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[MUSIC]

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All right, everybody, welcome to Phantom Power Business Hour.

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Really happy to have a friend of mine here, local from Nashville,

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two-time Bitcoin book author, Mr. Chris Bullbey.

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He has written two books that we're going to talk about.

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One is Bitcoin for kiddos.

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I think it's probably the only children's book for Bitcoin on the market,

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as well as a book that made me laugh out loud, 99 signs.

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You might be a Bitcoin maximalist.

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Chris, thank you very much for coming on, buddy.

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Yeah, absolutely.

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Glad to be here.

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Yeah, so let's do a little background first.

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I don't want to give away what I read on your website or on the intros of the book,

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but tell us how you got in, let's start with how you got into Bitcoin.

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I guess you could say I've always been in Bitcoin even before I knew Bitcoin existed.

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I've always been a student of money, always trying to figure out how money works,

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how the wealthier using money in order to better their lives and buy more assets

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and accumulate more things and kind of live the lifestyle that we all see in the Hollywood movies about,

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you know, the glamour and the glitz and the fame and the jet setting and all that other kind of stuff.

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But I never really knew how to get there.

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So I went to school, got a degree in finance and got into sales and I've just basically

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been selling most of my life.

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And I had a conversation with my dad many, many, many years ago in college and we were talking about

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what it would take for the world to get along.

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And you know, it's kind of, it kind of comes back to the source here because the conversation we had

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was about US and Chinese relationships.

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And now we seem to be right back in a situation where US and Chinese relationships are tense.

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And one of the things that came out of that conversation, my dad asked me what I thought it would

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take for the world to get along. And I said, I think we probably need one money or one one thing that

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binds us all back together that we can at least all agree on has value and work off of that.

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And at the end of the conversation, we kind of realized that was never going to happen because

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there was just too many other differences and too many other political challenges.

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So fast forward about a decade later, I'm taking a walk with a buddy of mine just before my first

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son was born and he tells me about this thing called Bitcoin. He goes, hey, have you ever heard of

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this thing called Bitcoin? And I said, yeah, I've heard of it. I've heard it's for money laundering and

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I've heard it's for criminals and at the time there was this website called Silk Road where people

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were buying drugs and guns and all sorts of nefarious things on it. And he said, I think you really

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need to take a look at it. And I said, I don't think so. You should probably get out of this as well.

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And over the course of two hours on this hike, he tried to convince me to take a closer look at Bitcoin

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and I tried to convince him all the reasons why it was never going to work. But at the end of that

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conversation, he intrigued me enough where I went home and I did a couple of quick Google searches

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on it and I found Satoshi Nakamoto's white paper, which is basically the description of what Bitcoin is

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and how it's going to change the financial systems and provide a peer-to-peer system of exchange.

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And it reminded me of that conversation I had with my dad a decade before.

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And I thought to myself, oh my god, this could be that thing.

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And so I went down the rabbit hole a little bit deeper and learned about how to buy it in

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the exchanges and Coinbase, Crackin, Gemini, all the exchanges that were selling it at the time.

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And I just started nibbling at it and just buying a little bit of it and then I'd make a little

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profit and then I'd sell it and then I'd see the price start running up higher and I'm like,

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whoa, wait a minute, what's going on here? Why is this thing going so fast, so high? And I just started

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researching more and more about it and buying a little bit more nibbling away at it and the more

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you buy, the more you start, you want to know why you're building this thing and then the price would

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crash and then I would want to know even more why I was owning this thing because it seemed really

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volatile at the time. And just over time, I just kept talking about it and talking with friends about

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it and reading about it and listening to podcasts like yours and other people discussing it.

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So finally, my wife said one day, Chris, you keep talking about this thing, you never shut up.

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You need to write a book about it for our kids and I was like, write a book about Bitcoin,

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are you kidding me? I'm not like an economist. I'm not a journalist. I don't know how to do anything

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like that and she said, just think about it. So over the course of a year, I kind of thought about it

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and thought about it. I couldn't come up with it. It's such a vast subject. There's so many different

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things that you can talk about within Bitcoin. I was like, how am I going to dial this down to

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just one concept? And one night I was sitting on the sofa kind of meditating and this idea popped

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into my head. And before I knew it, I basically had the outline to the whole book right now.

