35:44,916
of Jesus. Fantastic.

4931
01:35:44,916 --> 01:35:45,416
Like the

4932
01:35:45,416 --> 01:35:47,041
the map is now the territory.

4933
01:35:47,041 --> 01:35:48,125
Like it.

4934
01:35:48,125 --> 01:35:48,625
Bitcoin is

4935
01:35:48,625 --> 01:35:49,375
the first thing ever

4936
01:35:49,375 --> 01:35:50,000
where the map

4937
01:35:50,000 --> 01:35:51,250
defines the territory

4938
01:35:51,250 --> 01:35:52,791
and the other way around.

4939
01:35:52,791 --> 01:35:53,500
And I love that way

4940
01:35:53,500 --> 01:35:54,416
of looking at it.

4941
01:35:54,416 --> 01:35:55,291
So for me,

4942
01:35:55,291 --> 01:35:56,125
the reason

4943
01:35:56,125 --> 01:35:57,000
I've been promoting

4944
01:35:57,000 --> 01:35:57,833
the discovery

4945
01:35:57,833 --> 01:36:00,125
thought is that it it helps,

4946
01:36:01,166 --> 01:36:03,000
to I think that that kind of

4947
01:36:03,000 --> 01:36:05,291
framing helps the no coiner

4948
01:36:05,291 --> 01:36:06,416
differentiate between

4949
01:36:06,416 --> 01:36:07,666
bitcoin and crypto,

4950
01:36:07,666 --> 01:36:08,750
because saying that

4951
01:36:08,750 --> 01:36:10,083
it's an invention

4952
01:36:10,083 --> 01:36:11,791
implies that it,

4953
01:36:11,791 --> 01:36:12,750
that it can be

4954
01:36:12,750 --> 01:36:13,666
something better,

4955
01:36:13,666 --> 01:36:15,291
can be invented,

4956
01:36:15,291 --> 01:36:16,250
or that it can be

4957
01:36:16,250 --> 01:36:17,166
improved upon

4958
01:36:17,166 --> 01:36:18,083
and like

4959
01:36:18,083 --> 01:36:18,750
in ways

4960
01:36:18,750 --> 01:36:19,541
that Bitcoin

4961
01:36:19,541 --> 01:36:20,916
can really be improved upon.

4962
01:36:20,916 --> 01:36:23,250
And as you say, if, if,

4963
01:36:23,250 --> 01:36:24,750
if, Bitcoin stops

4964
01:36:24,750 --> 01:36:26,375
functioning from

4965
01:36:26,375 --> 01:36:27,166
for some reason,

4966
01:36:27,166 --> 01:36:28,166
let's say they ordinals

4967
01:36:28,166 --> 01:36:29,666
people actually win this war.

4968
01:36:29,666 --> 01:36:31,291
And it becomes unusable.

4969
01:36:31,291 --> 01:36:32,375
And then people stop

4970
01:36:32,375 --> 01:36:33,416
using it.

4971
01:36:33,416 --> 01:36:34,625
Then we can't

4972
01:36:34,625 --> 01:36:35,500
we can't really

4973
01:36:35,500 --> 01:36:37,125
replicate the experiment

4974
01:36:37,125 --> 01:36:38,375
because everyone would have

4975
01:36:38,375 --> 01:36:39,625
insider information

4976
01:36:39,625 --> 01:36:40,750
about the first time around.

4977
01:36:40,750 --> 01:36:42,666
So this, this,

4978
01:36:42,666 --> 01:36:44,125
immaculate conception,

4979
01:36:44,125 --> 01:36:45,333
the first ten years, it's

4980
01:36:45,333 --> 01:36:46,250
very important

4981
01:36:46,250 --> 01:36:47,000
that they played out

4982
01:36:47,000 --> 01:36:47,666
the way they did.

4983
01:36:47,666 --> 01:36:49,916
Like, if I, if I use a towel

4984
01:36:49,916 --> 01:36:51,416
before I take a shower,

4985
01:36:51,416 --> 01:36:52,791
I get a very different result

4986
01:36:52,791 --> 01:36:53,916
than if I use the towel

4987
01:36:53,916 --> 01:36:55,000
after I take a shower.

4988
01:36:55,000 --> 01:36:57,166
So the order of events is

4989
01:36:57,166 --> 01:36:58,291
what makes it that unique.

4990
01:36:58,291 --> 01:36:58,791
It needed

4991
01:36:58,791 --> 01:37:00,083
this immaculate conception

4992
01:37:00,083 --> 01:37:00,750
and this

4993
01:37:00,750 --> 01:37:01,500
this way

4994
01:37:01,500 --> 01:37:02,875
of spreading to the people,

4995
01:37:02,875 --> 01:37:03,625
because otherwise,

4996
01:37:03,625 --> 01:37:04,625
like it's a it's

4997
01:37:04,625 --> 01:37:06,000
just another shift coin.

4998
01:37:06,000 --> 01:37:06,708
So that's

4999
01:37:06,708 --> 01:37:07,958
where the discovery part

5000
01:37:07,958 --> 01:37:08,750
comes in to me.

5001
01:37:08,750 --> 01:37:09,625
Like that's why

5002
01:37:09,625 --> 01:37:10,583
I choose

5003
01:37:10,583 --> 01:37:12,083
to view it as a discovery.

5004
01:37:12,083 --> 01:37:13,750
And you can also say that

5005
01:37:13,750 --> 01:37:14,625
like numbers

5006
01:37:14,625 --> 01:37:16,000
do numbers like sets.

5007
01:37:16,000 --> 01:37:16,916
Not not really,

5008
01:37:16,916 --> 01:37:18,208
but they're in our heads.

5009
01:37:18,208 --> 01:37:20,125
The sets, do they exist?

5010
01:37:20,125 --> 01:37:21,833
No. There are,

5011
01:37:22,791 --> 01:37:24,166
you Texas on the,

5012
01:37:24,166 --> 01:37:25,041
on the time chain.

5013
01:37:25,041 --> 01:37:26,541
And but the actual

5014
01:37:26,541 --> 01:37:27,416
ability to move

5015
01:37:27,416 --> 01:37:29,041
the sets are in our heads.

5016
01:37:29,041 --> 01:37:30,500
Like everything in Bitcoin

5017
01:37:30,500 --> 01:37:31,750
is probabilistic.

5018
01:37:31,750 --> 01:37:34,250
We we say that we own them

5019
01:37:34,250 --> 01:37:35,083
because we know

5020
01:37:35,083 --> 01:37:36,000
that the probability

5021
01:37:36,000 --> 01:37:36,958
that someone else has

5022
01:37:36,958 --> 01:37:38,750
the same key is so low.

5023
01:37:38,750 --> 01:37:39,625
And we say that

5024
01:37:39,625 --> 01:37:40,916
there are 21 million of them,

5025
01:37:40,916 --> 01:37:41,541
because we know

5026
01:37:41,541 --> 01:37:42,458
that the probability

5027
01:37:42,458 --> 01:37:43,666
of exchanging any

5028
01:37:43,666 --> 01:37:44,791
at any time in the future

5029
01:37:44,791 --> 01:37:45,833
to a different number

5030
01:37:45,833 --> 01:37:46,916
is also so low,

5031
01:37:46,916 --> 01:37:48,000
because it's

5032
01:37:48,000 --> 01:37:48,791
in the collective

5033
01:37:48,791 --> 01:37:49,916
consciousness now, that's

5034
01:37:49,916 --> 01:37:51,250
how it works.

5035
01:37:51,250 --> 01:37:54,666
So all of it is is this

5036
01:37:55,708 --> 01:37:57,375
it's between the worlds.

5037
01:37:57,375 --> 01:37:59,416
It's bridging the objective

5038
01:37:59,416 --> 01:38:00,500
and the subjective.

5039
01:38:00,500 --> 01:38:01,666
It's bridging

5040
01:38:01,666 --> 01:38:03,166
the the realm of the mind

5041
01:38:03,166 --> 01:38:04,708
with the realm of the of

5042
01:38:04,708 --> 01:38:05,791
of what we call

5043
01:38:05,791 --> 01:38:06,750
objective reality.

5044
01:38:06,750 --> 01:38:07,500
It's it's

5045
01:38:07,500 --> 01:38:09,541
some, some type of bridge

5046
01:38:09,541 --> 01:38:10,458
between the two.

5047
01:38:10,458 --> 01:38:11,750
And you can also view it.

5048
01:38:11,750 --> 01:38:12,458
This is also an

5049
01:38:12,458 --> 01:38:13,541
argument for discovery.

5050
01:38:14,708 --> 01:38:15,750
Bitcoin has always

5051
01:38:15,750 --> 01:38:16,583
existed

5052
01:38:16,583 --> 01:38:17,333
since the

5053
01:38:17,333 --> 01:38:19,000
Big Bang or whatever,

5054
01:38:19,000 --> 01:38:20,750
whatever. Bang.

5055
01:38:20,750 --> 01:38:23,166
And since the dawn of time,

5056
01:38:23,166 --> 01:38:25,250
let's just say that,

5057
01:38:25,250 --> 01:38:26,000
the it's just that

5058
01:38:26,000 --> 01:38:26,333
the hash

5059
01:38:26,333 --> 01:38:29,333
rate was zero, up until 2009.

5060
01:38:30,250 --> 01:38:31,166
So you could view it

5061
01:38:31,166 --> 01:38:33,083
that way, like, well,

5062
01:38:33,083 --> 01:38:34,583
every component was there.

5063
01:38:34,583 --> 01:38:35,041
It's just that

5064
01:38:35,041 --> 01:38:36,291
the hash rate was zero.

5065
01:38:36,291 --> 01:38:37,166
So, so

5066
01:38:37,166 --> 01:38:39,333
but but my main, my main

5067
01:38:39,333 --> 01:38:40,833
like practical argument

5068
01:38:40,833 --> 01:38:42,250
and like real world argument

5069
01:38:42,250 --> 01:38:44,000
for framing it as a discovery

5070
01:38:44,000 --> 01:38:45,625
is because I think it helps

5071
01:38:45,625 --> 01:38:47,041
no corners differentiate

5072
01:38:47,041 --> 01:38:48,083
between the real thing

5073
01:38:48,083 --> 01:38:49,166
and the shit.

5074
01:38:49,166 --> 01:38:50,833
Like if for for sure,

5075
01:38:50,833 --> 01:38:51,500
for sure it does.

5076
01:38:51,500 --> 01:38:51,958
And it

5077
01:38:51,958 --> 01:38:52,750
and it's and it's

5078
01:38:52,750 --> 01:38:54,500
because the other explanation

5079
01:38:54,500 --> 01:38:54,916
about the

5080
01:38:54,916 --> 01:38:55,916
immaculate Conception

5081
01:38:55,916 --> 01:38:56,791
and what makes victims

5082
01:38:56,791 --> 01:38:58,833
scarce is very complex.

5083
01:38:58,833 --> 01:38:59,625
It's it's

5084
01:38:59,625 --> 01:39:00,291
and and

5085
01:39:00,291 --> 01:39:01,416
like in order to understand

5086
01:39:01,416 --> 01:39:03,208
like why you

5087
01:39:03,208 --> 01:39:04,083
why can't someone

5088
01:39:04,083 --> 01:39:05,166
copy bitcoin

5089
01:39:05,166 --> 01:39:06,291
a and make bitcoin

5090
01:39:06,291 --> 01:39:07,375
be and like make it work.

5091
01:39:07,375 --> 01:39:07,583
Right.

5092
01:39:07,583 --> 01:39:09,166
And the immaculate conception

5093
01:39:09,166 --> 01:39:11,000
is is very hard to grasp

5094
01:39:11,000 --> 01:39:13,250
for a lot of people where

5095
01:39:13,250 --> 01:39:14,666
not only there's like

5096
01:39:14,666 --> 01:39:15,375
so not only

5097
01:39:15,375 --> 01:39:17,333
you have like this

5098
01:39:17,333 --> 01:39:18,916
historical figure

5099
01:39:18,916 --> 01:39:19,916
which basically

5100
01:39:19,916 --> 01:39:21,458
sacrificed himself

5101
01:39:21,458 --> 01:39:22,416
for the greater good,

5102
01:39:22,416 --> 01:39:23,500
which is Satoshi. Right?

5103
01:39:23,500 --> 01:39:27,541
Because, you know, I, I, I,

5104
01:39:27,666 --> 01:39:29,708
I kind of believe that he,

5105
01:39:29,708 --> 01:39:31,041
he actually

5106
01:39:31,041 --> 01:39:32,875
he or they,

5107
01:39:32,875 --> 01:39:33,416
most likely,

5108
01:39:33,416 --> 01:39:34,333
most likely there is a

5109
01:39:34,333 --> 01:39:35,666
he and there is also a

5110
01:39:35,666 --> 01:39:36,500
they that's,

5111
01:39:36,500 --> 01:39:37,750
that's what I think that

5112
01:39:37,750 --> 01:39:38,625
there's once it's oh sheep.

5113
01:39:38,625 --> 01:39:40,041
But there was also a group.

5114
01:39:40,041 --> 01:39:40,833
But one of the guys

5115
01:39:40,833 --> 01:39:42,000
was actually Satoshi.

5116
01:39:42,000 --> 01:39:42,500
That's, that's

5117
01:39:42,500 --> 01:39:43,041
kind of like the way

5118
01:39:43,041 --> 01:39:43,583
I see it.

5119
01:39:43,583 --> 01:39:44,791
And what is the

5120
01:39:44,791 --> 01:39:46,958
likelihood that he or they

5121
01:39:47,958 --> 01:39:49,166
decided not

5122
01:39:49,166 --> 01:39:49,625
to spend their

5123
01:39:49,625 --> 01:39:50,041
bitcoin

5124
01:39:50,041 --> 01:39:51,208
or to deliberately burn

5125
01:39:51,208 --> 01:39:53,500
their keys like, and not,

5126
01:39:53,500 --> 01:39:54,875
and not do like a pre-modern.

5127
01:39:54,875 --> 01:39:56,041
It's, it's it's very,

5128
01:39:56,041 --> 01:39:57,125
very, very, very low.

5129
01:39:57,125 --> 01:39:59,000
And then as you say,

5130
01:39:59,000 --> 01:39:59,875
bitcoin was

5131
01:39:59,875 --> 01:40:01,875
it was was not antifragile

5132
01:40:01,875 --> 01:40:02,750
at birth. Right.

5133
01:40:02,750 --> 01:40:03,791
It was very difficult.

5134
01:40:03,791 --> 01:40:05,958
And it would have been

5135
01:40:05,958 --> 01:40:06,791
if you launch a shit

5136
01:40:06,791 --> 01:40:07,458
coin today,

5137
01:40:07,458 --> 01:40:08,458
everyone going to attack it

5138
01:40:08,458 --> 01:40:09,291
with hash rates

5139
01:40:09,291 --> 01:40:10,500
and all sorts of things.

5140
01:40:10,500 --> 01:40:11,416
And it benefited

5141
01:40:11,416 --> 01:40:13,333
from this historical point

5142
01:40:13,333 --> 01:40:13,875
in time

5143
01:40:13,875 --> 01:40:15,833
where it went under the radar

5144
01:40:15,833 --> 01:40:16,708
and was allowed

5145
01:40:16,708 --> 01:40:18,291
to organically develop

5146
01:40:18,291 --> 01:40:19,666
an immune system,

5147
01:40:19,666 --> 01:40:20,166
because

5148
01:40:20,166 --> 01:40:21,541
why do people have premiums

5149
01:40:21,541 --> 01:40:22,250
and all that?

5150
01:40:22,250 --> 01:40:24,166
All this centralizing aspects

5151
01:40:24,166 --> 01:40:25,000
is because

5152
01:40:25,000 --> 01:40:26,125
you need to inoculate it

5153
01:40:26,125 --> 01:40:26,666
at birth

5154
01:40:26,666 --> 01:40:27,875
with like a foundation,

5155
01:40:27,875 --> 01:40:29,458
which is going to whatever,

5156
01:40:29,458 --> 01:40:30,000
build it.

5157
01:40:30,000 --> 01:40:30,416
And then

5158
01:40:30,416 --> 01:40:31,750
you also had like this

5159
01:40:31,750 --> 01:40:33,166
unique moment in time

5160
01:40:33,166 --> 01:40:34,166
with the cypherpunks

5161
01:40:34,166 --> 01:40:35,208
that are willing to work

5162
01:40:35,208 --> 01:40:36,625
for free on something

5163
01:40:36,625 --> 01:40:37,375
and willing to die

5164
01:40:37,375 --> 01:40:38,125
on this hill,

5165
01:40:38,125 --> 01:40:38,750
like the how

5166
01:40:38,750 --> 01:40:40,291
things of the world and the

5167
01:40:40,291 --> 01:40:41,125
the marketing money

5168
01:40:41,125 --> 01:40:42,083
of the of the world.

5169
01:40:42,083 --> 01:40:43,125
And like all these guys.

5170
01:40:43,125 --> 01:40:44,541
So and also

5171
01:40:44,541 --> 01:40:45,416
you have like this

5172
01:40:45,416 --> 01:40:46,458
very intricate

5173
01:40:46,458 --> 01:40:48,458
play of economic interests

5174
01:40:48,458 --> 01:40:49,416
that are decentral ideas

5175
01:40:49,416 --> 01:40:50,166
and hash rate

5176
01:40:50,166 --> 01:40:51,791
and node and businesses

5177
01:40:51,791 --> 01:40:52,583
and all of that.

5178
01:40:52,583 --> 01:40:53,041
You can't

5179
01:40:53,041 --> 01:40:54,000
copy that

5180
01:40:54,000 --> 01:40:55,041
into something else.

5181
01:40:55,041 --> 01:40:55,791
And it's like really,

5182
01:40:55,791 --> 01:40:57,416
really difficult to explain.

5183
01:40:57,416 --> 01:40:59,291
I have a I did a talk,

5184
01:41:00,375 --> 01:41:01,583
in Calgary in 2020.

5185
01:41:01,583 --> 01:41:02,541
I need to find the video

5186
01:41:02,541 --> 01:41:03,208
where it was like,

5187
01:41:03,208 --> 01:41:04,625
these are the five layers

5188
01:41:04,625 --> 01:41:06,250
of Bitcoin scarcity.

5189
01:41:06,250 --> 01:41:07,625
Just to finally kill

5190
01:41:07,625 --> 01:41:08,458
that argument,

5191
01:41:08,458 --> 01:41:09,541
which is like, well,

5192
01:41:09,541 --> 01:41:10,500
why can't we just create

5193
01:41:10,500 --> 01:41:11,250
a better Bitcoin

5194
01:41:11,250 --> 01:41:12,083
in the future?

5195
01:41:12,083 --> 01:41:15,000
And also if you fork bitcoin,

5196
01:41:15,000 --> 01:41:16,166
it does not.

5197
01:41:16,166 --> 01:41:17,208
And that's another thing

5198
01:41:17,208 --> 01:41:17,791
that, it's

5199
01:41:17,791 --> 01:41:18,958
very hard to explain.

5200
01:41:18,958 --> 01:41:21,208
You can't hard fork Bitcoin.

5201
01:41:21,208 --> 01:41:22,541
You cannot.

5202
01:41:22,541 --> 01:41:24,958
It is not possible

5203
01:41:24,958 --> 01:41:26,291
because the other Bitcoin

5204
01:41:26,291 --> 01:41:28,583
will exist still. Right.

5205
01:41:28,583 --> 01:41:30,958
So what you can do is

5206
01:41:30,958 --> 01:41:32,458
you can airdrop

5207
01:41:32,458 --> 01:41:33,666
a new token

5208
01:41:33,666 --> 01:41:35,416
onto a new blockchain

5209
01:41:35,416 --> 01:41:37,791
with the same balances

5210
01:41:37,791 --> 01:41:38,291
with the same

5211
01:41:38,291 --> 01:41:39,750
you texels right.

5212
01:41:39,750 --> 01:41:41,916
You can copy the utxo set,

5213
01:41:41,916 --> 01:41:43,166
dump it on a blockchain,

5214
01:41:43,166 --> 01:41:44,625
and you can call it Bitcoin,

5215
01:41:44,625 --> 01:41:46,250
but it will not be bitcoin

5216
01:41:46,250 --> 01:41:47,000
because it will not be

5217
01:41:47,000 --> 01:41:48,083
compatible retro

5218
01:41:48,083 --> 01:41:48,625
compatible

5219
01:41:48,625 --> 01:41:49,916
with the original Bitcoin.

5220
01:41:49,916 --> 01:41:51,000
And that's

5221
01:41:51,000 --> 01:41:51,500
and diverging

5222
01:41:51,500 --> 01:41:52,041
a little bit here.

5223
01:41:52,041 --> 01:41:53,833
But that's my main argument

5224
01:41:53,833 --> 01:41:54,500
against raising

5225
01:41:54,500 --> 01:41:56,083
the block size.

5226
01:41:56,083 --> 01:41:56,583
That's my main

5227
01:41:56,583 --> 01:41:57,333
argument right.

5228
01:41:57,333 --> 01:41:58,458
Because could

5229
01:41:58,458 --> 01:41:59,583
we actually

5230
01:41:59,583 --> 01:42:00,416
raise the block size

5231
01:42:00,416 --> 01:42:01,916
to ten megabytes?

5232
01:42:01,916 --> 01:42:03,166
I mean,

5233
01:42:03,166 --> 01:42:03,541
in terms

5234
01:42:03,541 --> 01:42:06,250
of computing resources like

5235
01:42:06,250 --> 01:42:07,708
and so the argument is moot

5236
01:42:07,708 --> 01:42:08,458
from the beginning, right?

5237
01:42:08,458 --> 01:42:10,375
It's like, well,

5238
01:42:10,375 --> 01:42:11,833
if it was a soft fork

5239
01:42:11,833 --> 01:42:14,166
like SegWit, you know, well,

5240
01:42:14,166 --> 01:42:16,291
I'm like, let's I'm

5241
01:42:16,291 --> 01:42:17,583
not for it.

5242
01:42:17,583 --> 01:42:18,083
I don't want

5243
01:42:18,083 --> 01:42:19,375
another hard fork.

5244
01:42:19,375 --> 01:42:20,166
I don't want another

5245
01:42:20,166 --> 01:42:20,875
blocksize increase

5246
01:42:20,875 --> 01:42:22,041
even with the software.

5247
01:42:22,041 --> 01:42:23,583
But if it's a can decrease,

5248
01:42:23,583 --> 01:42:24,416
we can decrease,

5249
01:42:24,416 --> 01:42:26,208
we can decrease, we can.

5250
01:42:26,208 --> 01:42:28,041
And that are just the fact

5251
01:42:28,041 --> 01:42:28,791
that we can decrease it

5252
01:42:28,791 --> 01:42:30,166
with a soft fork.

5253
01:42:30,166 --> 01:42:31,791
That makes it a possibility

5254
01:42:31,791 --> 01:42:32,666
that I can entertain

5255
01:42:32,666 --> 01:42:33,208
in my mind.

5256
01:42:33,208 --> 01:42:34,416
But a hard fork for me,

5257
01:42:34,416 --> 01:42:37,208
it's it's it's it's none.

5258
01:42:37,208 --> 01:42:39,833
Because every single person

5259
01:42:39,833 --> 01:42:41,000
needs to be retro

5260
01:42:41,000 --> 01:42:41,666
compatible

5261
01:42:41,666 --> 01:42:42,208
from the beginning.

5262
01:42:42,208 --> 01:42:43,250
There is a social contract

5263
01:42:43,250 --> 01:42:44,250
in bitcoin, right.

5264
01:42:44,250 --> 01:42:45,041
That is if you

5265
01:42:45,041 --> 01:42:46,875
if you bought Bitcoin in 2011

5266
01:42:46,875 --> 01:42:47,416
and you put it

5267
01:42:47,416 --> 01:42:49,583
on a fuckin paper wallet,

5268
01:42:49,583 --> 01:42:50,750
you expect to be able

5269
01:42:50,750 --> 01:42:53,125
to spend it in in 2050

5270
01:42:53,125 --> 01:42:53,958
without needing

5271
01:42:53,958 --> 01:42:54,750
to have like that

5272
01:42:54,750 --> 01:42:55,625
weird airdrop

5273
01:42:55,625 --> 01:42:56,541
where you split your coins

5274
01:42:56,541 --> 01:42:57,625
and all of that.

5275
01:42:57,625 --> 01:42:59,208
So, so it's it's very, very,

5276
01:42:59,208 --> 01:43:00,000
very difficult

5277
01:43:00,000 --> 01:43:00,958
to explain

5278
01:43:00,958 --> 01:43:02,375
why Bitcoin

5279
01:43:02,375 --> 01:43:04,375
is unique to people. And,

5280
01:43:06,000 --> 01:43:07,250
it that

5281
01:43:07,250 --> 01:43:08,333
and that's why

5282
01:43:08,333 --> 01:43:09,208
we make these shortcuts.

5283
01:43:09,208 --> 01:43:10,041
You know, like when it,

5284
01:43:10,041 --> 01:43:10,583
when somebody

5285
01:43:10,583 --> 01:43:12,125
is trying to

5286
01:43:12,125 --> 01:43:13,875
I'm explaining it to someone,

5287
01:43:13,875 --> 01:43:14,125
you know,

5288
01:43:14,125 --> 01:43:15,041
instead of explaining

5289
01:43:15,041 --> 01:43:15,833
all of this thing, I'm

5290
01:43:15,833 --> 01:43:16,375
just going to show them

5291
01:43:16,375 --> 01:43:18,625
a chart of Bitcoin versus

5292
01:43:18,625 --> 01:43:19,041
a coin.

5293
01:43:19,041 --> 01:43:19,625
You know, it's like,

5294
01:43:19,625 --> 01:43:20,583
why should I buy Bitcoin

5295
01:43:20,583 --> 01:43:21,166
and the other ones?

5296
01:43:21,166 --> 01:43:21,750
Well, here's

5297
01:43:21,750 --> 01:43:22,583
the chart of bitcoin

5298
01:43:22,583 --> 01:43:22,916
and here's

5299
01:43:22,916 --> 01:43:23,250
a chart

5300
01:43:23,250 --> 01:43:24,083
of all the shit coins.

5301
01:43:24,083 --> 01:43:25,208
So I yeah.

5302
01:43:25,208 --> 01:43:26,125
And like

5303
01:43:26,125 --> 01:43:26,833
it took like

5304
01:43:26,833 --> 01:43:27,500
how long do you think

5305
01:43:27,500 --> 01:43:28,375
it took me to understand

5306
01:43:28,375 --> 01:43:29,458
why Bitcoin is unique.

5307
01:43:29,458 --> 01:43:30,833
I mean for sure

5308
01:43:30,833 --> 01:43:33,833
like from 2013 to 2017

5309
01:43:34,083 --> 01:43:34,791
I didn't know how

5310
01:43:34,791 --> 01:43:36,083
bitcoin worked,

5311
01:43:36,083 --> 01:43:37,125
like it was

5312
01:43:37,125 --> 01:43:38,125
only the block size.

5313
01:43:38,125 --> 01:43:40,583
Was that really like

5314
01:43:40,583 --> 01:43:41,625
how is Bitcoin governed?

5315
01:43:41,625 --> 01:43:43,041
Like who controls bitcoin.

5316
01:43:43,041 --> 01:43:44,458
That question.

5317
01:43:44,458 --> 01:43:45,666
Was it the miners.

5318
01:43:45,666 --> 01:43:47,125
Is it the nodes

5319
01:43:47,125 --> 01:43:48,583
I mean it is it is the nodes.

5320
01:43:48,583 --> 01:43:49,666
But it's not only the nodes,

5321
01:43:49,666 --> 01:43:50,125
it's the nodes

5322
01:43:50,125 --> 01:43:51,291
and the miners.

5323
01:43:51,291 --> 01:43:53,166
And it's also

5324
01:43:53,166 --> 01:43:54,250
the economic nodes.

5325
01:43:54,250 --> 01:43:55,250
And like what

5326
01:43:55,250 --> 01:43:56,375
exactly defines

5327
01:43:56,375 --> 01:43:57,666
an economic node.

5328
01:43:57,666 --> 01:43:59,375
And then at a certain point

5329
01:43:59,375 --> 01:44:00,875
you realize, okay,

5330
01:44:00,875 --> 01:44:02,333
it it's,

5331
01:44:02,333 --> 01:44:02,875
it's, it's

5332
01:44:02,875 --> 01:44:03,458
the fact that

5333
01:44:03,458 --> 01:44:04,500
the node is receiving

5334
01:44:04,500 --> 01:44:06,833
payments on a continual basis

5335
01:44:06,833 --> 01:44:07,291
that makes it

5336
01:44:07,291 --> 01:44:08,125
an economic node

5337
01:44:08,125 --> 01:44:09,291
like a holder.

5338
01:44:09,291 --> 01:44:10,041
It's not exactly

5339
01:44:10,041 --> 01:44:10,750
an economic node

5340
01:44:10,750 --> 01:44:11,333
if you start,

5341
01:44:11,333 --> 01:44:11,750
because if you

5342
01:44:11,750 --> 01:44:12,458
stop validating

5343
01:44:12,458 --> 01:44:13,041
payments coming

5344
01:44:13,041 --> 01:44:14,666
in, you're not validating.

5345
01:44:14,666 --> 01:44:16,333
So all all of that

5346
01:44:16,333 --> 01:44:16,916
and like the whole

5347
01:44:16,916 --> 01:44:17,750
interplay of,

5348
01:44:17,750 --> 01:44:18,625
of like

5349
01:44:18,625 --> 01:44:20,000
finance and engineering

5350
01:44:20,000 --> 01:44:21,250
and, and core developers

5351
01:44:21,250 --> 01:44:21,833
and like the,

5352
01:44:21,833 --> 01:44:22,708
the core developers

5353
01:44:22,708 --> 01:44:23,625
control Bitcoin.

5354
01:44:23,625 --> 01:44:24,416
I mean,

5355
01:44:24,416 --> 01:44:25,166
no, but

5356
01:44:25,166 --> 01:44:26,458
if everybody auto updates

5357
01:44:26,458 --> 01:44:26,833
because there's

5358
01:44:26,833 --> 01:44:27,833
one implementation,

5359
01:44:27,833 --> 01:44:29,166
then kind of yeah,

5360
01:44:29,166 --> 01:44:30,083
you know, so it's

5361
01:44:30,083 --> 01:44:31,166
very complex,

5362
01:44:31,166 --> 01:44:32,041
very, very complex.

5363
01:44:32,041 --> 01:44:33,791
And then on top of that,

5364
01:44:35,125 --> 01:44:35,583
you have

5365
01:44:35,583 --> 01:44:36,208
so so

5366
01:44:36,208 --> 01:44:37,291
that's why Bitcoin is

5367
01:44:37,291 --> 01:44:38,166
is like scarce

5368
01:44:38,166 --> 01:44:39,333
because of this interplay.

5369
01:44:39,333 --> 01:44:40,250
And on top of that

5370
01:44:40,250 --> 01:44:42,500
you have like

5371
01:44:42,500 --> 01:44:44,166
the whole

5372
01:44:44,166 --> 01:44:47,541
like mystical birth and the,

5373
01:44:47,541 --> 01:44:48,833
the ways that of course

5374
01:44:48,833 --> 01:44:50,250
it's, it's so hard, it's

5375
01:44:50,250 --> 01:44:51,833
so hard to explain to people.

5376
01:44:51,833 --> 01:44:54,125
But like at least you know,

5377
01:44:54,125 --> 01:44:55,083
and one of the things

5378
01:44:55,083 --> 01:44:56,416
I'm the most grateful for,

5379
01:44:56,416 --> 01:44:58,458
for the soft fork wars

5380
01:44:58,458 --> 01:45:01,125
and the for choirs is like,

5381
01:45:01,125 --> 01:45:03,833
we have a proof of Bitcoin's

5382
01:45:03,833 --> 01:45:05,000
resistance, right?

5383
01:45:05,000 --> 01:45:06,083
Because people say,

5384
01:45:06,083 --> 01:45:06,791
all right,

5385
01:45:06,791 --> 01:45:08,000
what if Blackrock

5386
01:45:08,000 --> 01:45:08,875
what if Blackrock

5387
01:45:08,875 --> 01:45:09,958
wants to fork Bitcoin

5388
01:45:09,958 --> 01:45:10,375
and increase

5389
01:45:10,375 --> 01:45:11,541
the size of bitcoin?

5390
01:45:11,541 --> 01:45:13,000
Well I mean

5391
01:45:13,000 --> 01:45:13,833
you may not know that.

5392
01:45:13,833 --> 01:45:15,083
But in 2017

5393
01:45:15,083 --> 01:45:17,250
we had our own Blackrock

5394
01:45:17,250 --> 01:45:18,708
and it was Coinbase right.

5395
01:45:18,708 --> 01:45:20,375
So Coinbase was way

5396
01:45:20,375 --> 01:45:22,625
more powerful back then.

5397
01:45:22,625 --> 01:45:24,375
Yeah we had we had Coinbase.

5398
01:45:24,375 --> 01:45:25,083
We had BitPay.

5399
01:45:25,083 --> 01:45:26,166
We had blockchain. That info.

5400
01:45:26,166 --> 01:45:27,791
We had Kraken,

5401
01:45:27,791 --> 01:45:29,125
we had this guy

5402
01:45:29,125 --> 01:45:30,666
and we had like the 30

5403
01:45:30,666 --> 01:45:32,458
top exchanges, which are like

5404
01:45:33,625 --> 01:45:35,333
95% of all

5405
01:45:35,333 --> 01:45:36,833
trading volume in the world.

5406
01:45:36,833 --> 01:45:37,750
And then we have

5407
01:45:37,750 --> 01:45:39,708
90% of the hash rate

5408
01:45:39,708 --> 01:45:40,625
in the world.

5409
01:45:40,625 --> 01:45:41,541
And then you have

5410
01:45:41,541 --> 01:45:42,750
all these influencers

5411
01:45:42,750 --> 01:45:43,458
and podcasters

5412
01:45:43,458 --> 01:45:44,708
and whatnot

5413
01:45:44,708 --> 01:45:46,708
that are for this thing.

5414
01:45:46,708 --> 01:45:47,458
And then

5415
01:45:47,458 --> 01:45:49,166
they were not able

5416
01:45:49,166 --> 01:45:50,708
to fork Bitcoin

5417
01:45:50,708 --> 01:45:51,250
to double

5418
01:45:51,250 --> 01:45:52,083
the block blocksize,

5419
01:45:52,083 --> 01:45:55,250
which like is not a huge deal

5420
01:45:55,250 --> 01:45:56,875
compared to doubling

5421
01:45:56,875 --> 01:45:58,083
the amount of bitcoins.

5422
01:45:58,083 --> 01:46:00,333
Because the 21 million

5423
01:46:00,333 --> 01:46:03,291
is the social contract,

5424
01:46:03,291 --> 01:46:04,500
the block size is not

5425
01:46:04,500 --> 01:46:05,583
part of the social contract.

5426
01:46:05,583 --> 01:46:06,875
The block size is

5427
01:46:06,875 --> 01:46:07,791
a technical thing, right?

5428
01:46:07,791 --> 01:46:08,666
So like

5429
01:46:08,666 --> 01:46:10,041
the social contract is,

5430
01:46:10,041 --> 01:46:12,000
is that it's decentralized

5431
01:46:12,000 --> 01:46:13,166
and there's 21 million

5432
01:46:13,166 --> 01:46:14,416
and that nobody can like

5433
01:46:14,416 --> 01:46:15,958
that's where the contract.

5434
01:46:15,958 --> 01:46:16,375
If Bitcoin

5435
01:46:16,375 --> 01:46:17,416
is still decentralized

5436
01:46:17,416 --> 01:46:19,958
at eight megabytes

5437
01:46:19,958 --> 01:46:21,000
and there's no such.

5438
01:46:21,000 --> 01:46:22,458
And we had a soft fork

5439
01:46:22,458 --> 01:46:22,833
to raise it

5440
01:46:22,833 --> 01:46:24,291
to eight megabytes,

5441
01:46:24,291 --> 01:46:24,833
I don't think

5442
01:46:24,833 --> 01:46:26,250
we would be massively

5443
01:46:26,250 --> 01:46:28,166
breaking the social contract.

5444
01:46:28,166 --> 01:46:29,125
But still

5445
01:46:29,125 --> 01:46:29,875
they were not able

5446
01:46:29,875 --> 01:46:31,375
to do that. Right.

5447
01:46:31,375 --> 01:46:32,583
So it's impossible

5448
01:46:32,583 --> 01:46:32,916
that they're going

5449
01:46:32,916 --> 01:46:35,000
to be able to do that with a,

5450
01:46:35,000 --> 01:46:36,208
with a hard fork.

5451
01:46:36,208 --> 01:46:37,083
And then, you know,

5452
01:46:37,083 --> 01:46:37,916
there's nothing.

5453
01:46:37,916 --> 01:46:38,833
My God, there's nothing

5454
01:46:38,833 --> 01:46:40,125
I would love more

5455
01:46:40,125 --> 01:46:41,125
than a confrontation

5456
01:46:41,125 --> 01:46:43,416
with Blackrock. It will suck.

5457
01:46:43,416 --> 01:46:44,791
I love this so much Francis.

5458
01:46:44,791 --> 01:46:45,833
Because like my story

5459
01:46:45,833 --> 01:46:46,875
is, is exactly the same.

5460
01:46:46,875 --> 01:46:48,083
I don't view myself

5461
01:46:48,083 --> 01:46:49,458
as understanding Bitcoin

5462
01:46:49,458 --> 01:46:50,666
until like that.

5463
01:46:50,666 --> 01:46:51,500
The Blocksize wars

5464
01:46:51,500 --> 01:46:52,250
and the outcome of

5465
01:46:52,250 --> 01:46:52,916
that was like,

5466
01:46:52,916 --> 01:46:53,750
Holy shit,

5467
01:46:53,750 --> 01:46:55,458
that actually fucking works.

5468
01:46:55,458 --> 01:46:56,416
Yeah, and like,

5469
01:46:56,416 --> 01:46:57,083
hang on a minute,

5470
01:46:57,083 --> 01:46:58,166
the miners aren't

5471
01:46:58,166 --> 01:46:59,291
mining for bitcoin,

5472
01:46:59,291 --> 01:47:00,291
they're mining for blocks,

5473
01:47:00,291 --> 01:47:01,166
and they're totally

5474
01:47:01,166 --> 01:47:02,250
the slaves of the node.

5475
01:47:02,250 --> 01:47:04,416
Like how what is.

5476
01:47:04,416 --> 01:47:06,458
And I think this is why,

5477
01:47:06,458 --> 01:47:09,458
Riga 2019 was so special

5478
01:47:09,625 --> 01:47:10,583
because all of us

5479
01:47:10,583 --> 01:47:11,750
that were there and not that

5480
01:47:11,750 --> 01:47:12,333
your random

5481
01:47:12,333 --> 01:47:13,125
crypto conference.

5482
01:47:13,125 --> 01:47:15,000
But we went to this Bitcoin

5483
01:47:15,000 --> 01:47:16,125
only thing.

5484
01:47:16,125 --> 01:47:16,875
By the way Bitcoin

5485
01:47:16,875 --> 01:47:18,583
first means bitcoins. And

5486
01:47:19,833 --> 01:47:21,333
so we were all there

5487
01:47:21,333 --> 01:47:23,666
like oh all of the

5488
01:47:23,666 --> 01:47:25,375
like the people that have

5489
01:47:25,375 --> 01:47:26,125
so many people

5490
01:47:26,125 --> 01:47:27,708
that there that were there

5491
01:47:27,708 --> 01:47:28,916
that are still

5492
01:47:28,916 --> 01:47:29,541
as based

5493
01:47:29,541 --> 01:47:30,791
now as they were back then

5494
01:47:30,791 --> 01:47:32,333
and just walked the walk

5495
01:47:32,333 --> 01:47:33,125
all the way through.

5496
01:47:33,125 --> 01:47:34,416
And I,

5497
01:47:34,416 --> 01:47:36,166
by the way, for for you.

5498
01:47:36,166 --> 01:47:36,416
Yeah.

5499
01:47:36,416 --> 01:47:37,583
My mind is all over the place

5500
01:47:37,583 --> 01:47:37,708
here,

5501
01:47:37,708 --> 01:47:38,416
but I'm going to go

5502
01:47:38,416 --> 01:47:39,291
back to the discovery

5503
01:47:39,291 --> 01:47:41,125
invention argument like one.

5504
01:47:41,125 --> 01:47:42,750
One of my most popular quotes

5505
01:47:42,750 --> 01:47:43,583
is for my second

5506
01:47:43,583 --> 01:47:44,666
book, and it's called

5507
01:47:44,666 --> 01:47:45,333
the One Shot

5508
01:47:45,333 --> 01:47:46,791
principle, is my pretentious

5509
01:47:46,791 --> 01:47:48,833
attempt at,

5510
01:47:48,833 --> 01:47:50,500
explaining why

5511
01:47:50,500 --> 01:47:51,375
Bitcoin is unique

5512
01:47:51,375 --> 01:47:52,208
in one sense.

5513
01:47:52,208 --> 01:47:54,041
In one short,

5514
01:47:54,041 --> 01:47:55,333
a couple of sentences,

5515
01:47:55,333 --> 01:47:58,250
and it's something like,

5516
01:47:58,250 --> 01:47:58,958
absolute

5517
01:47:58,958 --> 01:48:00,375
mathematical scarcity

5518
01:48:00,375 --> 01:48:01,500
in a sufficiently

5519
01:48:01,500 --> 01:48:03,625
distributed,

5520
01:48:03,625 --> 01:48:04,666
digital network

5521
01:48:04,666 --> 01:48:05,666
was a discovery

5522
01:48:05,666 --> 01:48:07,166
rather than an invention.

5523
01:48:07,166 --> 01:48:08,375
It cannot be replicate.

5524
01:48:08,375 --> 01:48:10,041
It cannot be replicated

5525
01:48:10,041 --> 01:48:10,583
by people

5526
01:48:10,583 --> 01:48:12,291
aware of this discovery,

5527
01:48:12,291 --> 01:48:13,250
because the very thing

5528
01:48:13,250 --> 01:48:15,375
discovered was resistance

5529
01:48:15,375 --> 01:48:17,083
to replicability itself.

5530
01:48:17,083 --> 01:48:18,208
That's how I put it.

5531
01:48:18,208 --> 01:48:19,791
Like that's how I view it.

5532
01:48:19,791 --> 01:48:20,666
Bitcoin might

5533
01:48:20,666 --> 01:48:21,708
not have been discovered,

5534
01:48:21,708 --> 01:48:23,541
but but engineered.

5535
01:48:23,541 --> 01:48:25,375
But the resistance

5536
01:48:25,375 --> 01:48:26,416
to replicability

5537
01:48:26,416 --> 01:48:27,166
that that is

5538
01:48:27,166 --> 01:48:28,083
what was discovered.

5539
01:48:28,083 --> 01:48:29,250
You cannot replicate

5540
01:48:29,250 --> 01:48:30,208
the resistance.

5541
01:48:30,208 --> 01:48:30,958
The replicability

5542
01:48:30,958 --> 01:48:32,500
either works or doesn't like.

5543
01:48:32,500 --> 01:48:34,000
It's only one time thing.

5544
01:48:34,000 --> 01:48:35,583
So that's. Yeah.

5545
01:48:35,583 --> 01:48:36,750
What do you think of that?

5546
01:48:36,750 --> 01:48:37,958
Oh I, I totally agree.

5547
01:48:37,958 --> 01:48:39,583
And that's also why like

5548
01:48:40,708 --> 01:48:41,333
during the four

5549
01:48:41,333 --> 01:48:43,041
corners and after

5550
01:48:43,041 --> 01:48:44,458
why I'm so like

5551
01:48:44,458 --> 01:48:45,333
we only have one shot.

5552
01:48:45,333 --> 01:48:46,250
Like we can't,

5553
01:48:46,250 --> 01:48:47,333
we can't create

5554
01:48:47,333 --> 01:48:48,000
Bitcoin again.

5555
01:48:48,000 --> 01:48:49,625
You know, and like

5556
01:48:49,625 --> 01:48:52,125
we all have ideas of

5557
01:48:52,125 --> 01:48:53,541
if we had been Satoshi

5558
01:48:53,541 --> 01:48:55,416
what would we have done?

5559
01:48:55,416 --> 01:48:56,208
I have an idea

5560
01:48:56,208 --> 01:48:56,916
of what I would have done.

5561
01:48:56,916 --> 01:48:58,833
I would have had a much less

5562
01:48:58,833 --> 01:49:00,500
aggressive reward schedule.

5563
01:49:00,500 --> 01:49:00,833
Right.

5564
01:49:00,833 --> 01:49:01,125
I would

5565
01:49:01,125 --> 01:49:01,375
I would

5566
01:49:01,375 --> 01:49:02,583
probably have had

5567
01:49:02,583 --> 01:49:03,500
the rewards schedule

5568
01:49:03,500 --> 01:49:06,166
be softer over time.

5569
01:49:06,166 --> 01:49:07,375
And because we have 21,

5570
01:49:07,375 --> 01:49:08,666
we have 20 million coins out.

5571
01:49:08,666 --> 01:49:09,000
Right.

5572
01:49:09,000 --> 01:49:10,166
So like the subsidy

5573
01:49:10,166 --> 01:49:11,375
is kind of like gone.

5574
01:49:11,375 --> 01:49:12,333
So transaction

5575
01:49:12,333 --> 01:49:13,625
fees are pretty high.

5576
01:49:13,625 --> 01:49:16,625
And, I think that Satoshi,

5577
01:49:16,708 --> 01:49:17,583
I think the reason why

5578
01:49:17,583 --> 01:49:18,333
Satoshi did this

5579
01:49:18,333 --> 01:49:18,916
actually, is

5580
01:49:18,916 --> 01:49:20,166
because he understood

5581
01:49:20,166 --> 01:49:20,833
that we needed

5582
01:49:20,833 --> 01:49:23,083
to bootstrap rapidly,

5583
01:49:23,083 --> 01:49:24,208
to protect the network.

5584
01:49:24,208 --> 01:49:25,500
And what I would tell

5585
01:49:25,500 --> 01:49:26,791
Satoshi is basically like,

5586
01:49:26,791 --> 01:49:27,500
by the way, like,

5587
01:49:27,500 --> 01:49:28,083
nobody's really

5588
01:49:28,083 --> 01:49:28,583
not going to give

5589
01:49:28,583 --> 01:49:29,125
a fuck for, like,

5590
01:49:29,125 --> 01:49:29,791
the first ten years.