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And my wife's an artist and so she did the illustrations for the kids. She did the illustrations for

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the book. I gave her some kind of some ideas on what to draw on each one of the concepts of the

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pages and then she kind of went to work. So over the course of about four months while our kids were

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sleeping in bed, we'd sit up from about 10 o'clock till 1 o'clock in the morning at the dining room

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table, just kind of hatching that ideas and drawing and discussing and putting the book together.

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So the name of the book just for everybody, it's called Bitcoin for kiddos and you can actually go

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to Bitcoin for kiddos.com and see it and you can buy it there. You can also buy it on Amazon.

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And this was self-published, right? Like you guys did it through your own because you've got a

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website, btcpublish.com, right? Yeah, yeah. Cool. So they can find it at btcpublish.com, they can find it

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at Bitcoin for kiddos.com and then they can find it at Amazon, right? Yeah, you can buy it on Amazon,

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so it costs a little bit more on Amazon because Amazon charges a lot of fees. Yeah. Yeah, I noticed that

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when I was doing some research on it because you live like five, 10 minutes away from me and I'm

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like, "Why do you say, "Why is Amazon charging more for this?" Anyways, you just rattled through a bunch

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of the questions that I had for the book and I wanted to comment really quick too, but I mean,

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I love your origin story. You're just nibbling away at it. But the absolute beginnings of it comes from

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a desire for everybody to get along, a desire for everybody to live peacefully together. That's where

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your thought process started. I also love your wife's story that I saw. I can't remember which book I

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saw it in or if it was on the website. And I won't give it away, but she talked about reading another

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woman's experiences in life and how Bitcoin was able to improve that woman's life and that's what

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was kind of like the tipping point for Frida, your wife. Did I pronounce that right? Frida?

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Frida. Yes. Frida. So that was kind of like the tipping point for your wife to really buy in on this

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with respect to its benefit for everyone. Yeah. Yeah, it was a story of, I believe the woman was from

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Afghanistan, yeah, on a day. And she was living in a very impoverished life married under the thumb of

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her husband in an incredibly male dominated society. And she was in it was an abusive relationship.

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And she discovered Bitcoin in a way for her to make her own money and ultimately make enough money

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writing articles and kind of telling her story that she was able to save up enough money and to

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get out of that relationship and leave the country ultimately, I believe. And she was only able to do

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that through Bitcoin and getting her story out on the internet to the world and then having them

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compensate her from around the world in a form of money that she could store and hold herself.

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That wasn't confiscatable. It wasn't subjects to the rules and regulations of either her husband or

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or the banking system. Yeah, that's such a massive benefit that I don't think people understand is

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possible and is happening with Bitcoin. I mean, I like to believe that we're all philanthropic at heart.

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And to have that power in your hand with your phone, with your lightning wallet, with your

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on-chain Bitcoin, whatever, to be able to change somebody's life in another part of the world

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instantly. And to do so without any sort of interference, without any sort of middlemen is just

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it's so powerful. And I find that that really resonates with women when you're telling them about

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what Bitcoin is. But let's get back to the book real quick, Bitcoin for kiddos. Tell me real quick,

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what was the easiest part of the book to write? Because this was your first, as you said earlier,

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in the interview. What was the easiest part of the book to write? And what was the hardest part of

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the book to write? For me, my wife always tells me that I'm a good storyteller, but for me,

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the challenge is always getting the story started. Where to start? What's page one? What's the original

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I, what's the idea? And then, so once I had the first kind of sentence, the book starts out with,

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Bitcoin is something is something quite rare. It was not something you'll find in your pocket

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or under your chair. So the whole story is written in rhyme. And at that moment when I was meditating

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on it, I was like, "Man, Bitcoin is something, it's something special." Just that thought really

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kind of was the kick start to, and I was like, "Well, why is it special? What is it?" And just

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from there, it just kind of manifested itself. Again, it took me a year to think of a concept,

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about 45 minutes to write the whole story out. So it's almost serendipitous of that respect.

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You know, there's a synergy there to songwriting because like, you're like, "Damn, I got an idea."

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Like, I know I want to write about X and you're mulling on it and you're mulling on it. And then that

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first line comes to you and then the whole thing just cascades out. And you know, it's funny.

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Another comparison I'll say is that songwriters, sometimes they'll fight and fret and

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just beat a song up that they're trying to write over the course of two or three weeks,

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you know, two or three months, or they've had ideas in my head for years that I've never been able

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to finish. And then one day, something pops in your head and the whole damn thing comes out in 45

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minutes, just like you said. You know? So I think there's a synergy there to, you know, from being an

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author to being a songwriter. What type of reaction have you received from kids

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about this book? Yeah, they really love it. They really love the illustrations in the book and they

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really love the rhyming style of it. And it's written simplistically enough where even if you're

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new to Bitcoin or you don't understand money or you don't understand the 2008 financial crisis,

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it's engaging enough. There's enough going on in it where it's a fun story and it's easy to remember.