5591
01:49:29,791 --> 01:49:30,833
So, you know, like,

5592
01:49:30,833 --> 01:49:31,375
there's not going to be

5593
01:49:31,375 --> 01:49:31,791
state level

5594
01:49:31,791 --> 01:49:32,125
tax for

5595
01:49:32,125 --> 01:49:33,750
like the first ten years

5596
01:49:33,750 --> 01:49:34,958
maybe, but like

5597
01:49:34,958 --> 01:49:35,958
and the reason

5598
01:49:35,958 --> 01:49:36,541
why the block

5599
01:49:36,541 --> 01:49:37,791
reward is decreasing

5600
01:49:37,791 --> 01:49:38,208
is also

5601
01:49:38,208 --> 01:49:39,416
because you, you like

5602
01:49:39,416 --> 01:49:41,541
want people to come in early.

5603
01:49:41,541 --> 01:49:41,791
Right.

5604
01:49:41,791 --> 01:49:42,166
You want to

5605
01:49:42,166 --> 01:49:43,041
incentivize people

5606
01:49:43,041 --> 01:49:43,875
to come in early

5607
01:49:43,875 --> 01:49:45,000
with with a block reward

5608
01:49:45,000 --> 01:49:45,750
that's decreasing

5609
01:49:45,750 --> 01:49:46,708
because you know that it's

5610
01:49:46,708 --> 01:49:47,333
going to be much,

5611
01:49:47,333 --> 01:49:49,250
much scarcer in the future.

5612
01:49:49,250 --> 01:49:49,708
And I would have

5613
01:49:49,708 --> 01:49:50,250
told Satoshi,

5614
01:49:50,250 --> 01:49:51,541
you know, people will work on

5615
01:49:51,541 --> 01:49:52,750
people will mined bitcoin

5616
01:49:52,750 --> 01:49:53,250
for fun.

5617
01:49:53,250 --> 01:49:54,041
You know, like

5618
01:49:54,041 --> 01:49:55,583
we don't need to artificially

5619
01:49:55,583 --> 01:49:56,708
incentivize miners

5620
01:49:56,708 --> 01:49:57,416
to join the network

5621
01:49:57,416 --> 01:49:58,125
so early on.

5622
01:49:58,125 --> 01:49:58,416
I mean,

5623
01:49:58,416 --> 01:49:59,083
this is just like

5624
01:49:59,083 --> 01:50:00,083
my contention,

5625
01:50:00,083 --> 01:50:01,166
but you know what?

5626
01:50:01,166 --> 01:50:02,541
Like we can't fucking change

5627
01:50:02,541 --> 01:50:03,000
anything.

5628
01:50:03,000 --> 01:50:03,250
That's a

5629
01:50:03,250 --> 01:50:04,333
totally fucking decided,

5630
01:50:04,333 --> 01:50:04,916
you know what I mean?

5631
01:50:04,916 --> 01:50:06,750
And it's like, it's

5632
01:50:06,750 --> 01:50:07,791
is it perfect?

5633
01:50:07,791 --> 01:50:08,916
Like,

5634
01:50:08,916 --> 01:50:09,916
it's it's perfect

5635
01:50:09,916 --> 01:50:11,125
because it exists, right?

5636
01:50:11,125 --> 01:50:11,958
So it is perfect

5637
01:50:11,958 --> 01:50:12,416
in that sense

5638
01:50:12,416 --> 01:50:13,166
because it exists

5639
01:50:13,166 --> 01:50:13,958
and it works.

5640
01:50:13,958 --> 01:50:15,750
I mean,

5641
01:50:15,750 --> 01:50:16,541
it never needed

5642
01:50:16,541 --> 01:50:17,333
to be perfect.

5643
01:50:17,333 --> 01:50:17,916
It just needed

5644
01:50:17,916 --> 01:50:18,625
to be good enough

5645
01:50:18,625 --> 01:50:19,833
to last forever.

5646
01:50:19,833 --> 01:50:20,708
Yeah, yeah, yeah, yeah.

5647
01:50:20,708 --> 01:50:21,375
No, exactly.

5648
01:50:22,500 --> 01:50:23,625
And and it needed to be

5649
01:50:23,625 --> 01:50:26,625
good enough to last until

5650
01:50:27,458 --> 01:50:28,916
the, it became too

5651
01:50:28,916 --> 01:50:30,708
big to be a tax, right?

5652
01:50:30,708 --> 01:50:31,875
It needed it.

5653
01:50:31,875 --> 01:50:34,875
We needed, like, an

5654
01:50:35,333 --> 01:50:36,041
when did it become

5655
01:50:36,041 --> 01:50:37,041
resistant to a tax?

5656
01:50:37,041 --> 01:50:38,750
Well, at least by 2017.

5657
01:50:38,750 --> 01:50:39,833
We know that. Right?

5658
01:50:39,833 --> 01:50:41,416
So by 2016, 2017,

5659
01:50:41,416 --> 01:50:42,000
it was big enough

5660
01:50:42,000 --> 01:50:43,041
to resist the tax.

5661
01:50:43,041 --> 01:50:43,916
If the four quarters

5662
01:50:43,916 --> 01:50:46,916
had happened in 2013.

5663
01:50:48,000 --> 01:50:49,750
It there's like

5664
01:50:49,750 --> 01:50:51,000
a much higher chat.

5665
01:50:51,000 --> 01:50:52,875
The who knows right.

5666
01:50:52,875 --> 01:50:54,250
Who knows

5667
01:50:54,250 --> 01:50:55,375
what would have happened.

5668
01:50:55,375 --> 01:50:56,333
But it was

5669
01:50:56,333 --> 01:50:56,875
it was strong

5670
01:50:56,875 --> 01:50:58,166
and resilient enough.

5671
01:50:58,166 --> 01:51:00,333
And that's the Rick

5672
01:51:00,333 --> 01:51:01,791
replicability argument.

5673
01:51:01,791 --> 01:51:02,125
Right.

5674
01:51:02,125 --> 01:51:03,541
Which is why people don't get

5675
01:51:03,541 --> 01:51:05,416
it's like

5676
01:51:05,416 --> 01:51:06,875
we needed to have this period

5677
01:51:06,875 --> 01:51:08,208
of organic growth

5678
01:51:08,208 --> 01:51:09,208
that you can't replicate.

5679
01:51:09,208 --> 01:51:09,833
Right.

5680
01:51:09,833 --> 01:51:11,125
And you cannot bootstrap

5681
01:51:11,125 --> 01:51:11,833
a blockchain

5682
01:51:11,833 --> 01:51:12,833
without centralization.

5683
01:51:12,833 --> 01:51:13,833
That's just not possible.

5684
01:51:13,833 --> 01:51:14,666
No, it's just

5685
01:51:14,666 --> 01:51:16,500
why Mars Coin won't work.

5686
01:51:16,500 --> 01:51:17,166
For instance,

5687
01:51:17,166 --> 01:51:18,708
like you cannot bootstrap

5688
01:51:18,708 --> 01:51:20,041
a new Bitcoin on Mars.

5689
01:51:20,041 --> 01:51:21,541
I just don't buy that.

5690
01:51:21,541 --> 01:51:22,875
No, no, no, of course,

5691
01:51:22,875 --> 01:51:23,458
of course not.

5692
01:51:23,458 --> 01:51:25,666
So like we have one shot

5693
01:51:25,666 --> 01:51:26,916
and you know

5694
01:51:26,916 --> 01:51:28,500
everybody accepts this.

5695
01:51:28,500 --> 01:51:29,291
Like the gravity

5696
01:51:29,291 --> 01:51:31,083
pull of Bitcoin.

5697
01:51:31,083 --> 01:51:32,166
People come to accept it

5698
01:51:32,166 --> 01:51:32,958
if they're honest

5699
01:51:32,958 --> 01:51:34,583
and if they are self-aware.

5700
01:51:34,583 --> 01:51:36,125
A great example of that,

5701
01:51:36,125 --> 01:51:37,458
is like,

5702
01:51:37,458 --> 01:51:38,583
there's there's a famous

5703
01:51:38,583 --> 01:51:39,750
Nostre developer.

5704
01:51:39,750 --> 01:51:40,625
I'm not going to name him,

5705
01:51:40,625 --> 01:51:41,416
but there's a famous

5706
01:51:41,416 --> 01:51:43,250
Nostra developer.

5707
01:51:43,250 --> 01:51:44,708
And I've been hanging around

5708
01:51:44,708 --> 01:51:46,041
Noster developers

5709
01:51:46,041 --> 01:51:47,708
more and more.

5710
01:51:47,708 --> 01:51:49,583
And, a lot of them are like

5711
01:51:50,958 --> 01:51:53,125
total commies, right?

5712
01:51:53,125 --> 01:51:55,208
They are not at all.

5713
01:51:55,208 --> 01:51:56,625
They're not at all, like,

5714
01:51:56,625 --> 01:51:58,375
based like bitcoiners are.

5715
01:51:58,375 --> 01:51:59,458
And,

5716
01:51:59,458 --> 01:52:00,333
they're all great people,

5717
01:52:00,333 --> 01:52:01,166
you know, they're all like,

5718
01:52:01,166 --> 01:52:02,000
they're kind of like the left

5719
01:52:02,000 --> 01:52:02,916
wing activist types,

5720
01:52:02,916 --> 01:52:03,708
Antifa types

5721
01:52:03,708 --> 01:52:04,416
and that kind of stuff

5722
01:52:04,416 --> 01:52:04,916
that are into

5723
01:52:04,916 --> 01:52:05,833
decentralized networks

5724
01:52:05,833 --> 01:52:06,958
for other reasons.

5725
01:52:06,958 --> 01:52:07,791
But this guy,

5726
01:52:07,791 --> 01:52:08,708
we were,

5727
01:52:08,708 --> 01:52:09,958
just three weeks ago,

5728
01:52:09,958 --> 01:52:10,958
we were at this conference

5729
01:52:10,958 --> 01:52:12,125
in Costa Rica,

5730
01:52:12,125 --> 01:52:12,875
and he said something

5731
01:52:12,875 --> 01:52:13,583
that was so interesting,

5732
01:52:13,583 --> 01:52:14,541
which is

5733
01:52:14,541 --> 01:52:15,416
esthetically,

5734
01:52:15,416 --> 01:52:18,125
I am so for Ethereum, like,

5735
01:52:18,125 --> 01:52:19,583
I like

5736
01:52:19,583 --> 01:52:20,458
and the guy has like

5737
01:52:20,458 --> 01:52:21,125
purple hair,

5738
01:52:21,125 --> 01:52:21,791
you know, and he's,

5739
01:52:21,791 --> 01:52:22,708
he's a he's a great guy.

5740
01:52:22,708 --> 01:52:24,625
But he said something like I,

5741
01:52:24,625 --> 01:52:26,375
I associate esthetically

5742
01:52:26,375 --> 01:52:28,291
and culturally with Ethereum.

5743
01:52:28,291 --> 01:52:29,625
But I cannot

5744
01:52:29,625 --> 01:52:31,333
help being a bit corner.

5745
01:52:31,333 --> 01:52:31,625
Right.

5746
01:52:31,625 --> 01:52:32,750
I just cannot help

5747
01:52:32,750 --> 01:52:33,625
being a bitcoin or

5748
01:52:33,625 --> 01:52:36,083
no matter like it's just

5749
01:52:36,083 --> 01:52:36,875
and it's just everybody

5750
01:52:36,875 --> 01:52:37,916
kind of like realize that

5751
01:52:37,916 --> 01:52:38,750
when they it's like

5752
01:52:38,750 --> 01:52:39,500
it's the one

5753
01:52:39,500 --> 01:52:41,791
and it doesn't matter if,

5754
01:52:41,791 --> 01:52:42,875
if there's

5755
01:52:42,875 --> 01:52:43,708
the smart contracts

5756
01:52:43,708 --> 01:52:44,250
are different

5757
01:52:44,250 --> 01:52:45,041
or this doesn't work

5758
01:52:45,041 --> 01:52:46,250
the way it I want, then

5759
01:52:46,250 --> 01:52:47,166
it's like autistic

5760
01:52:47,166 --> 01:52:47,958
nerds are kind of like,

5761
01:52:47,958 --> 01:52:49,000
oh, well, ripple is better

5762
01:52:49,000 --> 01:52:50,041
because you can have this,

5763
01:52:50,041 --> 01:52:50,375
you know,

5764
01:52:51,375 --> 01:52:52,208
like none of that.

5765
01:52:52,208 --> 01:52:53,541
None of that matters, right?

5766
01:52:53,541 --> 01:52:54,208
None of that matters.

5767
01:52:54,208 --> 01:52:55,041
What matters is that

5768
01:52:55,041 --> 01:52:56,125
there's only one

5769
01:52:56,125 --> 01:52:58,083
that can actually work

5770
01:52:58,083 --> 01:52:59,250
overtime and, like,

5771
01:52:59,250 --> 01:53:00,250
resist attacks.

5772
01:53:00,250 --> 01:53:02,041
And you either submit to that

5773
01:53:02,041 --> 01:53:03,916
or you get destroyed.

5774
01:53:03,916 --> 01:53:05,916
And another great quote about

5775
01:53:05,916 --> 01:53:06,875
that is like,

5776
01:53:06,875 --> 01:53:07,458
you know,

5777
01:53:07,458 --> 01:53:08,041
Paul starts

5778
01:53:08,041 --> 01:53:09,083
so Paul starts

5779
01:53:09,083 --> 01:53:09,500
it's kind of a

5780
01:53:09,500 --> 01:53:10,208
friend of mine, you know,

5781
01:53:10,208 --> 01:53:12,416
and I've known Paul for ever.

5782
01:53:12,416 --> 01:53:13,041
Like,

5783
01:53:13,041 --> 01:53:13,958
I think the first time I met

5784
01:53:13,958 --> 01:53:16,041
Paul was in 2014.

5785
01:53:16,041 --> 01:53:16,583
And, you know,

5786
01:53:16,583 --> 01:53:17,875
we drank together,

5787
01:53:17,875 --> 01:53:18,875
like back in the day.

5788
01:53:18,875 --> 01:53:19,791
So we go way back,

5789
01:53:19,791 --> 01:53:20,541
and I actually

5790
01:53:20,541 --> 01:53:21,541
really like the guy, like,

5791
01:53:21,541 --> 01:53:22,708
I really like him.

5792
01:53:22,708 --> 01:53:24,208
I think he's very smart.

5793
01:53:24,208 --> 01:53:25,125
And I think he's

5794
01:53:25,125 --> 01:53:26,166
probably one of the people

5795
01:53:26,166 --> 01:53:27,833
in the entire world

5796
01:53:27,833 --> 01:53:28,708
that understands

5797
01:53:28,708 --> 01:53:30,583
Bitcoin consensus.

5798
01:53:30,583 --> 01:53:32,291
The best

5799
01:53:32,291 --> 01:53:32,791
I have

5800
01:53:32,791 --> 01:53:33,708
I have no doubt

5801
01:53:33,708 --> 01:53:35,541
that if he really, truly

5802
01:53:35,541 --> 01:53:36,833
wanted to force his soft

5803
01:53:36,833 --> 01:53:38,500
fork on Bitcoin,

5804
01:53:38,500 --> 01:53:39,375
I think, I think that

5805
01:53:39,375 --> 01:53:40,666
he is probably,

5806
01:53:41,750 --> 01:53:44,250
under knowledgeable of how

5807
01:53:44,250 --> 01:53:45,083
the, the,

5808
01:53:45,083 --> 01:53:47,375
the loopholes of consensus,

5809
01:53:47,375 --> 01:53:49,125
the loopholes of USSf

5810
01:53:49,125 --> 01:53:50,875
and the loopholes of are

5811
01:53:50,875 --> 01:53:52,291
and all that dynamic.

5812
01:53:52,291 --> 01:53:53,333
Like he's he's very,

5813
01:53:53,333 --> 01:53:55,333
very smart.

5814
01:53:55,333 --> 01:53:55,958
I have no opinion

5815
01:53:55,958 --> 01:53:56,750
on that 300.

5816
01:53:56,750 --> 01:53:57,125
By the way,

5817
01:53:57,125 --> 01:53:59,333
I am absolutely

5818
01:53:59,333 --> 01:54:01,041
neutral on it.

5819
01:54:01,041 --> 01:54:02,416
But not

5820
01:54:02,416 --> 01:54:03,125
and that's the way

5821
01:54:03,125 --> 01:54:03,666
that consensus

5822
01:54:03,666 --> 01:54:04,291
works, by the way.

5823
01:54:04,291 --> 01:54:05,000
It's like

5824
01:54:05,000 --> 01:54:06,333
if I'm neutral on something,

5825
01:54:06,333 --> 01:54:07,166
it's not going to happen

5826
01:54:07,166 --> 01:54:07,750
because I need to

5827
01:54:07,750 --> 01:54:08,958
be able to willing

5828
01:54:08,958 --> 01:54:10,416
I need to be willing to die

5829
01:54:10,416 --> 01:54:11,875
on that hill. Right.

5830
01:54:11,875 --> 01:54:12,958
And I will die

5831
01:54:12,958 --> 01:54:15,958
on the hill of a,

5832
01:54:16,041 --> 01:54:17,250
speedy trial.

5833
01:54:17,250 --> 01:54:17,625
Right?

5834
01:54:17,625 --> 01:54:18,666
I will die on that hill.

5835
01:54:18,666 --> 01:54:19,583
It doesn't matter how much

5836
01:54:19,583 --> 01:54:21,208
I want confidence, right?

5837
01:54:21,208 --> 01:54:22,291
Or ktrv.

5838
01:54:22,291 --> 01:54:23,333
I will die on the hill

5839
01:54:23,333 --> 01:54:24,083
if you try to

5840
01:54:24,083 --> 01:54:27,083
to sneak that in and, and,

5841
01:54:27,458 --> 01:54:28,250
and if someone

5842
01:54:28,250 --> 01:54:28,875
tries to force it,

5843
01:54:28,875 --> 01:54:29,625
I will yourself it.

5844
01:54:29,625 --> 01:54:30,541
But he says something.

5845
01:54:30,541 --> 01:54:30,958
Money is

5846
01:54:30,958 --> 01:54:32,125
the strongest network effect.

5847
01:54:32,125 --> 01:54:32,625
Because if

5848
01:54:32,625 --> 01:54:33,208
you're on the wrong

5849
01:54:33,208 --> 01:54:34,833
network, you die.

5850
01:54:34,833 --> 01:54:35,458
And that is the

5851
01:54:35,458 --> 01:54:36,500
difference between

5852
01:54:37,625 --> 01:54:39,041
languages,

5853
01:54:39,041 --> 01:54:41,541
social media,

5854
01:54:41,541 --> 01:54:43,416
Http versus Https.

5855
01:54:43,416 --> 01:54:44,000
What happens

5856
01:54:44,000 --> 01:54:44,500
if you learn the

5857
01:54:44,500 --> 01:54:45,208
wrong language?

5858
01:54:45,208 --> 01:54:46,500
Like you're not going to die

5859
01:54:46,500 --> 01:54:47,750
if you don't speak English?

5860
01:54:47,750 --> 01:54:48,916
I love that for me,

5861
01:54:48,916 --> 01:54:50,041
I love money.

5862
01:54:50,041 --> 01:54:51,000
Money is the strong

5863
01:54:51,000 --> 01:54:51,708
because if you're

5864
01:54:51,708 --> 01:54:52,791
on the wrong one, you die.

5865
01:54:52,791 --> 01:54:54,000
Like, I love that

5866
01:54:54,000 --> 01:54:55,458
because money is like,

5867
01:54:55,458 --> 01:54:56,083
was handsome.

5868
01:54:56,083 --> 01:54:57,541
On top of that said, it's,

5869
01:54:57,541 --> 01:54:58,166
the back to that

5870
01:54:58,166 --> 01:54:58,708
Hopper quote.

5871
01:54:58,708 --> 01:54:59,583
It's the

5872
01:54:59,583 --> 01:55:01,791
the the best available.

5873
01:55:01,791 --> 01:55:03,750
Insurance for uncertainty.

5874
01:55:03,750 --> 01:55:04,541
Like hedge

5875
01:55:04,541 --> 01:55:06,083
against uncertainty.

5876
01:55:06,083 --> 01:55:07,791
Yeah. And yeah. Yeah.

5877
01:55:07,791 --> 01:55:08,916
That's what

5878
01:55:08,916 --> 01:55:10,041
that's what it is like.

5879
01:55:10,041 --> 01:55:10,583
And that's why

5880
01:55:10,583 --> 01:55:11,458
the dichotomy me

5881
01:55:11,458 --> 01:55:12,166
the only cents

5882
01:55:12,166 --> 01:55:13,083
over time and space.

5883
01:55:13,083 --> 01:55:14,875
Like why it's false.

5884
01:55:14,875 --> 01:55:15,625
Because it

5885
01:55:15,625 --> 01:55:16,166
it needs

5886
01:55:16,166 --> 01:55:17,250
the overtime factor

5887
01:55:17,250 --> 01:55:18,291
to be able to be

5888
01:55:18,291 --> 01:55:19,416
the over space factor

5889
01:55:19,416 --> 01:55:20,666
and vice versa.

5890
01:55:20,666 --> 01:55:21,208
Doesn't work

5891
01:55:21,208 --> 01:55:22,583
if you can't send it

5892
01:55:22,583 --> 01:55:23,458
and it doesn't work

5893
01:55:23,458 --> 01:55:24,708
if it doesn't hold its value

5894
01:55:24,708 --> 01:55:26,416
like it's super simple.

5895
01:55:26,416 --> 01:55:26,750
Yeah.

5896
01:55:26,750 --> 01:55:28,041
And and and that's the

5897
01:55:28,041 --> 01:55:28,666
that's like

5898
01:55:28,666 --> 01:55:30,125
the practical logic,

5899
01:55:30,125 --> 01:55:32,458
practical arguments for,

5900
01:55:33,416 --> 01:55:35,333
Bitcoin maximalism is that

5901
01:55:35,333 --> 01:55:36,166
because the

5902
01:55:36,166 --> 01:55:37,041
risk of being on the

5903
01:55:37,041 --> 01:55:38,875
not the wrong network

5904
01:55:38,875 --> 01:55:40,250
is so high,

5905
01:55:40,250 --> 01:55:41,750
the default behavior

5906
01:55:41,750 --> 01:55:42,416
of everybody

5907
01:55:42,416 --> 01:55:44,500
is going to go on the safe

5908
01:55:44,500 --> 01:55:45,166
network, right?

5909
01:55:45,166 --> 01:55:45,833
The, the one

5910
01:55:45,833 --> 01:55:47,333
that is the least,

5911
01:55:47,333 --> 01:55:47,875
the one that's

5912
01:55:47,875 --> 01:55:49,791
the least likely to cause me

5913
01:55:49,791 --> 01:55:52,583
to have zero money and like,

5914
01:55:52,583 --> 01:55:53,208
not be able

5915
01:55:53,208 --> 01:55:53,958
to feed my family.

5916
01:55:53,958 --> 01:55:54,666
So, so

5917
01:55:54,666 --> 01:55:56,875
the safe bet is always,

5918
01:55:56,875 --> 01:55:57,625
bitcoin.

5919
01:55:57,625 --> 01:55:59,541
And then another revelation

5920
01:55:59,541 --> 01:56:01,041
also, in my bitcoin

5921
01:56:01,041 --> 01:56:02,250
maximalist journey

5922
01:56:02,250 --> 01:56:04,500
is, I used to be a

5923
01:56:04,500 --> 01:56:05,708
fractional like

5924
01:56:05,708 --> 01:56:07,041
Bitcoin maximalist,

5925
01:56:07,041 --> 01:56:08,333
where Bitcoin

5926
01:56:08,333 --> 01:56:09,958
maximalism is inevitable

5927
01:56:09,958 --> 01:56:11,708
because of economic forces

5928
01:56:11,708 --> 01:56:12,416
and because of

5929
01:56:12,416 --> 01:56:13,916
human rationality

5930
01:56:13,916 --> 01:56:15,291
and human behavior. Right?

5931
01:56:15,291 --> 01:56:16,291
Human behavior

5932
01:56:16,291 --> 01:56:17,291
will lead people

5933
01:56:17,291 --> 01:56:19,250
to go to Bitcoin

5934
01:56:19,250 --> 01:56:20,333
and everybody,

5935
01:56:20,333 --> 01:56:20,958
everything else

5936
01:56:20,958 --> 01:56:21,958
is a distraction,

5937
01:56:21,958 --> 01:56:22,708
because the market

5938
01:56:22,708 --> 01:56:23,333
will essentially

5939
01:56:23,333 --> 01:56:24,375
correct itself

5940
01:56:24,375 --> 01:56:25,083
by moving

5941
01:56:25,083 --> 01:56:26,333
to Bitcoin over time.

5942
01:56:26,333 --> 01:56:27,500
And then

5943
01:56:27,500 --> 01:56:28,833
the other, side of

5944
01:56:28,833 --> 01:56:29,875
it was actually

5945
01:56:29,875 --> 01:56:30,958
and this is like where

5946
01:56:30,958 --> 01:56:32,125
the toxicity

5947
01:56:32,125 --> 01:56:33,500
of like Bitcoin

5948
01:56:33,500 --> 01:56:34,833
and all of that came in

5949
01:56:34,833 --> 01:56:35,666
and it's like it's

5950
01:56:35,666 --> 01:56:37,083
not only

5951
01:56:37,083 --> 01:56:38,458
a practical argument,

5952
01:56:38,458 --> 01:56:41,250
there is a ethical argument

5953
01:56:41,250 --> 01:56:42,208
that we must

5954
01:56:42,208 --> 01:56:43,791
destroy this bitcoins

5955
01:56:43,791 --> 01:56:44,833
as fast as possible,

5956
01:56:44,833 --> 01:56:45,416
like they must

5957
01:56:45,416 --> 01:56:46,791
they must be destroyed

5958
01:56:46,791 --> 01:56:49,166
for ethical grounds.

5959
01:56:49,166 --> 01:56:50,541
Because the existence

5960
01:56:50,541 --> 01:56:52,791
and that that arguments came

5961
01:56:52,791 --> 01:56:53,333
I was

5962
01:56:53,333 --> 01:56:54,708
I was at a party in

5963
01:56:54,708 --> 01:56:56,458
like 2018 and

5964
01:56:57,625 --> 01:56:58,916
someone I can't remember

5965
01:56:58,916 --> 01:57:00,000
exactly the situation,

5966
01:57:00,000 --> 01:57:00,916
but someone told me, like,

5967
01:57:00,916 --> 01:57:01,166
all right,

5968
01:57:01,166 --> 01:57:02,333
so I'm talking about

5969
01:57:02,333 --> 01:57:02,833
shit coins,

5970
01:57:02,833 --> 01:57:04,041
and someone's like,

5971
01:57:04,041 --> 01:57:04,375
all right,

5972
01:57:04,375 --> 01:57:05,125
so you say they're all

5973
01:57:05,125 --> 01:57:05,708
Ponzi schemes

5974
01:57:05,708 --> 01:57:06,541
because everybody wants

5975
01:57:06,541 --> 01:57:07,333
to, like,

5976
01:57:07,333 --> 01:57:09,791
just pump them and dump them

5977
01:57:09,791 --> 01:57:10,333
and, like,

5978
01:57:10,333 --> 01:57:11,250
why is Bitcoin

5979
01:57:11,250 --> 01:57:12,625
not a Ponzi scheme?

5980
01:57:12,625 --> 01:57:13,083
Like, don't

5981
01:57:13,083 --> 01:57:14,458
you just want to

5982
01:57:14,458 --> 01:57:15,833
like, hold the bitcoin

5983
01:57:15,833 --> 01:57:17,041
and also like sell it

5984
01:57:17,041 --> 01:57:17,916
when the price is high?

5985
01:57:17,916 --> 01:57:18,333
Like, isn't

5986
01:57:18,333 --> 01:57:18,833
that what you're

5987
01:57:18,833 --> 01:57:19,375
talking about

5988
01:57:19,375 --> 01:57:20,500
when you're talking about,

5989
01:57:20,500 --> 01:57:20,750
you know,

5990
01:57:20,750 --> 01:57:23,500
and you and about deflation.

5991
01:57:23,500 --> 01:57:24,625
And then I was like,

5992
01:57:24,625 --> 01:57:25,541
I didn't really have

5993
01:57:25,541 --> 01:57:26,833
like a really resounding

5994
01:57:26,833 --> 01:57:27,583
argument against that

5995
01:57:27,583 --> 01:57:28,750
because it is true

5996
01:57:28,750 --> 01:57:30,041
that I'm it's true

5997
01:57:30,041 --> 01:57:30,916
that I want the price

5998
01:57:30,916 --> 01:57:32,000
of bitcoin to go up

5999
01:57:32,000 --> 01:57:33,416
and that I inevitably,

6000
01:57:33,416 --> 01:57:34,125
at one point

6001
01:57:34,125 --> 01:57:35,833
intend to spend it.

6002
01:57:35,833 --> 01:57:37,083
And then what I realized,

6003
01:57:37,083 --> 01:57:37,958
and I started thinking about,

6004
01:57:37,958 --> 01:57:39,166
like the dynamics of it.

6005
01:57:39,166 --> 01:57:39,625
And the first thing

6006
01:57:39,625 --> 01:57:40,916
I realized was,

6007
01:57:40,916 --> 01:57:42,000
I don't want to

6008
01:57:42,000 --> 01:57:43,166
buy Bitcoin early

6009
01:57:44,458 --> 01:57:45,500
because I want

6010
01:57:45,500 --> 01:57:46,708
to sell it for high.

6011
01:57:46,708 --> 01:57:48,708
I want to buy Bitcoin early

6012
01:57:48,708 --> 01:57:50,750
because it will it it

6013
01:57:50,750 --> 01:57:52,500
the amount of time

6014
01:57:52,500 --> 01:57:52,916
I think about like

6015
01:57:52,916 --> 01:57:53,875
salary right.

6016
01:57:53,875 --> 01:57:54,125
Let's say

6017
01:57:54,125 --> 01:57:55,375
you make 50 grand a year

6018
01:57:55,375 --> 01:57:58,333
a Bitcoin is 100 grand.

6019
01:57:58,333 --> 01:57:58,916
I don't know.

6020
01:57:58,916 --> 01:58:01,041
These are not the right,

6021
01:58:01,041 --> 01:58:01,916
pleasing examples,

6022
01:58:01,916 --> 01:58:02,791
but it's going to take you

6023
01:58:02,791 --> 01:58:03,375
like two years

6024
01:58:03,375 --> 01:58:04,916
to acquire a Bitcoin today

6025
01:58:04,916 --> 01:58:05,833
in the future, it's

6026
01:58:05,833 --> 01:58:07,083
going to take you ten years

6027
01:58:07,083 --> 01:58:07,666
to acquire

6028
01:58:07,666 --> 01:58:08,583
a Bitcoin on salary.

6029
01:58:08,583 --> 01:58:09,958
So I can acquire a Bitcoin

6030
01:58:09,958 --> 01:58:12,125
for ten x less time today.

6031
01:58:12,125 --> 01:58:13,250
And and I'm

6032
01:58:13,250 --> 01:58:14,125
going to want that bitcoin

6033
01:58:14,125 --> 01:58:14,666
in the future.

6034
01:58:14,666 --> 01:58:16,208
So I don't buy bitcoin

6035
01:58:16,208 --> 01:58:16,958
to sell it

6036
01:58:16,958 --> 01:58:17,916
I buy bitcoin

6037
01:58:17,916 --> 01:58:19,166
because it's cheaper

6038
01:58:19,166 --> 01:58:20,041
for my current self

6039
01:58:20,041 --> 01:58:21,500
than for my future self

6040
01:58:21,500 --> 01:58:22,750
to acquire. Right.

6041
01:58:22,750 --> 01:58:23,583
And and

6042
01:58:23,583 --> 01:58:25,583
and I tend to spend it on

6043
01:58:25,583 --> 01:58:26,375
goods and services

6044
01:58:26,375 --> 01:58:27,125
in the future.

6045
01:58:27,125 --> 01:58:28,416
Not to trade traded for fiat.

6046
01:58:28,416 --> 01:58:29,000
And then the other

6047
01:58:29,000 --> 01:58:30,291
thing about capitalism

6048
01:58:30,291 --> 01:58:31,666
is like in capitalism.

6049
01:58:31,666 --> 01:58:32,333
And I realized

6050
01:58:32,333 --> 01:58:33,208
this really early on

6051
01:58:33,208 --> 01:58:33,750
because I started

6052
01:58:33,750 --> 01:58:34,583
to do currency

6053
01:58:34,583 --> 01:58:35,875
trading at the Bitcoin

6054
01:58:35,875 --> 01:58:37,375
embassy like cash to Bitcoin,

6055
01:58:37,375 --> 01:58:38,750
and I got into

6056
01:58:38,750 --> 01:58:40,166
currency exchange desks

6057
01:58:40,166 --> 01:58:41,041
and that for a while

6058
01:58:41,041 --> 01:58:41,791
we were like running

6059
01:58:41,791 --> 01:58:42,625
a traditional

6060
01:58:42,625 --> 01:58:43,250
currency exchange

6061
01:58:43,250 --> 01:58:44,666
kiosk with euros and pounds

6062
01:58:44,666 --> 01:58:45,833
and, you know, U.S.

6063
01:58:45,833 --> 01:58:47,875
dollars, $90 and all that

6064
01:58:47,875 --> 01:58:49,250
and, and capitalism

6065
01:58:49,250 --> 01:58:49,791
and a purely

6066
01:58:49,791 --> 01:58:50,750
capitalist system,

6067
01:58:50,750 --> 01:58:51,958
every trade

6068
01:58:51,958 --> 01:58:52,708
is mutually

6069
01:58:52,708 --> 01:58:54,375
beneficial, provided

6070
01:58:54,375 --> 01:58:56,333
that it's not fraud,

6071
01:58:56,333 --> 01:58:56,916
provided that

6072
01:58:56,916 --> 01:58:58,291
the information is like,

6073
01:58:58,291 --> 01:58:58,708
you know,

6074
01:58:58,708 --> 01:58:59,125
let's agree

6075
01:58:59,125 --> 01:58:59,958
that the information

6076
01:58:59,958 --> 01:59:00,708
is is free

6077
01:59:00,708 --> 01:59:02,375
and there's no deception.

6078
01:59:02,375 --> 01:59:03,625
Every trade is, is

6079
01:59:03,625 --> 01:59:05,708
is mutually beneficial.

6080
01:59:05,708 --> 01:59:06,500
There's no winner.

6081
01:59:06,500 --> 01:59:07,333
There's no loser.

6082
01:59:07,333 --> 01:59:08,333
Everybody gets what they want

6083
01:59:08,333 --> 01:59:09,625
because it's consensual.

6084
01:59:09,625 --> 01:59:10,250
Right.

6085
01:59:10,250 --> 01:59:11,708
And I thought about

6086
01:59:11,708 --> 01:59:13,833
currency exchange trades.

6087
01:59:13,833 --> 01:59:15,875
There is always a loser

6088
01:59:15,875 --> 01:59:16,375
in a currency

6089
01:59:16,375 --> 01:59:17,041
exchange straight.

6090
01:59:17,041 --> 01:59:18,625
There is no scenario

6091
01:59:18,625 --> 01:59:20,416
where someone is going to win

6092
01:59:20,416 --> 01:59:21,291
and someone

6093
01:59:21,291 --> 01:59:22,166
both are going to win.

6094
01:59:22,166 --> 01:59:22,791
One currency

6095
01:59:22,791 --> 01:59:23,625
is going to go up,

6096
01:59:23,625 --> 01:59:24,083
the other is

6097
01:59:24,083 --> 01:59:24,791
going to go down.

6098
01:59:24,791 --> 01:59:26,250
Someone's going to

6099
01:59:26,250 --> 01:59:27,416
end up being a loser.

6100
01:59:27,416 --> 01:59:29,875
So if capitalism is good

6101
01:59:29,875 --> 01:59:32,333
because both parties benefit

6102
01:59:32,333 --> 01:59:33,000
and because

6103
01:59:33,000 --> 01:59:33,458
both parties

6104
01:59:33,458 --> 01:59:33,958
benefit,

6105
01:59:33,958 --> 01:59:34,708
the amount of wealth

6106
01:59:34,708 --> 01:59:36,166
increases in the world

6107
01:59:36,166 --> 01:59:37,375
through a trade,

6108
01:59:37,375 --> 01:59:38,250
generally speaking.

6109
01:59:39,250 --> 01:59:40,541
It's a good thing, right?

6110
01:59:40,541 --> 01:59:41,958
But a currency exchange

6111
01:59:41,958 --> 01:59:43,500
trade is inherently evil.

6112
01:59:43,500 --> 01:59:44,750
It's inherently destructive

6113
01:59:44,750 --> 01:59:45,625
because one person

6114
01:59:45,625 --> 01:59:47,083
is going to lose

6115
01:59:47,083 --> 01:59:48,291
every single time, right?

6116
01:59:48,291 --> 01:59:49,041
There's no scenario

6117
01:59:49,041 --> 01:59:50,083
when what

6118
01:59:50,083 --> 01:59:50,791
we're both people will.

6119
01:59:50,791 --> 01:59:52,708
If I trade €2 for dollars

6120
01:59:52,708 --> 01:59:53,416
and one of them goes

6121
01:59:53,416 --> 01:59:54,250
up, the other one goes down

6122
01:59:54,250 --> 01:59:54,958
and that's it.

6123
01:59:54,958 --> 01:59:56,125
So currency exchange

6124
01:59:56,125 --> 01:59:57,125
trades are the only

6125
01:59:57,125 --> 01:59:58,500
type of trade

6126
01:59:58,500 --> 01:59:59,625
that's like widespread,

6127
01:59:59,625 --> 02:00:01,541
which is inherently bad.

6128
02:00:01,541 --> 02:00:02,291
Where where

6129
02:00:02,291 --> 02:00:03,958
where someone will lose.

6130
02:00:03,958 --> 02:00:04,708
So we

6131
02:00:04,708 --> 02:00:07,250
we must eliminate currency.

6132
02:00:07,250 --> 02:00:08,458
There must be only one

6133
02:00:08,458 --> 02:00:09,541
currency in the world.

6134
02:00:09,541 --> 02:00:11,166
There must be. Right.

6135
02:00:11,166 --> 02:00:12,458
Otherwise we are

6136
02:00:12,458 --> 02:00:13,166
letting this kind

6137
02:00:13,166 --> 02:00:14,666
of like, evil, destructive

6138
02:00:14,666 --> 02:00:15,916
behavior continue.

6139
02:00:15,916 --> 02:00:17,083
So as long as

6140
02:00:17,083 --> 02:00:17,541
there are

6141
02:00:17,541 --> 02:00:18,916
multiple currencies,

6142
02:00:18,916 --> 02:00:20,125
there are transactions

6143
02:00:20,125 --> 02:00:21,500
that are win lose.

6144
02:00:21,500 --> 02:00:22,916
If there is only one currency

6145
02:00:22,916 --> 02:00:23,666
in the world,

6146
02:00:23,666 --> 02:00:24,625
all transactions

6147
02:00:24,625 --> 02:00:25,875
are a win win. And a win win.

6148
02:00:25,875 --> 02:00:26,500
Transactions

6149
02:00:26,500 --> 02:00:28,375
is something that creates

6150
02:00:28,375 --> 02:00:29,666
an a win lose transaction

6151
02:00:29,666 --> 02:00:31,041
is something that destroys.

6152
02:00:31,041 --> 02:00:32,333
And ultimately,

6153
02:00:32,333 --> 02:00:33,416
regardless of the morality

6154
02:00:33,416 --> 02:00:33,958
that you have,

6155
02:00:33,958 --> 02:00:35,208
whether it's Christian,

6156
02:00:35,208 --> 02:00:36,166
whether it's

6157
02:00:36,166 --> 02:00:36,750
I believe that

6158
02:00:36,750 --> 02:00:37,208
the root of

6159
02:00:37,208 --> 02:00:38,500
of morality is creation

6160
02:00:38,500 --> 02:00:40,333
versus destruction, right?

6161
02:00:40,333 --> 02:00:41,250
Destruction is bad.

6162
02:00:41,250 --> 02:00:42,375
Creation is good.

6163
02:00:42,375 --> 02:00:43,083
Period. Yeah.

6164
02:00:43,083 --> 02:00:43,875
Right. Yep.

6165
02:00:43,875 --> 02:00:45,000
So, so like

6166
02:00:45,000 --> 02:00:46,583
regardless of religion.

6167
02:00:46,583 --> 02:00:47,541
And that's why like,

6168
02:00:47,541 --> 02:00:48,791
you know, an atheist,

6169
02:00:48,791 --> 02:00:50,750
I think that you have also

6170
02:00:50,750 --> 02:00:51,583
strong opinions on that.

6171
02:00:51,583 --> 02:00:52,750
And I think

6172
02:00:52,750 --> 02:00:54,083
we're 2.5 hours in.

6173
02:00:54,083 --> 02:00:56,333
So we want to think on this.

6174
02:00:56,333 --> 02:00:58,083
We we go we go Noster

6175
02:00:58,083 --> 02:00:59,416
the God debate next time.

6176
02:00:59,416 --> 02:01:00,458
Right, right, right.

6177
02:01:00,458 --> 02:01:01,541
But but yeah, yeah,

6178
02:01:01,541 --> 02:01:03,083
I would say I have a sense

6179
02:01:03,083 --> 02:01:04,250
destruction is

6180
02:01:04,250 --> 02:01:05,000
is a universal.

6181
02:01:05,000 --> 02:01:05,916
I think it's a universal

6182
02:01:05,916 --> 02:01:07,875
moral principle. Like. Yeah.

6183
02:01:07,875 --> 02:01:09,250
Is that creation is good.

6184
02:01:09,250 --> 02:01:09,500
Yeah.

6185
02:01:09,500 --> 02:01:10,791
I think like

6186
02:01:10,791 --> 02:01:12,208
for just a short

6187
02:01:12,208 --> 02:01:14,541
one on the atheist thing,

6188
02:01:14,541 --> 02:01:16,000
I am not saying that

6189
02:01:16,000 --> 02:01:17,916
I absolutely

6190
02:01:17,916 --> 02:01:18,458
think that

6191
02:01:18,458 --> 02:01:19,666
there is no God, like

6192
02:01:19,666 --> 02:01:20,208
most people

6193
02:01:20,208 --> 02:01:20,916
would probably call

6194
02:01:20,916 --> 02:01:21,958
me an agnostic,

6195
02:01:21,958 --> 02:01:22,583
but I think that's

6196
02:01:22,583 --> 02:01:23,625
a bit of a copout.

6197
02:01:23,625 --> 02:01:24,250
I would say that

6198
02:01:24,250 --> 02:01:25,000
I'm an atheist

6199
02:01:25,000 --> 02:01:25,958
in the same sense

6200
02:01:25,958 --> 02:01:27,208
that I'm a libertarian.

6201
02:01:27,208 --> 02:01:28,791
Like I don't want others

6202
02:01:28,791 --> 02:01:30,625
to impose ideas upon me.

6203
02:01:30,625 --> 02:01:31,375
I want to come to

6204
02:01:31,375 --> 02:01:32,500
my own conclusions.

6205
02:01:32,500 --> 02:01:33,125
I want to be in

6206
02:01:33,125 --> 02:01:34,291
the driver's seat.

6207
02:01:34,291 --> 02:01:35,666
So that's that's the thing.

6208
02:01:35,666 --> 02:01:36,416
If there is

6209
02:01:36,416 --> 02:01:38,000
and and the word God to me

6210
02:01:38,000 --> 02:01:38,875
has so many

6211
02:01:38,875 --> 02:01:39,833
different definitions,

6212
02:01:39,833 --> 02:01:40,833
every person I talk

6213
02:01:40,833 --> 02:01:41,416
to have said

6214
02:01:41,416 --> 02:01:42,750
their own definition of it.

6215
02:01:42,750 --> 02:01:43,666
So I think the word is

6216
02:01:43,666 --> 02:01:44,625
kind of redundant,

6217
02:01:44,625 --> 02:01:45,958
like whatever that is.

6218
02:01:45,958 --> 02:01:46,916
And I think morality,

6219
02:01:46,916 --> 02:01:48,083
by the way,

6220
02:01:48,083 --> 02:01:48,708
handsome man,

6221
02:01:48,708 --> 02:01:50,000
hope it back to him again.

6222
02:01:50,000 --> 02:01:52,250
The argumentation ethics,

6223
02:01:52,250 --> 02:01:53,416
perfectly frame it

6224
02:01:53,416 --> 02:01:54,291
like it's, it's

6225
02:01:54,291 --> 02:01:55,750
if you argue with some

6226
02:01:55,750 --> 02:01:57,125
someone about something,

6227
02:01:57,125 --> 02:01:58,041
you argue to come

6228
02:01:58,041 --> 02:01:58,791
to a conclusion

6229
02:01:58,791 --> 02:01:59,583
over a conflict

6230
02:01:59,583 --> 02:02:00,083
over something.

6231
02:02:00,083 --> 02:02:01,500
So it's communicating

6232
02:02:01,500 --> 02:02:03,333
rather than using violence.

6233
02:02:03,333 --> 02:02:05,375
And if one if one party

6234
02:02:05,375 --> 02:02:05,916
chooses

6235
02:02:05,916 --> 02:02:07,958
to discard the argument

6236
02:02:07,958 --> 02:02:09,750
and whatever you came

6237
02:02:09,750 --> 02:02:11,125
conclusion, you came to

6238
02:02:11,125 --> 02:02:13,250
and and violates you instead.