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Yeah. Well, I'll give you credit. Like I really like the way that it's written. You know, kids are

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smarter than we give them credit for. And I liked the fact that you threw some big words in there

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for them to really chew on, so to speak, you know, like you use the word paper, you use the word currency,

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you use the term ivory tower. You know, kids that they're naturally curious, they're going to

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ask questions. And I really like the fact that you threw out just enough big words in there to get them to

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you know, to think and to ask questions. And then of course, I also loved how it ended. And I won't

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give it all away with the end. And the side bar comments that are made in some of the illustrations,

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like the one that stuck out to me is why do all the boring things go up in price and the fun stuff

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goes down in value over time. I mean, those are those are some big topics to cover with kids.

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Yeah, we wanted to we wanted to create a story that would create kind of a platform for parents to

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be again, engaging in their with their kids about money. Because growing up, I grew up in a family

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with two entrepreneurial parents. And the discussion of money and business was something that we

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talked about the dinner table all the time. And as my brother and I got older, we of course had to

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help our parents where we could with with their businesses, whether it be stuffing embellopes or,

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you know, linking stamps or all sorts of things way back in the day. Compared to my wife's family

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who she grew up in a fairly well off family. But money was never discussed. So the women in the

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household didn't really understand money like the men did and it created a sort of barrier

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in communication. And I never wanted that to happen in my relationship. And I wanted my kids

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the earlier you learn about money, the easier it becomes to understanding and using to your

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advantage. Like a sport or like a song. The first time you play the song, it's clunky, it's hard,

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it's difficult. But the more you practice that at the easier it becomes and the more fluid things

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become. And you can kind of see the trap that you're you're moving down before it even happens.

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And so that's kind of the idea we've taken with the concept of money and finance for our kids too.

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Get them started early and get them started often. So it doesn't become this taboo subject later in

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life. Yeah, fantastic. You know, I think as a parent, I think the the two most important things you can

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give your kids. Number one is your time. And number two is a great thought process. You know,

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a good critical thinking skill. And and by writing this book, I think you I think you've done that.

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It's really impressive. What what what what have your kids thought about this book? You I know you've

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got two kids. What what do they think about it? Yeah, they they like it. My my daughter reads it all

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the time, but she's at the bathroom. Got it memorized. She's put it to music and then my my son he

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hears about Bitcoin so frequently now he's he's he's almost bored with it. He's yeah, he's not either way.

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Yeah. Well, did you get any sort of yeah, you know, when you write a song or you write a book or

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or you're crafting a sales presentation, you're always thinking of, hey, this is what the message is.

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But then somebody interprets it in a different way in a positive way and you're like,

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oh, that's cool. I didn't even think about it in that respect. Like, did you get any sort of

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unintended positive feedback from this book? Yeah, there's if you go to the the Twitter account.

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There's a lot of testimonials from families that have read the book and comments of how

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their children spoke up about certain concepts or topics within the book that they found is their

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favorite parts. You know, it's and it's one of the things that I love about podcasts and, you know,

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living in the time that we live in right now because the access to information is so easy to get.

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And the way we the way we think about things is is different from person to person. And so listening

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to these conversations allowed me to kind of, yeah, think about things in a way I hadn't thought about

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them before and kind of get new insight into, you know, so what a lot of people would consider

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really complicated topics. But just listening to conversations from, you know, people a lot smarter

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than me and people who have had this conversation a lot longer than me, the way they're able to break

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it down and simplify the concepts in a way that is more relatable to my life as it has really helped

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in the educational process of learning more about Bitcoin because by all means am I not an expert

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or I'm definitely not an expert at Bitcoin. But I continue to just just plug away on it and keep

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learning more about it. Well, I'll tell you every time we've talked either when we met per copy

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that one day or when we played golf, like I always walk out of the conversation or even if I run into

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you for a couple of minutes at Bitcoin Park, like you always drop like a little nugget that lead to just

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you know, it's like a bowling ball kick and kicked around on my head and I'm like, oh god,

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I got to write that down and figure out what the hell he was talking about.