6239
02:02:13,250 --> 02:02:14,541
So for instance,

6240
02:02:14,541 --> 02:02:15,666
if you have an argument

6241
02:02:15,666 --> 02:02:16,916
with the taxman

6242
02:02:16,916 --> 02:02:18,416
or during the lockdowns

6243
02:02:18,416 --> 02:02:18,916
when you tried

6244
02:02:18,916 --> 02:02:19,916
to leave Canada, where

6245
02:02:19,916 --> 02:02:20,750
having an argument

6246
02:02:20,750 --> 02:02:22,500
with some of the mask

6247
02:02:22,500 --> 02:02:23,541
mandate officers

6248
02:02:23,541 --> 02:02:24,166
or something,

6249
02:02:24,166 --> 02:02:25,583
if you can have a

6250
02:02:25,583 --> 02:02:26,458
sound argument

6251
02:02:26,458 --> 02:02:26,875
and the guy

6252
02:02:26,875 --> 02:02:27,625
can agree with you,

6253
02:02:27,625 --> 02:02:28,708
but if they still choose

6254
02:02:28,708 --> 02:02:30,291
to enforce that shit,

6255
02:02:30,291 --> 02:02:31,666
it's not an argument anymore.

6256
02:02:31,666 --> 02:02:32,375
It's mockery

6257
02:02:32,375 --> 02:02:33,916
and therefore unethical.

6258
02:02:33,916 --> 02:02:34,583
So, and

6259
02:02:34,583 --> 02:02:35,583
this is where absolute

6260
02:02:35,583 --> 02:02:36,750
property rights come from.

6261
02:02:36,750 --> 02:02:37,791
And I think like

6262
02:02:37,791 --> 02:02:39,208
we have as humans,

6263
02:02:39,208 --> 02:02:39,958
we have two ways of

6264
02:02:39,958 --> 02:02:41,208
resolving conflict.

6265
02:02:41,208 --> 02:02:42,833
One is words,

6266
02:02:42,833 --> 02:02:44,333
the communication speech

6267
02:02:44,333 --> 02:02:45,791
and the other is violence.

6268
02:02:45,791 --> 02:02:46,375
And there's

6269
02:02:46,375 --> 02:02:47,416
this is a civilized way

6270
02:02:47,416 --> 02:02:49,250
and this is a barbaric way.

6271
02:02:49,250 --> 02:02:50,291
And right now

6272
02:02:50,291 --> 02:02:51,625
with inflationary currencies,

6273
02:02:51,625 --> 02:02:53,041
there's always

6274
02:02:53,041 --> 02:02:55,166
a percentage of aggression

6275
02:02:55,166 --> 02:02:56,666
in every single trade

6276
02:02:56,666 --> 02:02:57,208
we make

6277
02:02:57,208 --> 02:02:58,541
because someone has access

6278
02:02:58,541 --> 02:02:59,916
to the money printer.

6279
02:02:59,916 --> 02:03:00,791
And Bitcoin removes

6280
02:03:00,791 --> 02:03:03,333
that completely. Completely.

6281
02:03:03,333 --> 02:03:05,333
You're sure you have to pay

6282
02:03:05,333 --> 02:03:05,875
the miners

6283
02:03:05,875 --> 02:03:06,583
a tiny fee

6284
02:03:06,583 --> 02:03:07,791
to facilitate the thing,

6285
02:03:07,791 --> 02:03:09,000
but it's transparent.

6286
02:03:09,000 --> 02:03:10,041
There is no fraud.

6287
02:03:10,041 --> 02:03:11,125
There is no aggression.

6288
02:03:11,125 --> 02:03:11,750
There is no one

6289
02:03:11,750 --> 02:03:12,791
that can take advantage

6290
02:03:12,791 --> 02:03:14,000
of anyone else.

6291
02:03:14,000 --> 02:03:15,291
And and it's

6292
02:03:15,291 --> 02:03:16,625
so much more powerful

6293
02:03:16,625 --> 02:03:17,458
than people think

6294
02:03:17,458 --> 02:03:19,875
because 5000 years of history

6295
02:03:19,875 --> 02:03:21,750
have been tainted by

6296
02:03:21,750 --> 02:03:22,625
some people

6297
02:03:22,625 --> 02:03:23,750
elevating themselves.

6298
02:03:23,750 --> 02:03:25,208
Let's say that they're kings

6299
02:03:25,208 --> 02:03:26,708
or they're central bankers,

6300
02:03:26,708 --> 02:03:28,416
or they're closer to God.

6301
02:03:28,416 --> 02:03:29,916
Whatever you choose,

6302
02:03:29,916 --> 02:03:32,208
it's all from this

6303
02:03:32,208 --> 02:03:33,416
people saying

6304
02:03:33,416 --> 02:03:33,791
that they're

6305
02:03:33,791 --> 02:03:34,791
better than others.

6306
02:03:34,791 --> 02:03:35,541
Like, yeah,

6307
02:03:35,541 --> 02:03:36,375
that's where evil.

6308
02:03:36,375 --> 02:03:36,833
Evil is

6309
02:03:36,833 --> 02:03:37,791
the root of all money.

6310
02:03:37,791 --> 02:03:39,416
Like, except Bitcoin.

6311
02:03:39,416 --> 02:03:40,333
Yeah, that's

6312
02:03:40,333 --> 02:03:41,250
that's the way I view it.

6313
02:03:41,250 --> 02:03:41,875
So, so like,

6314
02:03:43,750 --> 02:03:44,333
but yeah.

6315
02:03:44,333 --> 02:03:45,833
And yeah,

6316
02:03:45,833 --> 02:03:47,041
the way that I see

6317
02:03:47,041 --> 02:03:48,208
like the moral argument

6318
02:03:48,208 --> 02:03:50,166
there is also,

6319
02:03:50,166 --> 02:03:52,041
if something allows you

6320
02:03:52,041 --> 02:03:52,916
to liberate

6321
02:03:52,916 --> 02:03:54,375
more time for yourself,

6322
02:03:54,375 --> 02:03:55,208
it is inherent.

6323
02:03:55,208 --> 02:03:55,625
That's

6324
02:03:55,625 --> 02:03:56,000
and that's

6325
02:03:56,000 --> 02:03:58,375
also the definition of wealth

6326
02:03:58,375 --> 02:03:58,833
that I,

6327
02:03:58,833 --> 02:03:59,375
that I try

6328
02:03:59,375 --> 02:04:00,416
to explain to people

6329
02:04:00,416 --> 02:04:01,416
like what is wealth?

6330
02:04:01,416 --> 02:04:02,666
What constitutes wealth?

6331
02:04:02,666 --> 02:04:04,750
Wealth is basically the time

6332
02:04:04,750 --> 02:04:05,958
that you create for yourself,

6333
02:04:05,958 --> 02:04:07,416
for your future self. Right.

6334
02:04:07,416 --> 02:04:10,416
So, let's say that,

6335
02:04:11,333 --> 02:04:13,166
wealth must be measured

6336
02:04:13,166 --> 02:04:13,625
in terms

6337
02:04:13,625 --> 02:04:15,291
of, of your, of your time,

6338
02:04:15,291 --> 02:04:18,291
like how, how much time it,

6339
02:04:19,333 --> 02:04:20,041
would it take for me

6340
02:04:20,041 --> 02:04:20,833
to create a sandwich

6341
02:04:20,833 --> 02:04:22,375
from scratch, like years?

6342
02:04:22,375 --> 02:04:22,791
Yeah.

6343
02:04:22,791 --> 02:04:23,250
Right.

6344
02:04:23,250 --> 02:04:24,625
Like like it takes years

6345
02:04:24,625 --> 02:04:25,250
to create a sandwich

6346
02:04:25,250 --> 02:04:25,750
from scratch,

6347
02:04:25,750 --> 02:04:26,250
you know, like,

6348
02:04:26,250 --> 02:04:26,916
it's it's not.

6349
02:04:26,916 --> 02:04:29,125
It's probably not even.

6350
02:04:29,125 --> 02:04:30,250
And with with enough time,

6351
02:04:30,250 --> 02:04:31,333
you can do anything. Right.

6352
02:04:31,333 --> 02:04:32,708
So it's like if I was

6353
02:04:32,708 --> 02:04:33,208
if I was living

6354
02:04:33,208 --> 02:04:34,166
a million years, like,

6355
02:04:34,166 --> 02:04:34,458
of course

6356
02:04:34,458 --> 02:04:35,208
I can create a computer

6357
02:04:35,208 --> 02:04:35,708
from scratch,

6358
02:04:35,708 --> 02:04:37,250
like, I'm not going to be,

6359
02:04:37,250 --> 02:04:38,708
you know, I'm going to be

6360
02:04:38,708 --> 02:04:39,500
creating class.

6361
02:04:39,500 --> 02:04:39,833
I'm going to be

6362
02:04:39,833 --> 02:04:40,708
creating plastic,

6363
02:04:40,708 --> 02:04:41,333
and I'm going

6364
02:04:41,333 --> 02:04:42,166
to be tinkering,

6365
02:04:42,166 --> 02:04:43,291
and eventually I will be able

6366
02:04:43,291 --> 02:04:44,833
to create a computer.

6367
02:04:44,833 --> 02:04:47,041
But, that's the

6368
02:04:47,041 --> 02:04:48,291
I'll say you would create

6369
02:04:48,291 --> 02:04:49,291
nothing like.

6370
02:04:49,291 --> 02:04:49,666
Oh, right.

6371
02:04:49,666 --> 02:04:50,541
Sorry for interrupting,

6372
02:04:50,541 --> 02:04:51,166
but this is like

6373
02:04:51,166 --> 02:04:52,125
one of my arguments

6374
02:04:52,125 --> 02:04:53,083
against God.

6375
02:04:53,083 --> 02:04:54,333
If you were immortal

6376
02:04:54,333 --> 02:04:55,416
and indestructible,

6377
02:04:55,416 --> 02:04:56,166
you would never have

6378
02:04:56,166 --> 02:04:57,416
an incentive to do anything,

6379
02:04:57,416 --> 02:04:59,291
because it always postpones

6380
02:04:59,291 --> 02:05:00,916
everything to the day after.

6381
02:05:01,916 --> 02:05:02,750
Of course, of course.

6382
02:05:02,750 --> 02:05:03,500
Like, if I was

6383
02:05:03,500 --> 02:05:04,333
if I was immortal,

6384
02:05:04,333 --> 02:05:05,291
I probably.

6385
02:05:05,291 --> 02:05:05,708
Yeah, it

6386
02:05:05,708 --> 02:05:06,458
probably would take me, like,

6387
02:05:06,458 --> 02:05:07,666
a trillion years to create.

6388
02:05:07,666 --> 02:05:08,041
You wouldn't

6389
02:05:08,041 --> 02:05:08,875
need the sandwich

6390
02:05:08,875 --> 02:05:09,750
in the first place.

6391
02:05:09,750 --> 02:05:10,333
I would

6392
02:05:10,333 --> 02:05:11,458
yeah, I would, I would

6393
02:05:11,458 --> 02:05:11,791
I definitely

6394
02:05:11,791 --> 02:05:12,625
would not need the,

6395
02:05:12,625 --> 02:05:13,750
the sandwich. But yeah.

6396
02:05:13,750 --> 02:05:14,458
So like wealth

6397
02:05:14,458 --> 02:05:15,208
is hard to explain

6398
02:05:15,208 --> 02:05:16,291
and like I find that

6399
02:05:16,291 --> 02:05:17,000
explain wealth

6400
02:05:17,000 --> 02:05:17,750
in terms of time

6401
02:05:17,750 --> 02:05:18,333
and explaining

6402
02:05:18,333 --> 02:05:19,458
the fact that like

6403
02:05:19,458 --> 02:05:20,250
do you want more time

6404
02:05:20,250 --> 02:05:20,875
or less time?

6405
02:05:20,875 --> 02:05:21,500
Is it a good thing

6406
02:05:21,500 --> 02:05:22,375
if people more people

6407
02:05:22,375 --> 02:05:24,000
have time to do other things?

6408
02:05:24,000 --> 02:05:25,416
And this also comes back

6409
02:05:25,416 --> 02:05:26,000
to this idea

6410
02:05:26,000 --> 02:05:26,875
of like moving away

6411
02:05:26,875 --> 02:05:28,333
from the magical pyramids.

6412
02:05:28,333 --> 02:05:30,250
It's like it's objectively

6413
02:05:30,250 --> 02:05:32,375
it's objectively good, right?

6414
02:05:32,375 --> 02:05:33,541
Like deflation

6415
02:05:33,541 --> 02:05:35,083
is objectively good

6416
02:05:35,083 --> 02:05:36,083
because it allows us

6417
02:05:36,083 --> 02:05:37,500
to devote more time

6418
02:05:37,500 --> 02:05:38,500
to other things.

6419
02:05:38,500 --> 02:05:39,416
And then, you know,

6420
02:05:39,416 --> 02:05:40,083
and again,

6421
02:05:40,083 --> 02:05:40,791
I, I'm

6422
02:05:40,791 --> 02:05:41,708
also like a libertarian.

6423
02:05:41,708 --> 02:05:43,000
So I don't really give a fuck

6424
02:05:43,000 --> 02:05:43,916
what you do with your time.

6425
02:05:43,916 --> 02:05:44,333
Like you,

6426
02:05:44,333 --> 02:05:45,041
as long as it doesn't

6427
02:05:45,041 --> 02:05:46,666
fucking harm me, you know,

6428
02:05:46,666 --> 02:05:47,458
and as long as it doesn't

6429
02:05:47,458 --> 02:05:48,291
create a system

6430
02:05:48,291 --> 02:05:49,375
which systematically

6431
02:05:49,375 --> 02:05:50,458
oppresses

6432
02:05:50,458 --> 02:05:52,291
me and, you know, going back

6433
02:05:52,291 --> 02:05:54,291
to like also one of my first,

6434
02:05:54,291 --> 02:05:54,916
like retail.

6435
02:05:54,916 --> 02:05:55,791
So when I got into Bitcoin,

6436
02:05:55,791 --> 02:05:56,541
I was still annoy me.

6437
02:05:56,541 --> 02:05:57,291
When I got into Bitcoin

6438
02:05:57,291 --> 02:05:57,666
I was like a

6439
02:05:57,666 --> 02:05:59,125
libertarian normie. Right.

6440
02:05:59,125 --> 02:06:00,416
So you know

6441
02:06:00,416 --> 02:06:02,583
I'm like your typical

6442
02:06:02,583 --> 02:06:04,250
like conservative

6443
02:06:04,250 --> 02:06:05,541
Republican style,

6444
02:06:05,541 --> 02:06:06,958
libertarian style normie.

6445
02:06:06,958 --> 02:06:07,250
And I didn't

6446
02:06:07,250 --> 02:06:08,458
really understand it. Yeah.

6447
02:06:08,458 --> 02:06:09,750
And like what I was doing,

6448
02:06:09,750 --> 02:06:10,875
it's only like

6449
02:06:10,875 --> 02:06:12,750
maybe 2014, 2015

6450
02:06:12,750 --> 02:06:14,208
where I understood that

6451
02:06:14,208 --> 02:06:15,250
by holding,

6452
02:06:15,250 --> 02:06:15,833
when the government

6453
02:06:15,833 --> 02:06:16,708
creates money

6454
02:06:16,708 --> 02:06:18,125
and I decide to hold it,

6455
02:06:18,125 --> 02:06:19,791
I give value,

6456
02:06:19,791 --> 02:06:20,541
I give purchasing

6457
02:06:20,541 --> 02:06:21,541
power to the government.

6458
02:06:21,541 --> 02:06:22,041
Right.

6459
02:06:22,041 --> 02:06:24,333
So I allow the government

6460
02:06:24,333 --> 02:06:26,416
to spend that money,

6461
02:06:26,416 --> 02:06:28,375
purposefully and

6462
02:06:28,375 --> 02:06:29,000
we finance

6463
02:06:29,000 --> 02:06:30,041
the government in two ways.

6464
02:06:30,041 --> 02:06:30,750
We give money

6465
02:06:30,750 --> 02:06:31,333
to the government

6466
02:06:31,333 --> 02:06:32,125
with our taxes,

6467
02:06:32,125 --> 02:06:32,833
and we hold

6468
02:06:32,833 --> 02:06:33,833
the government money

6469
02:06:33,833 --> 02:06:34,583
giving it,

6470
02:06:34,583 --> 02:06:35,333
because we are the

6471
02:06:35,333 --> 02:06:36,541
we accept to be the bottom

6472
02:06:36,541 --> 02:06:37,125
of the Kantian

6473
02:06:37,125 --> 02:06:38,250
pyramid, right? Yeah.

6474
02:06:38,250 --> 02:06:39,000
We're allowing

6475
02:06:39,000 --> 02:06:40,041
them to print it.

6476
02:06:40,041 --> 02:06:41,250
So whenever we hold it,

6477
02:06:41,250 --> 02:06:41,875
they're printed.

6478
02:06:41,875 --> 02:06:42,916
So we're effectively

6479
02:06:42,916 --> 02:06:44,625
stealing from our children

6480
02:06:44,625 --> 02:06:47,083
by holding fiat. Yes.

6481
02:06:47,083 --> 02:06:47,916
We are stealing

6482
02:06:47,916 --> 02:06:49,083
from our children

6483
02:06:49,083 --> 02:06:50,166
and we are financing

6484
02:06:50,166 --> 02:06:51,041
the government.

6485
02:06:51,041 --> 02:06:52,125
And what is the government

6486
02:06:52,125 --> 02:06:53,458
doing with our money?

6487
02:06:53,458 --> 02:06:54,666
They're killing people.

6488
02:06:54,666 --> 02:06:55,791
They're repressing people.

6489
02:06:55,791 --> 02:06:57,416
So so my framing

6490
02:06:57,416 --> 02:06:58,083
and I was like

6491
02:06:58,083 --> 02:06:59,041
maybe 25

6492
02:06:59,041 --> 02:06:59,750
at the time or something

6493
02:06:59,750 --> 02:07:00,833
like ten years ago,

6494
02:07:00,833 --> 02:07:02,041
I was like,

6495
02:07:02,041 --> 02:07:02,916
if I hold government

6496
02:07:02,916 --> 02:07:04,041
money, I'm complicit.

6497
02:07:05,583 --> 02:07:06,833
I cannot claim, I cannot

6498
02:07:06,833 --> 02:07:08,000
claim to not be complicit

6499
02:07:08,000 --> 02:07:09,958
like I, I,

6500
02:07:09,958 --> 02:07:11,416
I know that

6501
02:07:11,416 --> 02:07:13,041
my money is being used.

6502
02:07:13,041 --> 02:07:14,166
I know that my time

6503
02:07:14,166 --> 02:07:15,125
and my energy

6504
02:07:15,125 --> 02:07:16,541
is being used to kill people.

6505
02:07:16,541 --> 02:07:18,333
And I have the choice

6506
02:07:18,333 --> 02:07:20,000
to not do that

6507
02:07:20,000 --> 02:07:21,083
by opting into Bitcoin,

6508
02:07:21,083 --> 02:07:21,541
and I'm not

6509
02:07:21,541 --> 02:07:22,208
taking that choice.

6510
02:07:22,208 --> 02:07:25,208
So I went full Bitcoin

6511
02:07:25,750 --> 02:07:27,416
as a and I didn't have,

6512
02:07:27,416 --> 02:07:28,291
you know, I'm an OG,

6513
02:07:28,291 --> 02:07:28,791
but by the way,

6514
02:07:28,791 --> 02:07:29,958
I was a student at the time.

6515
02:07:29,958 --> 02:07:30,791
Like I was getting paid

6516
02:07:30,791 --> 02:07:32,125
like 20 bucks an hour.

6517
02:07:32,125 --> 02:07:33,208
So I wasn't like

6518
02:07:33,208 --> 02:07:34,583
making a big move in Bitcoin.

6519
02:07:34,583 --> 02:07:35,125
I was just like,

6520
02:07:35,125 --> 02:07:35,833
I'm just not going to hold

6521
02:07:35,833 --> 02:07:36,833
fiat anymore, right?

6522
02:07:36,833 --> 02:07:37,958
That's I'm just I'm just

6523
02:07:37,958 --> 02:07:39,500
I would not hold fiat.

6524
02:07:39,500 --> 02:07:40,250
And that's

6525
02:07:40,250 --> 02:07:42,291
also the funny argument.

6526
02:07:42,291 --> 02:07:43,041
It's the stupidest

6527
02:07:43,041 --> 02:07:43,625
argument to me

6528
02:07:43,625 --> 02:07:44,333
that you shouldn't

6529
02:07:44,333 --> 02:07:47,250
spend bitcoin. Oh really?

6530
02:07:47,250 --> 02:07:48,291
What should I spend?

6531
02:07:49,875 --> 02:07:51,625
Fiat.

6532
02:07:51,625 --> 02:07:52,708
So if I, if I

6533
02:07:52,708 --> 02:07:54,000
shouldn't send bitcoin

6534
02:07:54,000 --> 02:07:55,375
because Bitcoin

6535
02:07:55,375 --> 02:07:56,458
is going to be worth

6536
02:07:56,458 --> 02:07:57,458
more in the future,

6537
02:07:57,458 --> 02:07:58,166
why the fuck should I

6538
02:07:58,166 --> 02:07:58,541
be holding

6539
02:07:58,541 --> 02:07:59,875
Fiat in the first place?

6540
02:07:59,875 --> 02:08:01,291
It makes zero sense, right?

6541
02:08:01,291 --> 02:08:02,958
So when you're spending

6542
02:08:02,958 --> 02:08:03,750
you're always spending

6543
02:08:03,750 --> 02:08:05,250
an opportunity costs right?

6544
02:08:05,250 --> 02:08:06,875
So if I'm spending fiat,

6545
02:08:06,875 --> 02:08:08,041
I'm spending

6546
02:08:08,041 --> 02:08:08,916
the the

6547
02:08:08,916 --> 02:08:09,875
I could have bought bitcoin

6548
02:08:09,875 --> 02:08:10,333
with the fiat

6549
02:08:10,333 --> 02:08:11,541
that I spent anyway.

6550
02:08:11,541 --> 02:08:13,166
So I decided to go

6551
02:08:13,166 --> 02:08:13,833
for bitcoin

6552
02:08:13,833 --> 02:08:14,625
only I'm like I'm going

6553
02:08:14,625 --> 02:08:15,416
to fucking spend

6554
02:08:15,416 --> 02:08:16,250
I'm going to spend bitcoin.

6555
02:08:16,250 --> 02:08:16,916
I've been spending

6556
02:08:16,916 --> 02:08:17,750
bitcoin forever.

6557
02:08:17,750 --> 02:08:18,708
But guess what?

6558
02:08:18,708 --> 02:08:19,333
I've also been

6559
02:08:19,333 --> 02:08:20,500
earning bitcoin right.

6560
02:08:20,500 --> 02:08:21,625
So what matters is

6561
02:08:21,625 --> 02:08:23,166
that positive Bitcoin

6562
02:08:23,166 --> 02:08:25,125
cash flow just like

6563
02:08:25,125 --> 02:08:26,333
and what's

6564
02:08:26,333 --> 02:08:26,958
what's interesting

6565
02:08:26,958 --> 02:08:27,375
with Bitcoin

6566
02:08:27,375 --> 02:08:27,625
is like

6567
02:08:27,625 --> 02:08:28,916
when you spend bitcoin

6568
02:08:28,916 --> 02:08:30,000
you need to fucking make

6569
02:08:30,000 --> 02:08:31,166
fucking money fast.

6570
02:08:31,166 --> 02:08:32,250
Because if you want

6571
02:08:32,250 --> 02:08:33,083
if you want to make it back.

6572
02:08:33,083 --> 02:08:34,083
So there's two things

6573
02:08:34,083 --> 02:08:34,583
that happen

6574
02:08:34,583 --> 02:08:35,333
when you live on a Bitcoin

6575
02:08:35,333 --> 02:08:37,000
standard eight you spend less

6576
02:08:37,000 --> 02:08:38,833
and B you earn more, right.

6577
02:08:38,833 --> 02:08:40,500
So it's like

6578
02:08:40,500 --> 02:08:41,416
but the argument

6579
02:08:41,416 --> 02:08:42,416
of like don't spend bitcoin

6580
02:08:42,416 --> 02:08:42,791
because it's

6581
02:08:42,791 --> 02:08:43,250
going to be worth

6582
02:08:43,250 --> 02:08:43,791
more is

6583
02:08:43,791 --> 02:08:45,375
completely ridiculous.

6584
02:08:45,375 --> 02:08:46,583
Because whenever

6585
02:08:46,583 --> 02:08:47,375
you're spending fiat

6586
02:08:47,375 --> 02:08:48,375
you're spending bitcoin.

6587
02:08:48,375 --> 02:08:49,250
Opportunity costs.

6588
02:08:49,250 --> 02:08:50,125
You could have bought bitcoin

6589
02:08:50,125 --> 02:08:50,791
with the same bitcoin.

6590
02:08:50,791 --> 02:08:51,500
So that's like

6591
02:08:51,500 --> 02:08:53,000
a ridiculous argument.

6592
02:08:53,000 --> 02:08:54,000
And like yes,

6593
02:08:54,000 --> 02:08:54,833
maybe it's like

6594
02:08:54,833 --> 02:08:55,750
less convenient.

6595
02:08:55,750 --> 02:08:57,791
And by the way why

6596
02:08:57,791 --> 02:08:58,750
okay so in Costa Rica

6597
02:08:58,750 --> 02:08:59,750
we have this thing where

6598
02:09:00,833 --> 02:09:01,375
we created

6599
02:09:01,375 --> 02:09:03,500
this Bitcoin to fiat real

6600
02:09:03,500 --> 02:09:04,500
where you can.

6601
02:09:04,500 --> 02:09:05,333
So a lot

6602
02:09:05,333 --> 02:09:06,750
let's say like 500 merchants

6603
02:09:06,750 --> 02:09:08,666
accept Bitcoin directly.

6604
02:09:08,666 --> 02:09:09,958
We also have this fiat rail

6605
02:09:09,958 --> 02:09:11,666
where you can spend bitcoin

6606
02:09:11,666 --> 02:09:12,750
and the merchant receives

6607
02:09:12,750 --> 02:09:13,916
fiat automatically.

6608
02:09:13,916 --> 02:09:15,125
So even if

6609
02:09:15,125 --> 02:09:15,958
my mechanic doesn't

6610
02:09:15,958 --> 02:09:16,708
accepts bitcoin

6611
02:09:16,708 --> 02:09:18,291
I can still spend my bitcoin.

6612
02:09:18,291 --> 02:09:19,833
And he gets fiat.

6613
02:09:19,833 --> 02:09:20,541
And this is

6614
02:09:20,541 --> 02:09:21,458
what I had built with

6615
02:09:21,458 --> 02:09:22,375
bills in Canada

6616
02:09:22,375 --> 02:09:23,541
where the

6617
02:09:23,541 --> 02:09:24,541
the reason why I decided

6618
02:09:24,541 --> 02:09:25,916
to go on a full blown

6619
02:09:25,916 --> 02:09:27,000
bitcoin standard

6620
02:09:27,000 --> 02:09:27,333
is because

6621
02:09:27,333 --> 02:09:28,250
I discovered this trick,

6622
02:09:28,250 --> 02:09:28,583
which is

6623
02:09:28,583 --> 02:09:29,791
you can have negative fiat

6624
02:09:29,791 --> 02:09:30,833
with a credit card.

6625
02:09:30,833 --> 02:09:31,708
That was my first

6626
02:09:31,708 --> 02:09:32,750
like I was like,

6627
02:09:32,750 --> 02:09:34,041
so because I got debunked

6628
02:09:34,041 --> 02:09:35,250
basically, like in 2015,

6629
02:09:35,250 --> 02:09:36,208
I got the bank,

6630
02:09:36,208 --> 02:09:36,833
I was doing,

6631
02:09:36,833 --> 02:09:37,458
I was doing like

6632
02:09:37,458 --> 02:09:39,041
local bitcoin trading

6633
02:09:39,041 --> 02:09:40,041
and then my personal bank

6634
02:09:40,041 --> 02:09:41,166
accounts were shut down.

6635
02:09:41,166 --> 02:09:42,375
But my credit card,

6636
02:09:42,375 --> 02:09:44,083
ironically, was kept alive.

6637
02:09:44,083 --> 02:09:45,541
So the bank was allowing me

6638
02:09:45,541 --> 02:09:46,500
to have a credit card,

6639
02:09:46,500 --> 02:09:47,875
but not a bank account,

6640
02:09:47,875 --> 02:09:49,458
and I was able to pay

6641
02:09:49,458 --> 02:09:50,125
my credit card

6642
02:09:50,125 --> 02:09:52,041
with bitcoin through bills

6643
02:09:52,041 --> 02:09:52,750
because there's allowed

6644
02:09:52,750 --> 02:09:54,041
credit cards payouts.

6645
02:09:54,041 --> 02:09:54,875
So I was like,

6646
02:09:54,875 --> 02:09:55,500
oh, you mean

6647
02:09:55,500 --> 02:09:58,208
I can live on negative fiat?

6648
02:09:58,208 --> 02:10:00,916
So I don't have the taint

6649
02:10:00,916 --> 02:10:02,125
of owning fiat,

6650
02:10:02,125 --> 02:10:03,458
but I can still spend

6651
02:10:03,458 --> 02:10:05,708
fiat by owning bitcoin.

6652
02:10:05,708 --> 02:10:06,750
And like that's

6653
02:10:06,750 --> 02:10:06,958
that's

6654
02:10:06,958 --> 02:10:07,541
kind of like the thing.

6655
02:10:07,541 --> 02:10:08,375
And that's also the thing

6656
02:10:08,375 --> 02:10:09,166
that I'm doing in Europe,

6657
02:10:09,166 --> 02:10:09,541
by the way.

6658
02:10:09,541 --> 02:10:10,375
Like in Europe

6659
02:10:10,375 --> 02:10:12,208
we also have bills like with

6660
02:10:12,208 --> 02:10:13,416
Bitcoin in Europe.

6661
02:10:13,416 --> 02:10:14,708
And that's what I replicated

6662
02:10:14,708 --> 02:10:15,416
in Costa Rica.

6663
02:10:15,416 --> 02:10:16,291
And I'm replicating it

6664
02:10:16,291 --> 02:10:17,125
in Mexico.

6665
02:10:17,125 --> 02:10:18,208
So I'm a big fan of

6666
02:10:18,208 --> 02:10:19,750
just fucking hold okay.

6667
02:10:19,750 --> 02:10:20,125
For me

6668
02:10:20,125 --> 02:10:21,041
it's like just

6669
02:10:21,041 --> 02:10:21,500
just hold

6670
02:10:21,500 --> 02:10:22,333
all your fucking wealth

6671
02:10:22,333 --> 02:10:22,875
in Bitcoin.

6672
02:10:22,875 --> 02:10:23,875
And you know what?

6673
02:10:23,875 --> 02:10:25,458
When it's a bear market,

6674
02:10:25,458 --> 02:10:27,125
just earn more money.

6675
02:10:27,125 --> 02:10:28,333
Like earn more money.

6676
02:10:28,333 --> 02:10:30,500
Get off your fucking earn.

6677
02:10:30,500 --> 02:10:31,458
Devil's advocate

6678
02:10:31,458 --> 02:10:32,166
question here.

6679
02:10:32,166 --> 02:10:35,166
This isn't new Fiat created

6680
02:10:35,250 --> 02:10:36,416
every time you go

6681
02:10:36,416 --> 02:10:37,458
negative fiat.

6682
02:10:37,458 --> 02:10:38,250
So because you're

6683
02:10:38,250 --> 02:10:39,833
basically taking a loan

6684
02:10:39,833 --> 02:10:40,541
and you need to pay it

6685
02:10:40,541 --> 02:10:41,333
back with interest,

6686
02:10:41,333 --> 02:10:43,375
and that's how the banks like

6687
02:10:43,375 --> 02:10:43,916
conjure up

6688
02:10:43,916 --> 02:10:45,041
the new money, right?

6689
02:10:45,041 --> 02:10:46,208
So you're actually aren't

6690
02:10:46,208 --> 02:10:47,458
you aren't you like

6691
02:10:47,458 --> 02:10:49,250
just accelerate in a way.

6692
02:10:49,250 --> 02:10:50,500
It's like I'm like

6693
02:10:50,500 --> 02:10:51,291
Beth from Fiat.

6694
02:10:51,291 --> 02:10:52,416
So so it's a good thing

6695
02:10:52,416 --> 02:10:52,833
that way.

6696
02:10:52,833 --> 02:10:53,875
But but you're also

6697
02:10:53,875 --> 02:10:55,041
creating more fiat

6698
02:10:55,041 --> 02:10:58,041
by by going I'm credit.

6699
02:10:58,041 --> 02:10:58,833
I might be,

6700
02:10:58,833 --> 02:11:00,083
but I'm not holding it right.

6701
02:11:00,083 --> 02:11:00,500
I might be,

6702
02:11:00,500 --> 02:11:01,208
but I'm not giving it.

6703
02:11:01,208 --> 02:11:01,750
I'm not giving you

6704
02:11:01,750 --> 02:11:02,791
purchasing power. Right.

6705
02:11:02,791 --> 02:11:03,708
So I might be

6706
02:11:03,708 --> 02:11:04,958
I might be participating

6707
02:11:04,958 --> 02:11:06,541
in the creation of fiat.

6708
02:11:06,541 --> 02:11:07,458
You're accelerating

6709
02:11:07,458 --> 02:11:10,333
the death of fiat. Yes. Yes.

6710
02:11:10,333 --> 02:11:11,750
And I'm not prolonging it

6711
02:11:11,750 --> 02:11:13,291
by holding. By holding fiat.

6712
02:11:13,291 --> 02:11:14,000
You're prolonging

6713
02:11:14,000 --> 02:11:15,291
the existence of fiat.

6714
02:11:15,291 --> 02:11:18,250
By borrowing fiat, and,

6715
02:11:18,250 --> 02:11:19,125
by borrowing fiat.

6716
02:11:19,125 --> 02:11:20,875
And, you know,

6717
02:11:20,875 --> 02:11:21,625
either buying

6718
02:11:21,625 --> 02:11:23,875
Bitcoin or buying

6719
02:11:23,875 --> 02:11:24,791
or, like, not selling

6720
02:11:24,791 --> 02:11:25,333
bitcoin, right?

6721
02:11:25,333 --> 02:11:26,541
So if you borrow fiat,

6722
02:11:26,541 --> 02:11:27,166
you don't have to buy

6723
02:11:27,166 --> 02:11:27,833
bitcoin, right?

6724
02:11:27,833 --> 02:11:29,166
You borrow fiat,

6725
02:11:29,166 --> 02:11:29,833
you spend it

6726
02:11:29,833 --> 02:11:30,458
because you're not

6727
02:11:30,458 --> 02:11:31,125
spending bitcoin.

6728
02:11:31,125 --> 02:11:32,125
So you're holding bitcoin

6729
02:11:32,125 --> 02:11:33,000
by borrowing fiat.

6730
02:11:33,000 --> 02:11:33,625
Whether or not

6731
02:11:33,625 --> 02:11:35,458
you're actually buying it

6732
02:11:35,458 --> 02:11:36,166
with your credit card

6733
02:11:36,166 --> 02:11:37,208
or you're actually,

6734
02:11:37,208 --> 02:11:38,375
you know, buying a coffee

6735
02:11:38,375 --> 02:11:39,291
that you otherwise

6736
02:11:39,291 --> 02:11:39,750
would have spent

6737
02:11:39,750 --> 02:11:40,958
with with Bitcoin,

6738
02:11:40,958 --> 02:11:41,250
you're

6739
02:11:41,250 --> 02:11:42,083
you're moving the money

6740
02:11:42,083 --> 02:11:43,375
from fiat to bitcoin.

6741
02:11:43,375 --> 02:11:45,833
And and honestly like,

6742
02:11:45,833 --> 02:11:46,791
when I made that decision,

6743
02:11:46,791 --> 02:11:47,166
I'm like, I'm

6744
02:11:47,166 --> 02:11:48,250
just going to opt out of fiat

6745
02:11:48,250 --> 02:11:50,250
and like see what happens.

6746
02:11:50,250 --> 02:11:51,416
And that's that's like

6747
02:11:51,416 --> 02:11:52,833
my that's like my,

6748
02:11:52,833 --> 02:11:54,083
my story of being like, well,

6749
02:11:54,083 --> 02:11:55,083
you know, I never invested

6750
02:11:55,083 --> 02:11:55,916
in bitcoin actually.

6751
02:11:55,916 --> 02:11:56,708
Like I was not

6752
02:11:56,708 --> 02:11:58,375
investing in Bitcoin.

6753
02:11:58,375 --> 02:12:00,333
I was young and I was stupid

6754
02:12:00,333 --> 02:12:02,083
and I was I didn't have kids

6755
02:12:02,083 --> 02:12:03,208
and I didn't have expenses.

6756
02:12:03,208 --> 02:12:03,750
And I was like,

6757
02:12:03,750 --> 02:12:04,541
I'm just going to do this

6758
02:12:04,541 --> 02:12:05,333
thought experiments

6759
02:12:05,333 --> 02:12:06,291
where I'm just going to opt

6760
02:12:06,291 --> 02:12:07,166
out of the banking system

6761
02:12:07,166 --> 02:12:08,708
entirely, right?

6762
02:12:08,708 --> 02:12:10,000
Still, to this day,

6763
02:12:10,000 --> 02:12:11,000
I don't have a bank account

6764
02:12:11,000 --> 02:12:12,833
like I have a I have a pseudo

6765
02:12:12,833 --> 02:12:13,791
bank account somewhere.

6766
02:12:15,083 --> 02:12:16,250
In an undisclosed location,

6767
02:12:16,250 --> 02:12:17,416
but I don't actually use it.

6768
02:12:17,416 --> 02:12:17,750
By the way,

6769
02:12:17,750 --> 02:12:19,416
I haven't used a bank.

6770
02:12:19,416 --> 02:12:19,958
I haven't used

6771
02:12:19,958 --> 02:12:21,708
a debit card in.

6772
02:12:21,708 --> 02:12:24,416
I mean, like

6773
02:12:24,416 --> 02:12:25,041
three, two

6774
02:12:25,041 --> 02:12:26,000
and a half, three years.

6775
02:12:26,000 --> 02:12:27,000
I haven't used a debit card.

6776
02:12:27,000 --> 02:12:28,208
I've just been living off

6777
02:12:28,208 --> 02:12:28,833
of credit cards

6778
02:12:28,833 --> 02:12:30,000
and the Bitcoin standard

6779
02:12:30,000 --> 02:12:31,375
on the list and zero.

6780
02:12:31,375 --> 02:12:33,250
And, it's just been.

6781
02:12:33,250 --> 02:12:34,333
And it's, it's, it's

6782
02:12:34,333 --> 02:12:36,083
it's possible to do that now

6783
02:12:36,083 --> 02:12:37,291
and that's like

6784
02:12:37,291 --> 02:12:38,333
that's that's what,

6785
02:12:38,333 --> 02:12:38,958
that's what I do

6786
02:12:38,958 --> 02:12:40,041
for a living at this point.

6787
02:12:40,041 --> 02:12:41,291
It's like I need.

6788
02:12:41,291 --> 02:12:44,291
And that's why Costa Rica has

6789
02:12:44,458 --> 02:12:45,333
bought Bitcoin.

6790
02:12:45,333 --> 02:12:46,708
There's, there's, there's a

6791
02:12:46,708 --> 02:12:47,583
in Costa Rica

6792
02:12:47,583 --> 02:12:48,250
although it's huge

6793
02:12:48,250 --> 02:12:49,125
in Costa Rica it's it's

6794
02:12:49,125 --> 02:12:50,666
by far the biggest exchange.

6795
02:12:50,666 --> 02:12:51,583
It's like

6796
02:12:51,583 --> 02:12:52,583
and it started out

6797
02:12:52,583 --> 02:12:53,750
where I was like,

6798
02:12:53,750 --> 02:12:54,708
I need to replicate

6799
02:12:54,708 --> 02:12:55,625
what I did in Canada

6800
02:12:55,625 --> 02:12:56,666
in Costa Rica

6801
02:12:56,666 --> 02:12:58,250
because I want to use that.

6802
02:12:58,250 --> 02:12:58,916
Right.

6803
02:12:58,916 --> 02:12:59,541
And the same thing

6804
02:12:59,541 --> 02:13:00,833
is happening now in Europe.

6805
02:13:00,833 --> 02:13:01,791
Where in Europe?

6806
02:13:03,208 --> 02:13:04,208
We well,

6807
02:13:04,208 --> 02:13:05,083
we replicated

6808
02:13:05,083 --> 02:13:05,750
Bitcoin in Europe,

6809
02:13:05,750 --> 02:13:07,250
but we also have this thing

6810
02:13:07,250 --> 02:13:08,166
where the thing

6811
02:13:08,166 --> 02:13:08,666
that the thing

6812
02:13:08,666 --> 02:13:09,375
that sucks in Europe

6813
02:13:09,375 --> 02:13:09,833
is that people

6814
02:13:09,833 --> 02:13:10,541
don't pay each other

6815
02:13:10,541 --> 02:13:11,916
with Sepa like at the store,

6816
02:13:11,916 --> 02:13:13,041
whereas in Costa Rica,

6817
02:13:13,041 --> 02:13:14,125
like they have Sepa,

6818
02:13:14,125 --> 02:13:15,083
you pay it at the store

6819
02:13:15,083 --> 02:13:16,958
like I go to a grocery store

6820
02:13:16,958 --> 02:13:17,583
and I will pay

6821
02:13:17,583 --> 02:13:19,458
with the separate equivalent,

6822
02:13:19,458 --> 02:13:20,666
like with a bank transfer.

6823
02:13:20,666 --> 02:13:21,625
Like not credit cards,

6824
02:13:21,625 --> 02:13:22,791
like not debit cards.

6825
02:13:22,791 --> 02:13:24,458
People use bank payments

6826
02:13:24,458 --> 02:13:25,541
because they're like

6827
02:13:25,541 --> 02:13:26,250
SMS based.

6828
02:13:26,250 --> 02:13:27,500
So it's like,

6829
02:13:27,500 --> 02:13:27,833
you know,

6830
02:13:27,833 --> 02:13:28,666
I put your phone number,

6831
02:13:28,666 --> 02:13:29,666
it's a bank transfer

6832
02:13:29,666 --> 02:13:30,750
that has it's

6833
02:13:30,750 --> 02:13:31,708
not an SMS money,

6834
02:13:31,708 --> 02:13:32,458
it's a bank transfer.

6835
02:13:32,458 --> 02:13:33,958
But that uses SMS

6836
02:13:33,958 --> 02:13:35,666
as the communication layer.

6837
02:13:35,666 --> 02:13:36,875
So we can't

6838
02:13:36,875 --> 02:13:37,375
replicate the

6839
02:13:37,375 --> 02:13:38,250
same thing in Europe

6840
02:13:38,250 --> 02:13:39,416
because you're not going

6841
02:13:39,416 --> 02:13:41,000
to pay your dinner with Sepa

6842
02:13:41,000 --> 02:13:41,541
when you go to

6843
02:13:41,541 --> 02:13:42,625
the grocery store, right?

6844
02:13:42,625 --> 02:13:43,000
You're going to pay

6845
02:13:43,000 --> 02:13:44,125
with a debit card.

6846
02:13:44,125 --> 02:13:45,750
But, for anything else

6847
02:13:45,750 --> 02:13:48,041
like so if because I want to

6848
02:13:48,041 --> 02:13:49,083
live in Europe,

6849
02:13:49,083 --> 02:13:50,125
I do want to live in Europe

6850
02:13:50,125 --> 02:13:51,208
like I, I've,

6851
02:13:51,208 --> 02:13:51,958
I've had my time

6852
02:13:51,958 --> 02:13:53,750
in Costa Rica. It's great.

6853
02:13:53,750 --> 02:13:55,166
I'm going to always

6854
02:13:55,166 --> 02:13:56,541
live a large part of the year

6855
02:13:56,541 --> 02:13:57,208
in Costa Rica.

6856
02:13:57,208 --> 02:13:58,708
But I miss

6857
02:13:58,708 --> 02:14:01,541
the civilization of Europe.

6858
02:14:01,541 --> 02:14:02,333
Like, you know,

6859
02:14:02,333 --> 02:14:03,625
you've been to El Salvador.

6860
02:14:03,625 --> 02:14:05,416
It's great. It's awesome.

6861
02:14:05,416 --> 02:14:06,625
But think about living there

6862
02:14:06,625 --> 02:14:07,333
for five years.

6863
02:14:07,333 --> 02:14:08,666
It's it's long, man.

6864
02:14:08,666 --> 02:14:10,041
It's like it's long.

6865
02:14:10,041 --> 02:14:11,250
Yeah, yeah.

6866
02:14:11,250 --> 02:14:12,333
That's why I also like

6867
02:14:12,333 --> 02:14:13,250
when I met you in my there,

6868
02:14:13,250 --> 02:14:13,708
I was like, yeah,

6869
02:14:13,708 --> 02:14:14,583
I mean, I was

6870
02:14:14,583 --> 02:14:15,166
there was great

6871
02:14:15,166 --> 02:14:16,458
because it's kind of like

6872
02:14:16,458 --> 02:14:17,000
it's kind of like

6873
02:14:17,000 --> 02:14:17,875
a little jungle

6874
02:14:17,875 --> 02:14:18,958
and the little out there.

6875
02:14:18,958 --> 02:14:19,083
Yeah,

6876
02:14:19,083 --> 02:14:20,416
but all still civilized.

6877
02:14:20,416 --> 02:14:21,333
Yeah.

6878
02:14:21,333 --> 02:14:22,125
When I went to live there,

6879
02:14:22,125 --> 02:14:23,333
I was like, there is fucking.

6880
02:14:23,333 --> 02:14:24,250
There was the Beethoven

6881
02:14:24,250 --> 02:14:25,083
Ninth Symphony,

6882
02:14:25,083 --> 02:14:26,000
which is my favorite

6883
02:14:26,000 --> 02:14:26,458
symphony,

6884
02:14:26,458 --> 02:14:27,750
playing at the orchestra

6885
02:14:27,750 --> 02:14:28,250
of Madera.

6886
02:14:28,250 --> 02:14:29,208
And I'm like,

6887
02:14:29,208 --> 02:14:30,125
I kind of missed that

6888
02:14:30,125 --> 02:14:30,750
because like,

6889
02:14:30,750 --> 02:14:31,375
the only thing

6890
02:14:31,375 --> 02:14:32,208
to do here in Costa

6891
02:14:32,208 --> 02:14:33,500
Rica and I mean, I know

6892
02:14:33,500 --> 02:14:33,958
a lot of people

6893
02:14:33,958 --> 02:14:34,833
want to move to Costa Rica,

6894
02:14:34,833 --> 02:14:35,708
and I highly encourage you

6895
02:14:35,708 --> 02:14:36,083
to do that.

6896
02:14:36,083 --> 02:14:36,958
It's a great lifestyle.

6897
02:14:36,958 --> 02:14:38,125
It's amazing.

6898
02:14:38,125 --> 02:14:40,041
Like you'll be healthy,

6899
02:14:40,041 --> 02:14:41,041
you can do nothing in

6900
02:14:41,041 --> 02:14:41,916
Costa Rica and be healthy.

6901
02:14:41,916 --> 02:14:43,041
Like you'll

6902
02:14:43,041 --> 02:14:44,041
just become healthy

6903
02:14:44,041 --> 02:14:44,791
by living there.

6904
02:14:44,791 --> 02:14:45,625
It's hard to explain,

6905
02:14:45,625 --> 02:14:46,250
but you will.

6906
02:14:46,250 --> 02:14:46,625
You're going

6907
02:14:46,625 --> 02:14:47,583
to become stronger.

6908
02:14:47,583 --> 02:14:48,750
There's more manual labor.

6909
02:14:48,750 --> 02:14:49,166
There's some

6910
02:14:49,166 --> 02:14:50,000
the fruits, the meat,

6911
02:14:50,000 --> 02:14:51,083
everything's great.

6912
02:14:51,083 --> 02:14:52,291
But like,

6913
02:14:52,291 --> 02:14:53,375
what is the social thing

6914
02:14:53,375 --> 02:14:54,166
to do in Costa Rica?

6915
02:14:54,166 --> 02:14:54,333
Well,

6916
02:14:54,333 --> 02:14:55,166
you just go to the beach

6917
02:14:55,166 --> 02:14:56,250
and watch sunsets, right?

6918
02:14:56,250 --> 02:14:58,083
And the sunsets are amazing.

6919
02:14:58,083 --> 02:14:59,375
But, you know,

6920
02:14:59,375 --> 02:15:01,250
it's I'm like at my

6921
02:15:01,250 --> 02:15:03,875
1700 sunsets.

6922
02:15:03,875 --> 02:15:05,791
It's like I kind of.

6923
02:15:05,791 --> 02:15:06,750
But still

6924
02:15:06,750 --> 02:15:07,500
the whole point being

6925
02:15:07,500 --> 02:15:08,166
if if I'm a

6926
02:15:08,166 --> 02:15:09,041
sovereign individual

6927
02:15:09,041 --> 02:15:09,916
and I want to live in Europe,

6928
02:15:09,916 --> 02:15:10,791
I need to have a bank account

6929
02:15:10,791 --> 02:15:11,916
because I need to pay rent

6930
02:15:11,916 --> 02:15:12,541
by car,

6931
02:15:12,541 --> 02:15:12,958
I need to do

6932
02:15:12,958 --> 02:15:13,916
all those things.

6933
02:15:13,916 --> 02:15:14,541
So that's why

6934
02:15:14,541 --> 02:15:16,958
we replicated this like bills

6935
02:15:16,958 --> 02:15:18,375
in in Europe.

6936
02:15:18,375 --> 02:15:20,208
It's because I want it.

6937
02:15:20,208 --> 02:15:21,083
My wife is French.

6938
02:15:21,083 --> 02:15:21,916
My baby is French.

6939
02:15:21,916 --> 02:15:23,541
I'm also a French citizen,

6940
02:15:23,541 --> 02:15:23,875
even though I'm

6941
02:15:23,875 --> 02:15:24,583
a Canadian citizen.

6942
02:15:24,583 --> 02:15:25,500
I'm also a French citizen.

6943
02:15:25,500 --> 02:15:27,208
So so it's like

6944
02:15:27,208 --> 02:15:28,250
if if

6945
02:15:28,250 --> 02:15:29,208
I'm going to live somewhere,

6946
02:15:29,208 --> 02:15:30,125
I want to be able to live

6947
02:15:30,125 --> 02:15:30,916
on a Bitcoin standard.

6948
02:15:30,916 --> 02:15:31,916
And if the infrastructure

6949
02:15:31,916 --> 02:15:32,541
doesn't exist

6950
02:15:32,541 --> 02:15:33,375
or it's not as good as I

6951
02:15:33,375 --> 02:15:34,291
want, I'm going to build it.

6952
02:15:36,208 --> 02:15:37,375
Yeah true that but

6953
02:15:37,375 --> 02:15:39,375
I Frances this

6954
02:15:39,375 --> 02:15:40,041
this has been a

6955
02:15:40,041 --> 02:15:41,125
great conversation.

6956
02:15:41,125 --> 02:15:42,291
I absolutely love it.

6957
02:15:42,291 --> 02:15:43,250
It's always great

6958
02:15:43,250 --> 02:15:45,000
to see you and

6959
02:15:45,000 --> 02:15:45,625
always great

6960
02:15:45,625 --> 02:15:46,708
to see like

6961
02:15:46,708 --> 02:15:49,500
to confirm that you have this

6962
02:15:49,500 --> 02:15:50,458
deep connection

6963
02:15:50,458 --> 02:15:51,500
with other Bitcoiners

6964
02:15:51,500 --> 02:15:52,583
that may have, like,

6965
02:15:52,583 --> 02:15:53,750
discovered this thing

6966
02:15:53,750 --> 02:15:54,666
through a completely

6967
02:15:54,666 --> 02:15:56,041
different route than you did,

6968
02:15:56,041 --> 02:15:57,750
but you still have these

6969
02:15:57,750 --> 02:15:58,625
core values

6970
02:15:58,625 --> 02:15:59,708
that are just that.

6971
02:15:59,708 --> 02:16:01,250
I just that just resonates.

6972
02:16:01,250 --> 02:16:02,750
I absolutely love it.

6973
02:16:02,750 --> 02:16:03,750
And if there's anything me

6974
02:16:03,750 --> 02:16:04,000
and Luc

6975
02:16:04,000 --> 02:16:05,041
can do for, for,

6976
02:16:05,041 --> 02:16:06,500
for to help build

6977
02:16:06,500 --> 02:16:08,458
bitcoin, take over Europe,

6978
02:16:08,458 --> 02:16:10,000
we will be more than happy

6979
02:16:10,000 --> 02:16:10,916
with any type

6980
02:16:10,916 --> 02:16:11,625
of collaboration.

6981
02:16:11,625 --> 02:16:12,916
Anything we can do for you.

6982
02:16:12,916 --> 02:16:14,208
We love it

6983
02:16:14,208 --> 02:16:16,125
and I hope to see you again

6984
02:16:16,125 --> 02:16:16,791
soon at one of

6985
02:16:16,791 --> 02:16:18,291
the conferences.

6986
02:16:18,291 --> 02:16:19,000
Oh, definitely.

6987
02:16:19,000 --> 02:16:19,583
I'm going to be

6988
02:16:19,583 --> 02:16:20,000
I'm going to go

6989
02:16:20,000 --> 02:16:21,041
project this year.

6990
02:16:21,041 --> 02:16:21,375
Yeah, I'm

6991
02:16:21,375 --> 02:16:21,583
going to

6992
02:16:21,583 --> 02:16:22,250
I'm going to be in Prague

6993
02:16:22,250 --> 02:16:23,083
this year.

6994
02:16:23,083 --> 02:16:24,125
And like the

6995
02:16:24,125 --> 02:16:25,000
the Bitcoin crew

6996
02:16:25,000 --> 02:16:25,916
that we have in Europe

6997
02:16:25,916 --> 02:16:28,458
is fucking so good.

6998
02:16:28,458 --> 02:16:29,416
These guys are

6999
02:16:29,416 --> 02:16:30,416
French bitcoiners.

7000
02:16:30,416 --> 02:16:31,791
So you got,

7001
02:16:31,791 --> 02:16:33,125
Theo Meunier, which is

7002
02:16:34,166 --> 02:16:35,416
just incredibly intelligent

7003
02:16:35,416 --> 02:16:36,416
and like extreme the base.

7004
02:16:36,416 --> 02:16:37,208
And what's funny

7005
02:16:37,208 --> 02:16:38,333
is like the bull Bitcoin

7006
02:16:38,333 --> 02:16:39,375
team in France is like,

7007
02:16:39,375 --> 02:16:39,958
not at all

7008
02:16:39,958 --> 02:16:41,666
like the general culture

7009
02:16:41,666 --> 02:16:42,083
of France.

7010
02:16:42,083 --> 02:16:42,416
It's like

7011
02:16:42,416 --> 02:16:44,333
I just got the most base guy.

7012
02:16:44,333 --> 02:16:45,875
Yeah, we got Jimmy G

7013
02:16:45,875 --> 02:16:46,333
and yeah.

7014
02:16:46,333 --> 02:16:47,250
And JJ

7015
02:16:47,250 --> 02:16:49,125
JJ is like insanely JJ great.

7016
02:16:49,125 --> 02:16:49,708
Yeah, yeah yeah

7017
02:16:49,708 --> 02:16:50,833
JJ is hilarious.

7018
02:16:50,833 --> 02:16:52,500
So so we got

7019
02:16:52,500 --> 02:16:54,208
we got these guys and then,

7020
02:16:54,208 --> 02:16:54,833
you know,

7021
02:16:54,833 --> 02:16:55,833
we're starting out

7022
02:16:55,833 --> 02:16:56,625
so it's available

7023
02:16:56,625 --> 02:16:58,875
everywhere in Europe.

7024
02:16:58,875 --> 02:17:00,083
But we started out in France

7025
02:17:00,083 --> 02:17:01,958
because, you know,

7026
02:17:01,958 --> 02:17:02,625
I'm French,

7027
02:17:02,625 --> 02:17:03,333
we all speak French.

7028
02:17:03,333 --> 02:17:04,500
And what bitcoins.

7029
02:17:04,500 --> 02:17:04,875
Well Bitcoin

7030
02:17:04,875 --> 02:17:05,708
is like international,

7031
02:17:05,708 --> 02:17:06,833
but like still

7032
02:17:06,833 --> 02:17:08,375
a lot of us are from Quebec.

7033
02:17:08,375 --> 02:17:10,875
So French is like the

7034
02:17:10,875 --> 02:17:11,750
the main language

7035
02:17:11,750 --> 02:17:12,291
with English.

7036
02:17:12,291 --> 02:17:13,041
So it just made sense

7037
02:17:13,041 --> 02:17:14,333
for us to be in French,

7038
02:17:14,333 --> 02:17:16,416
but in France.

7039
02:17:16,416 --> 02:17:17,750
But yeah, man,

7040
02:17:17,750 --> 02:17:18,833
I'm like so excited

7041
02:17:18,833 --> 02:17:19,333
to start doing

7042
02:17:19,333 --> 02:17:20,416
content in Spanish

7043
02:17:20,416 --> 02:17:21,083
and Italian

7044
02:17:21,083 --> 02:17:23,291
and Portuguese and,

7045
02:17:23,291 --> 02:17:24,250
the way that we,

7046
02:17:24,250 --> 02:17:24,750
you know, what

7047
02:17:24,750 --> 02:17:25,500
we call marketing,

7048
02:17:25,500 --> 02:17:26,583
it's like it's

7049
02:17:26,583 --> 02:17:27,750
it's really like

7050
02:17:27,750 --> 02:17:28,250
there's two things

7051
02:17:28,250 --> 02:17:29,375
that, that, that we use

7052
02:17:29,375 --> 02:17:31,000
for our mark

7053
02:17:31,000 --> 02:17:31,583
called marketing.

7054
02:17:31,583 --> 02:17:32,875
It's meetups.

7055
02:17:32,875 --> 02:17:34,708
And, and content. Right.

7056
02:17:34,708 --> 02:17:36,666
So it's like for me

7057
02:17:36,666 --> 02:17:39,208
meetups is the absolute key.

7058
02:17:39,208 --> 02:17:39,833
I mean,

7059
02:17:39,833 --> 02:17:40,416
I've been running

7060
02:17:40,416 --> 02:17:40,875
the Bitcoin.

7061
02:17:40,875 --> 02:17:41,708
I don't run it anymore.

7062
02:17:41,708 --> 02:17:42,625
But I'm the owner

7063
02:17:42,625 --> 02:17:43,375
of the Bitcoin meetup

7064
02:17:43,375 --> 02:17:45,583
since 2013, in Montreal.

7065
02:17:45,583 --> 02:17:47,000
And like

7066
02:17:47,000 --> 02:17:47,875
why do I have such

7067
02:17:47,875 --> 02:17:48,958
a deep knowledge of Bitcoin?

7068
02:17:48,958 --> 02:17:49,875
It's because

7069
02:17:49,875 --> 02:17:51,875
I, I've been to like

7070
02:17:51,875 --> 02:17:53,291
I want to say like

7071
02:17:53,291 --> 02:17:54,958
300 bitcoin meetups

7072
02:17:54,958 --> 02:17:55,500
in my life

7073
02:17:55,500 --> 02:17:56,541
or something like that.

7074
02:17:56,541 --> 02:17:58,000
And it's my favorite thing

7075
02:17:58,000 --> 02:18:00,083
to do. It's, it's like this.

7076
02:18:01,250 --> 02:18:02,083
And you've been to,

7077
02:18:02,083 --> 02:18:03,208
you know what it is

7078
02:18:03,208 --> 02:18:03,750
because you go

7079
02:18:03,750 --> 02:18:04,583
to a lot of conferences.

7080
02:18:04,583 --> 02:18:04,750
Right?

7081
02:18:04,750 --> 02:18:05,500
So you understand that.

7082
02:18:05,500 --> 02:18:05,750
Yeah. Yeah.

7083
02:18:05,750 --> 02:18:07,666
I'm made up to like,

7084
02:18:07,666 --> 02:18:08,875
this is the way I view it.

7085
02:18:08,875 --> 02:18:09,375
Like after

7086
02:18:09,375 --> 02:18:10,250
having traveled the world

7087
02:18:10,250 --> 02:18:11,208
for a couple of years,

7088
02:18:11,208 --> 02:18:12,083
ping ping pong

7089
02:18:12,083 --> 02:18:13,166
the conferences

7090
02:18:13,166 --> 02:18:14,125
I like Bitcoin

7091
02:18:14,125 --> 02:18:15,375
is small everywhere,

7092
02:18:15,375 --> 02:18:17,291
but it is fucking everywhere.

7093
02:18:17,291 --> 02:18:17,875
Like, it's

7094
02:18:17,875 --> 02:18:19,041
absolutely everywhere.

7095
02:18:19,041 --> 02:18:20,166
There's a Bitcoin on

7096
02:18:20,166 --> 02:18:21,500
every one horse town

7097
02:18:21,500 --> 02:18:22,916
in every country on earth.

7098
02:18:22,916 --> 02:18:24,083
Like we're everywhere

7099
02:18:24,083 --> 02:18:25,583
and we're unstoppable.

7100
02:18:25,583 --> 02:18:27,250
Like it's insane.

7101
02:18:27,250 --> 02:18:28,500
And the odds,

7102
02:18:28,500 --> 02:18:29,250
the odds of you

7103
02:18:29,250 --> 02:18:29,958
becoming friends

7104
02:18:29,958 --> 02:18:31,166
with, like a random guy

7105
02:18:31,166 --> 02:18:32,750
at the grocery store is low.

7106
02:18:32,750 --> 02:18:33,375
The odds of you

7107
02:18:33,375 --> 02:18:33,916
becoming friends

7108
02:18:33,916 --> 02:18:34,416
with a Bitcoin

7109
02:18:34,416 --> 02:18:35,750
are high regardless

7110
02:18:35,750 --> 02:18:37,416
of what other childhood

7111
02:18:37,416 --> 02:18:38,208
you may have had.

7112
02:18:38,208 --> 02:18:38,750
Experience

7113
02:18:38,750 --> 02:18:40,708
inevitable background

7114
02:18:40,708 --> 02:18:42,625
and like you know.

7115
02:18:42,625 --> 02:18:44,833
And if if it's a cypherpunk

7116
02:18:44,833 --> 02:18:46,416
Bitcoin maxi,

7117
02:18:46,416 --> 02:18:47,958
the odds of you becoming

7118
02:18:47,958 --> 02:18:49,416
good friends are like

7119
02:18:49,416 --> 02:18:51,250
I would say like 85%,

7120
02:18:51,250 --> 02:18:52,250
you know what I mean? Yeah.

7121
02:18:52,250 --> 02:18:53,666
So it's like

7122
02:18:53,666 --> 02:18:54,000
it's like,

7123
02:18:54,000 --> 02:18:55,375
no, it's very rare.

7124
02:18:55,375 --> 02:18:56,375
It's very rare that I,

7125
02:18:56,375 --> 02:18:57,291
that I'm not friends with

7126
02:18:57,291 --> 02:18:57,750
a Bitcoin.

7127
02:18:57,750 --> 02:18:58,791
I'm actually cypherpunk guy.

7128
02:18:58,791 --> 02:18:59,541
And like

7129
02:18:59,541 --> 02:19:01,500
it might not be a safe

7130
02:19:01,500 --> 02:19:03,416
long term strategy, but I

7131
02:19:03,416 --> 02:19:04,833
as you said, like

7132
02:19:04,833 --> 02:19:05,541
if I know that

7133
02:19:05,541 --> 02:19:06,750
your values are solid

7134
02:19:06,750 --> 02:19:08,166
in terms of these two things,

7135
02:19:08,166 --> 02:19:09,833
like you are for privacy

7136
02:19:09,833 --> 02:19:10,583
and sovereignty

7137
02:19:10,583 --> 02:19:11,750
and self-custody

7138
02:19:11,750 --> 02:19:12,958
and also you're not

7139
02:19:12,958 --> 02:19:14,458
a shit corner, then

7140
02:19:15,750 --> 02:19:16,708
I, I'm

7141
02:19:16,708 --> 02:19:17,333
going to I'm going to

7142
02:19:17,333 --> 02:19:18,166
have a soft spot

7143
02:19:18,166 --> 02:19:19,375
in terms of trust. Right?

7144
02:19:19,375 --> 02:19:20,541
I'm going to immediately

7145
02:19:20,541 --> 02:19:22,583
lower my barrier.

7146
02:19:22,583 --> 02:19:23,750
And again,

7147
02:19:23,750 --> 02:19:24,750
that's going to be exploited.

7148
02:19:24,750 --> 02:19:25,750
So people have to be careful

7149
02:19:25,750 --> 02:19:27,083
because anybody can tell you

7150
02:19:27,083 --> 02:19:27,416
that they're a

7151
02:19:27,416 --> 02:19:28,166
cypherpunk maxi

7152
02:19:28,166 --> 02:19:29,333
if they know that that's

7153
02:19:29,333 --> 02:19:30,166
what you want to hear.

7154
02:19:30,166 --> 02:19:31,125
And I

7155
02:19:31,125 --> 02:19:31,625
live out

7156
02:19:31,625 --> 02:19:32,375
of the Bitcoin embassy

7157
02:19:32,375 --> 02:19:33,125
by people telling me

7158
02:19:33,125 --> 02:19:33,333
they were

7159
02:19:33,333 --> 02:19:34,208
libertarians, right?

7160
02:19:34,208 --> 02:19:35,333
Because I used to immediately

7161
02:19:35,333 --> 02:19:36,541
trust libertarians.

7162
02:19:36,541 --> 02:19:37,791
And then I realized that

7163
02:19:37,791 --> 02:19:38,750
not only

7164
02:19:38,750 --> 02:19:39,500
a lot of libertarians

7165
02:19:39,500 --> 02:19:40,708
are fucking scammers.

7166
02:19:40,708 --> 02:19:41,458
I don't know

7167
02:19:41,458 --> 02:19:42,416
if that's the way

7168
02:19:42,416 --> 02:19:43,041
when the name of

7169
02:19:43,041 --> 02:19:45,083
the game is money itself, it

7170
02:19:45,083 --> 02:19:45,625
of course

7171
02:19:45,625 --> 02:19:47,541
attracts a ton of scammers,

7172
02:19:47,541 --> 02:19:48,750
like 99%,

7173
02:19:48,750 --> 02:19:50,666
which is why crypto exists.

7174
02:19:50,666 --> 02:19:52,083
But it also attracts

7175
02:19:52,083 --> 02:19:53,375
these high integrity,

7176
02:19:53,375 --> 02:19:54,916
high intelligence people

7177
02:19:54,916 --> 02:19:56,291
that are the tiny fraction.

7178
02:19:56,291 --> 02:19:57,333
But they're the best people

7179
02:19:57,333 --> 02:19:57,916
in the world.

7180
02:19:57,916 --> 02:19:59,000
Like, yeah,

7181
02:19:59,000 --> 02:20:00,583
and thank God for open source

7182
02:20:00,583 --> 02:20:01,916
software and Twitter

7183
02:20:01,916 --> 02:20:02,583
and social media

7184
02:20:02,583 --> 02:20:03,500
because like

7185
02:20:03,500 --> 02:20:04,750
when I meet someone

7186
02:20:04,750 --> 02:20:06,000
and this is something

7187
02:20:06,000 --> 02:20:08,833
also that makes talk me it's

7188
02:20:08,833 --> 02:20:10,458
the question is like, okay,

7189
02:20:11,500 --> 02:20:13,500
what do you do for Bitcoin.

7190
02:20:13,500 --> 02:20:14,500
Yeah.

7191
02:20:14,500 --> 02:20:16,166
Like what have you built like

7192
02:20:16,166 --> 02:20:18,458
show me, you know, like,

7193
02:20:18,458 --> 02:20:19,375
and you don't have to be

7194
02:20:19,375 --> 02:20:21,125
a software developer, right?

7195
02:20:21,125 --> 02:20:22,833
No. Like like, okay.

7196
02:20:22,833 --> 02:20:23,458
So you know,

7197
02:20:23,458 --> 02:20:24,000
you have content

7198
02:20:24,000 --> 02:20:24,625
from your content,

7199
02:20:24,625 --> 02:20:25,250
like, you have this.

7200
02:20:25,250 --> 02:20:25,875
Show me this, like,

7201
02:20:25,875 --> 02:20:27,166
prove to me, like,

7202
02:20:27,166 --> 02:20:28,666
what's your proof of work

7203
02:20:28,666 --> 02:20:29,750
in bitcoin, right.

7204
02:20:29,750 --> 02:20:31,291
So and, you know,

7205
02:20:31,291 --> 02:20:32,583
if someone tells me like,

7206
02:20:32,583 --> 02:20:33,291
oh well I've just

7207
02:20:33,291 --> 02:20:34,000
been holding bitcoin

7208
02:20:34,000 --> 02:20:35,208
and doing nothing, I'm like,

7209
02:20:35,208 --> 02:20:36,208
okay, I'm not going to

7210
02:20:36,208 --> 02:20:37,375
look at it.

7211
02:20:37,375 --> 02:20:38,666
I'm not going to

7212
02:20:38,666 --> 02:20:39,750
use that against you.

7213
02:20:39,750 --> 02:20:40,083
You know,

7214
02:20:40,083 --> 02:20:41,250
because it's totally fair.

7215
02:20:41,250 --> 02:20:43,083
It's totally fine to just

7216
02:20:43,083 --> 02:20:43,750
hold a coin

7217
02:20:43,750 --> 02:20:44,833
and do nothing for Bitcoin.

7218
02:20:44,833 --> 02:20:45,750
That's totally fine.

7219
02:20:45,750 --> 02:20:46,250
But it's not

7220
02:20:46,250 --> 02:20:47,500
that interesting.

7221
02:20:47,500 --> 02:20:48,000
No, it's

7222
02:20:48,000 --> 02:20:48,708
not that interesting.

7223
02:20:48,708 --> 02:20:49,333
And I'm not going to have

7224
02:20:49,333 --> 02:20:50,250
this rapport with you

7225
02:20:50,250 --> 02:20:51,208
because

7226
02:20:51,208 --> 02:20:51,708
even though

7227
02:20:51,708 --> 02:20:54,000
we are all bitcoiners,

7228
02:20:54,000 --> 02:20:55,000
if we hold Bitcoin

7229
02:20:56,208 --> 02:20:56,833
there's, there's a

7230
02:20:56,833 --> 02:20:57,208
there's a

7231
02:20:57,208 --> 02:20:58,166
difference between

7232
02:20:58,166 --> 02:21:00,625
a bit corner and like

7233
02:21:00,625 --> 02:21:01,875
a Bitcoin builder,

7234
02:21:01,875 --> 02:21:02,625
like someone who,

7235
02:21:02,625 --> 02:21:04,250
someone who is in

7236
02:21:04,250 --> 02:21:05,250
someone who's like I'm

7237
02:21:05,250 --> 02:21:05,916
in Bitcoin

7238
02:21:05,916 --> 02:21:07,958
and like because it's

7239
02:21:07,958 --> 02:21:09,500
my mission,

7240
02:21:09,500 --> 02:21:09,958
is different

7241
02:21:09,958 --> 02:21:10,833
than I'm in Bitcoin

7242
02:21:10,833 --> 02:21:11,416
because I want to

7243
02:21:11,416 --> 02:21:12,041
preserve my wealth

7244
02:21:12,041 --> 02:21:12,750
and that's

7245
02:21:12,750 --> 02:21:14,125
totally respectable

7246
02:21:14,125 --> 02:21:15,500
and it's totally fine.

7247
02:21:15,500 --> 02:21:16,875
But it's not the same thing

7248
02:21:16,875 --> 02:21:17,375
saying no.

7249
02:21:17,375 --> 02:21:18,541
And I think like

7250
02:21:18,541 --> 02:21:19,791
I can only speak for myself,

7251
02:21:19,791 --> 02:21:21,708
but I can't help myself.

7252
02:21:21,708 --> 02:21:24,125
Like I needed to be

7253
02:21:24,125 --> 02:21:25,458
evangelize like,

7254
02:21:25,458 --> 02:21:26,333
yeah, spread

7255
02:21:26,333 --> 02:21:27,291
this skeptic's

7256
02:21:27,291 --> 02:21:28,375
version of the gospel,

7257
02:21:28,375 --> 02:21:29,041
if you will. Like.

7258
02:21:29,041 --> 02:21:29,458
That's what.

7259
02:21:29,458 --> 02:21:30,958
That's what it's just

7260
02:21:30,958 --> 02:21:32,000
I couldn't resist.

7261
02:21:32,000 --> 02:21:33,291
Like, I needed to write.

7262
02:21:33,291 --> 02:21:34,166
I needed to

7263
02:21:34,166 --> 02:21:34,791
get out there

7264
02:21:34,791 --> 02:21:36,375
and create content. Yeah.

7265
02:21:36,375 --> 02:21:37,333
So it's like it's

7266
02:21:37,333 --> 02:21:38,125
kind of like these,

7267
02:21:38,125 --> 02:21:39,083
early European,

7268
02:21:39,083 --> 02:21:41,041
like monk, monasteries

7269
02:21:41,041 --> 02:21:42,416
or something like,

7270
02:21:42,416 --> 02:21:43,333
the thing that we have

7271
02:21:43,333 --> 02:21:44,208
that bring us together

7272
02:21:44,208 --> 02:21:45,750
is we have we have a flame.

7273
02:21:45,750 --> 02:21:46,250
And it's hard

7274
02:21:46,250 --> 02:21:47,125
to explain what it is,

7275
02:21:47,125 --> 02:21:48,166
but, like,

7276
02:21:48,166 --> 02:21:48,833
we all have this

7277
02:21:48,833 --> 02:21:50,333
burning desire inside of us.

7278
02:21:50,333 --> 02:21:51,083
And like,

7279
02:21:51,083 --> 02:21:51,750
I see it in

7280
02:21:51,750 --> 02:21:53,208
other people, and I'm like,

7281
02:21:53,208 --> 02:21:54,041
if you have this burning

7282
02:21:54,041 --> 02:21:55,041
desire and I have this

7283
02:21:55,041 --> 02:21:56,750
burning desire, then

7284
02:21:56,750 --> 02:21:59,541
like, it's it's like there's

7285
02:21:59,541 --> 02:22:00,208
you can't have

7286
02:22:00,208 --> 02:22:01,000
the burning desire

7287
02:22:01,000 --> 02:22:03,083
to evangelize Bitcoin

7288
02:22:03,083 --> 02:22:04,375
if you're evil. Right?

7289
02:22:04,375 --> 02:22:05,000
It's really hard,

7290
02:22:05,000 --> 02:22:06,083
you know,

7291
02:22:06,083 --> 02:22:08,833
but we've seen like the,

7292
02:22:08,833 --> 02:22:09,666
we've seen the,

7293
02:22:09,666 --> 02:22:10,375
we have the truth

7294
02:22:10,375 --> 02:22:11,125
goggles thing.

7295
02:22:11,125 --> 02:22:12,916
Like we've seen the future.

7296
02:22:12,916 --> 02:22:14,541
What it can hold like

7297
02:22:14,541 --> 02:22:15,083
we've seen

7298
02:22:15,083 --> 02:22:16,500
how beautiful it can be

7299
02:22:16,500 --> 02:22:17,875
and what greater costs

7300
02:22:17,875 --> 02:22:18,958
to fight for.

7301
02:22:18,958 --> 02:22:20,500
I don't know, Francis.

7302
02:22:20,500 --> 02:22:22,041
I'm going to have to, like,

7303
02:22:22,041 --> 02:22:22,750
stop that. Yeah.

7304
02:22:22,750 --> 02:22:23,750
So I got to go to.

7305
02:22:23,750 --> 02:22:24,708
The thing is,

7306
02:22:24,708 --> 02:22:25,541
I want to say

7307
02:22:25,541 --> 02:22:26,875
a couple of other things.

7308
02:22:26,875 --> 02:22:27,833
You're coming to Prague.

7309
02:22:27,833 --> 02:22:28,208
You said,

7310
02:22:29,666 --> 02:22:30,291
I think I'm

7311
02:22:30,291 --> 02:22:31,125
coming to Calgary.

7312
02:22:31,125 --> 02:22:32,125
I don't know, I don't know.

7313
02:22:32,125 --> 02:22:33,625
Oh, shit. Really? Sorry.

7314
02:22:33,625 --> 02:22:34,041
Yeah, yeah,

7315
02:22:34,041 --> 02:22:35,208
I'm gonna go to both.

7316
02:22:35,208 --> 02:22:36,666
It's in the final stages.

7317
02:22:36,666 --> 02:22:38,416
I think I'm coming.

7318
02:22:38,416 --> 02:22:40,041
We're still negotiating, but.

7319
02:22:40,041 --> 02:22:41,791
But there's a good chance,

7320
02:22:41,791 --> 02:22:43,708
And I want you to come to.

7321
02:22:43,708 --> 02:22:45,625
Or we want you to come to BTC

7322
02:22:45,625 --> 02:22:47,666
hell in, August, if you can.

7323
02:22:47,666 --> 02:22:48,958
Are you coming up

7324
02:22:48,958 --> 02:22:50,541
Baltic Honey Badger again?

7325
02:22:50,541 --> 02:22:51,500
Yeah.

7326
02:22:51,500 --> 02:22:54,291
The week after in Helsinki.

7327
02:22:54,291 --> 02:22:55,416
Oh. Really?

7328
02:22:55,416 --> 02:22:56,000
We are.

7329
02:22:56,000 --> 02:22:57,875
Luke and I are part of,

7330
02:22:57,875 --> 02:22:59,375
organizing this conference

7331
02:22:59,375 --> 02:23:00,000
in Helsinki.

7332
02:23:00,000 --> 02:23:01,750
And Marty, old man's,

7333
02:23:01,750 --> 02:23:03,083
also there.

7334
02:23:03,083 --> 02:23:03,750
I'm going to be spending

7335
02:23:03,750 --> 02:23:05,541
my summer in Europe, so,

7336
02:23:05,541 --> 02:23:06,333
I'll be I'll

7337
02:23:06,333 --> 02:23:07,083
definitely be around.

7338
02:23:07,083 --> 02:23:08,666
It sounds good to say how

7339
02:23:08,666 --> 02:23:09,166
we'll send you

7340
02:23:09,166 --> 02:23:10,250
all the details and stuff.

7341
02:23:10,250 --> 02:23:10,666
Like,

7342
02:23:10,666 --> 02:23:12,583
we'd love to have you there.

7343
02:23:12,583 --> 02:23:14,000
The Scandinavians need

7344
02:23:14,000 --> 02:23:15,000
based voices.

7345
02:23:15,000 --> 02:23:16,208
They need to hear that

7346
02:23:16,208 --> 02:23:18,125
there's, there's

7347
02:23:18,125 --> 02:23:18,833
another way

7348
02:23:18,833 --> 02:23:20,000
than just being a sheep

7349
02:23:20,000 --> 02:23:21,125
and saying bye bye

7350
02:23:21,125 --> 02:23:22,125
and following whatever.

7351
02:23:22,125 --> 02:23:22,666
And the authorities.

7352
02:23:22,666 --> 02:23:23,250
I'm.

7353
02:23:23,250 --> 02:23:23,833
I'm glad you're

7354
02:23:23,833 --> 02:23:24,500
coming to the rodeo.

7355
02:23:24,500 --> 02:23:24,791
We're going to

7356
02:23:24,791 --> 02:23:25,500
have great fun.

7357
02:23:25,500 --> 02:23:26,250
And we're going to give you

7358
02:23:26,250 --> 02:23:27,083
a taste of the cowboy

7359
02:23:27,083 --> 02:23:27,625
lifestyle.

7360
02:23:27,625 --> 02:23:29,166
So, yeah,

7361
02:23:29,166 --> 02:23:30,291
mate, X is a proper

7362
02:23:30,291 --> 02:23:31,458
fucking cowboy.

7363
02:23:31,458 --> 02:23:31,708
Yeah.

7364
02:23:31,708 --> 02:23:33,500
So we're we're going to

7365
02:23:33,500 --> 02:23:34,041
we're going to do

7366
02:23:34,041 --> 02:23:35,125
some redneck,

7367
02:23:35,125 --> 02:23:36,750
redneck North American shit,

7368
02:23:36,750 --> 02:23:37,583
you know, shoot guns,

7369
02:23:37,583 --> 02:23:38,875
blow shit up.

7370
02:23:38,875 --> 02:23:41,000
I love to have tons of fun.

7371
02:23:41,000 --> 02:23:42,583
All right. It's great.

7372
02:23:42,583 --> 02:23:44,125
Is there anywhere on the on

7373
02:23:44,125 --> 02:23:44,666
the internet

7374
02:23:44,666 --> 02:23:45,000
do you want to

7375
02:23:45,000 --> 02:23:45,958
send our listeners

7376
02:23:45,958 --> 02:23:46,916
before we wrap up,

7377
02:23:46,916 --> 02:23:49,583
other than Bitcoin everywhere

7378
02:23:49,583 --> 02:23:51,291
or Bitcoin.com?

7379
02:23:51,291 --> 02:23:53,416
Yeah. Well, actually, so the,

7380
02:23:54,416 --> 02:23:55,041
well, Bitcoin has

7381
02:23:55,041 --> 02:23:55,875
two apps right now.

7382
02:23:55,875 --> 02:23:57,416
There's the Canada app

7383
02:23:57,416 --> 02:23:58,250
and then

7384
02:23:58,250 --> 02:23:59,291
there's the European app,

7385
02:23:59,291 --> 02:24:00,083
which are fully

7386
02:24:00,083 --> 02:24:01,000
different apps.

7387
02:24:01,000 --> 02:24:02,125
So if you want to try it out,

7388
02:24:02,125 --> 02:24:03,375
go to app

7389
02:24:03,375 --> 02:24:05,250
dodgeball, Bitcoin.com, app

7390
02:24:05,250 --> 02:24:06,708
dodgeball, Bitcoin.com.

7391
02:24:06,708 --> 02:24:07,250
If you go on

7392
02:24:07,250 --> 02:24:08,041
Bitcoin.com,

7393
02:24:08,041 --> 02:24:08,541
you're going to see

7394
02:24:08,541 --> 02:24:10,125
like a Europe kind of button.

7395
02:24:10,125 --> 02:24:11,000
But if you just want to go

7396
02:24:11,000 --> 02:24:12,083
straight to the app,

7397
02:24:12,083 --> 02:24:14,541
go to Apple Bitcoin.com

7398
02:24:14,541 --> 02:24:16,125
and, you know, try it out.

7399
02:24:16,125 --> 02:24:17,625
We launched it like

7400
02:24:17,625 --> 02:24:18,791
three months ago.

7401
02:24:18,791 --> 02:24:21,291
And, it's a new app.

7402
02:24:21,291 --> 02:24:21,958
It's not the same

7403
02:24:21,958 --> 02:24:23,125
as the Canadian one.

7404
02:24:23,125 --> 02:24:23,750
So it's,

7405
02:24:23,750 --> 02:24:24,625
you know, it's not in beta.

7406
02:24:24,625 --> 02:24:24,958
It's like,

7407
02:24:24,958 --> 02:24:25,833
obviously it's functional,

7408
02:24:25,833 --> 02:24:26,958
it works.

7409
02:24:26,958 --> 02:24:27,500
But if you have

7410
02:24:27,500 --> 02:24:28,250
any suggestions

7411
02:24:28,250 --> 02:24:30,208
or comments or,

7412
02:24:30,208 --> 02:24:31,083
feedback is like

7413
02:24:31,083 --> 02:24:32,125
absolutely critical.

7414
02:24:32,125 --> 02:24:33,083
And, it's

7415
02:24:33,083 --> 02:24:34,041
not like complaining

7416
02:24:34,041 --> 02:24:34,583
to Coinbase

7417
02:24:34,583 --> 02:24:35,000
where they're just

7418
02:24:35,000 --> 02:24:36,000
going to tell you that.

7419
02:24:36,000 --> 02:24:36,583
No, like

7420
02:24:36,583 --> 02:24:37,541
if you have something

7421
02:24:37,541 --> 02:24:38,875
that you don't like

7422
02:24:38,875 --> 02:24:40,166
or that you like or something

7423
02:24:40,166 --> 02:24:40,708
that's missing,

7424
02:24:40,708 --> 02:24:41,958
that you want,

7425
02:24:41,958 --> 02:24:43,000
as I say, we're a small team

7426
02:24:43,000 --> 02:24:43,958
and like

7427
02:24:43,958 --> 02:24:44,833
people would be surprised

7428
02:24:44,833 --> 02:24:46,208
how quick we can add stuff,

7429
02:24:46,208 --> 02:24:47,250
you know?

7430
02:24:47,250 --> 02:24:47,791
Hey, I would like to

7431
02:24:47,791 --> 02:24:48,416
have a button here

7432
02:24:48,416 --> 02:24:49,125
to do this, like.

7433
02:24:49,125 --> 02:24:49,666
Okay, cool.

7434
02:24:49,666 --> 02:24:50,458
Like, I didn't think

7435
02:24:50,458 --> 02:24:51,666
anybody wanted that, so

7436
02:24:52,708 --> 02:24:53,958
I'll just put the button

7437
02:24:53,958 --> 02:24:55,416
there like you want it. So.

7438
02:24:55,416 --> 02:24:57,208
So it really is,

7439
02:24:57,208 --> 02:24:58,833
like dynamic.

7440
02:24:58,833 --> 02:24:59,833
And also the

7441
02:24:59,833 --> 02:25:01,291
Bitcoin wallet on right now

7442
02:25:01,291 --> 02:25:03,083
it's only Google Play.

7443
02:25:03,083 --> 02:25:04,125
It's going to be on iOS

7444
02:25:04,125 --> 02:25:05,375
as soon as I,

7445
02:25:05,375 --> 02:25:07,791
I'm in a little legal scuffle

7446
02:25:07,791 --> 02:25:09,125
with iPhone anyway.

7447
02:25:09,125 --> 02:25:10,708
Paperwork stuff.

7448
02:25:10,708 --> 02:25:12,208
But it's, it's way easier

7449
02:25:12,208 --> 02:25:13,833
to create an Android app

7450
02:25:13,833 --> 02:25:14,500
than an iPhone app,

7451
02:25:14,500 --> 02:25:15,625
I guarantee you that.

7452
02:25:15,625 --> 02:25:16,916
But try try to make an app.

7453
02:25:16,916 --> 02:25:18,500
There's also a telegram group

7454
02:25:18,500 --> 02:25:18,916
when you,

7455
02:25:18,916 --> 02:25:19,625
when you download the

7456
02:25:19,625 --> 02:25:20,458
Bitcoin wallet,

7457
02:25:20,458 --> 02:25:21,458
if you go to settings,

7458
02:25:21,458 --> 02:25:23,458
there's a telegram group for

7459
02:25:23,458 --> 02:25:24,916
enhancements, comments,

7460
02:25:24,916 --> 02:25:25,750
improvements,

7461
02:25:25,750 --> 02:25:26,708
that kind of stuff.

7462
02:25:26,708 --> 02:25:27,708
It's it's pretty active.

7463
02:25:27,708 --> 02:25:29,208
It's actually pretty fun.

7464
02:25:29,208 --> 02:25:30,083
So try it out

7465
02:25:30,083 --> 02:25:32,291
and then same thing like

7466
02:25:32,291 --> 02:25:33,083
we have,

7467
02:25:33,083 --> 02:25:34,083
I don't know, 14

7468
02:25:34,083 --> 02:25:35,750
engineers working on bull.

7469
02:25:35,750 --> 02:25:37,791
We're a lot of engineers.

7470
02:25:37,791 --> 02:25:38,458
Half of the team

7471
02:25:38,458 --> 02:25:40,625
is engineering. So.

7472
02:25:40,625 --> 02:25:41,666
Hey, I would like

7473
02:25:41,666 --> 02:25:42,500
this feature,

7474
02:25:43,666 --> 02:25:44,541
but just just

7475
02:25:44,541 --> 02:25:45,625
don't hesitate to say it.

7476
02:25:45,625 --> 02:25:46,500
And there's like

7477
02:25:46,500 --> 02:25:47,916
a non-zero chance

7478
02:25:47,916 --> 02:25:48,833
that we'll just immediately

7479
02:25:48,833 --> 02:25:49,625
put it in if you want.

7480
02:25:49,625 --> 02:25:50,500
So bull

7481
02:25:50,500 --> 02:25:52,583
Bitcoin app on on Android

7482
02:25:52,583 --> 02:25:53,500
download it, join

7483
02:25:53,500 --> 02:25:54,500
the telegram group.

7484
02:25:54,500 --> 02:25:55,750
Give feedback

7485
02:25:55,750 --> 02:25:57,416
at double Bitcoin.com.

7486
02:25:57,416 --> 02:25:58,416
If you have feedback,

7487
02:25:58,416 --> 02:25:59,875
there's a live chat.

7488
02:25:59,875 --> 02:26:00,458
This is actually

7489
02:26:00,458 --> 02:26:01,250
my favorite feature

7490
02:26:01,250 --> 02:26:02,333
with bull Bitcoin.

7491
02:26:02,333 --> 02:26:03,958
We never had a ticket system.

7492
02:26:03,958 --> 02:26:04,791
I was always I'm

7493
02:26:04,791 --> 02:26:05,625
against customer

7494
02:26:05,625 --> 02:26:06,583
support tickets.

7495
02:26:06,583 --> 02:26:08,625
There is just a live chat

7496
02:26:08,625 --> 02:26:09,875
that's never ending.

7497
02:26:09,875 --> 02:26:11,250
So there's no

7498
02:26:11,250 --> 02:26:11,791
it's just

7499
02:26:11,791 --> 02:26:13,125
and it's a human behind it.

7500
02:26:13,125 --> 02:26:14,791
So if if you want questions

7501
02:26:14,791 --> 02:26:16,166
just go in the live chat.

7502
02:26:16,166 --> 02:26:16,958
I guarantee you someone's

7503
02:26:16,958 --> 02:26:17,666
going to answer within

7504
02:26:17,666 --> 02:26:18,375
like 30 minutes.

7505
02:26:18,375 --> 02:26:20,791
So, give us your feedback,

7506
02:26:20,791 --> 02:26:21,708
let us know what you need.

7507
02:26:21,708 --> 02:26:23,458
Let us know what's missing.

7508
02:26:23,458 --> 02:26:24,750
And, we'll

7509
02:26:24,750 --> 02:26:26,083
we'll find a way to

7510
02:26:26,083 --> 02:26:26,458
find a way

7511
02:26:26,458 --> 02:26:27,791
to put that in there.

7512
02:26:27,791 --> 02:26:28,125
Yeah. Right.

7513
02:26:28,125 --> 02:26:28,375
Thanks.

7514
02:26:28,375 --> 02:26:29,000
Going to

7515
02:26:29,000 --> 02:26:29,750
we'll have to

7516
02:26:29,750 --> 02:26:31,333
put in the code infinity

7517
02:26:31,333 --> 02:26:32,875
for some special feature,

7518
02:26:32,875 --> 02:26:33,500
because you can

7519
02:26:33,500 --> 02:26:34,500
use code infinity

7520
02:26:34,500 --> 02:26:36,750
for all sorts of other stuff

7521
02:26:36,750 --> 02:26:38,000
on the internet including.

7522
02:26:38,000 --> 02:26:38,541
Oh yeah. Okay.

7523
02:26:38,541 --> 02:26:40,166
Cool discount on the tickets

7524
02:26:40,166 --> 02:26:41,291
to all those conferences.

7525
02:26:41,291 --> 02:26:42,291
We would talk. Yeah. No, no.

7526
02:26:42,291 --> 02:26:43,625
So yeah, we'll,

7527
02:26:43,625 --> 02:26:44,333
we'll give you a code

7528
02:26:44,333 --> 02:26:44,958
and then whoever

7529
02:26:44,958 --> 02:26:48,333
uses the code gets, 0.25% off

7530
02:26:48,750 --> 02:26:49,625
on the Bitcoin price.

7531
02:26:49,625 --> 02:26:50,500
So it's actually pretty good.

7532
02:26:50,500 --> 02:26:51,208
So all

7533
02:26:51,208 --> 02:26:52,500
you heard it from the man.

7534
02:26:52,500 --> 02:26:53,750
Yeah. All right.

7535
02:26:53,750 --> 02:26:54,333
There we go.

7536
02:26:54,333 --> 02:26:56,208
Thank thank you friends.

7537
02:26:56,208 --> 02:26:56,750
This is you.

7538
02:26:56,750 --> 02:26:57,958
Have a good evening.

7539
02:26:57,958 --> 02:26:59,041
You timelines.

7540
02:27:00,000 --> 02:27:00,458
This has

7541
02:27:00,458 --> 02:27:01,458
been the Bitcoin

7542
02:27:01,458 --> 02:27:03,708
infinity show over and out.