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You always give me a lot of, you ought to get as the young kids say, man, you're spitting bars,

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you know, like you, you're one of the guys that I know whenever I see you or I know whenever I talk to you,

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you're gonna, you're gonna give me something new to think about and I greatly appreciate that.

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Yeah, that's, in by the way, I don't know what the hell happened to my camera there.

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We're not used, we're not gonna use the video, but for some reason my camera cracked out. So

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all right, let's move on to the next book, which I seriously laughed out loud at a bunch of these signs.

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Your second book is called 99 Signs, you might be a Bitcoin maximalist and

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this is a really great gift for any friend who is in Bitcoin, either one year and or 10 years in.

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It's a fun read, it's a great, kind of like a great coffee table type thing.

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Tell me about your thought process behind writing it and how that whole thing kicked off.

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Yeah, well, several years ago back in the Bitcoin space, there was some people in the all-coin space

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that were trying to find ways to poke fun at Bitcoiners. And, you know, I thought it was really

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funny because Bitcoiners already know these things about themselves. It's what makes us,

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it's what makes us unique in the sense that we can take a kind of a lighter hearted look at ourselves

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and realize the outside world that we may be seeing a little crazy if you want or a cult

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ask for religion like we get a lot in the space. Yeah. And I was just thinking about some of the things

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that I think about it, what I hear other Bitcoiners in the space talk about and think about

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and you know, in our world right now memes are a really big part of the online communication style

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and you know, like the saying goes, it picturesets a thousand words. And so honestly, my wide

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window to store one day with the kids and I was sitting down at the table and I was listening

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to some podcasts and some reading some articles and going through Twitter and I was kind of thinking of

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Jeff Foxworthy, the comedian, you know, like this is your sign. I do. You might be a red neck if.

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Yeah. And so I started thinking of the idea, you know, you might be a Bitcoin maximal if

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you think these things. And I just started, I wrote down one and then I wrote down two and then,

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you know, before I knew it, I had 25 different ones. And then I was like, okay, well, you know,

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let's see how far I can get. And before I knew that I had like a hundred of them. And so my

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wife comes home from the grocery store and while she's putting groceries away, I just started reading

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it to her and she started laughing and we're like, okay, you know, this could be the next book that we do.

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And then so we wanted to go to El Salvador to visit and to, you know, El Salvador is known as a

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Bitcoin country now. Now they have Bitcoin as legal tender in the country. And we wanted to go the

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first year after that was done so we could kind of see where El Salvador was at and then go back

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several years later and see, you know, how Bitcoin, if at all, it had changed the country, which

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for anybody who is following El Salvador now knows that Bitcoin is changing the country. And there

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have been remarkable changes to the infrastructure, to the crime rates, to people's prosperity,

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people are actually leaving the United States and moving back to El Salvador because it's a safer,

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a much safer country and a lot more business-friendly than it used to be. And so while we were down

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there on that trip, we wrote out all of the different little comics and memes that are in the book.

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What a great, dude, you're an artist more than you are a sales guy, I think. I mean, you're a,

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you are a storyteller. Now, how many, you've got 99 here in this book. How many did you leave out?

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Not too many. After I read it through several of them, a lot of them were very similar, almost

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duplicated. So once we eliminated those and figured out whether or not we were hitting the same topic twice,

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then it just kind of naturally said, these are going to be 99 or 101.

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Yeah, that's a good, that's a good title. You got another one coming out, like you have version two,

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because culturally, as you were alluding to with the memes and the education process and the

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advancements of Bitcoin, I would imagine you're probably driving around, you're like, "Oh, damn,

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there's another sign." Like, you know, like, "I got to write volume two."

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Yeah, yeah. No, not right now. You know, life with two kids is a lot busier than one kid and I'm a

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traveling sales guy and I want to make time for my family and for Bitcoin. We have a couple of

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other concepts that are written down that we've been mowing over, but the words haven't come out yet.

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Yeah. So, you know, like you were saying with music writing, if you can mull over something for a long

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time and then finally it all just kind of spills out, I've had to learn with myself not to rush the

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process and to just let it become more organic and let it happen when it happens. When the time is

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right, it'll happen. Yeah, that's good. Yeah, I mean, if you force anything, I think, in the creative

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world, you end up not being true to yourself. You're not being true to what the message

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should be. You know, I think if you force something, you're allowing your process to get

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poisoned for lack of a better word by selfishness or by influence or whatever. And it's, you know, if

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if you've got an original idea, just keep feeding that original idea organically and I think the

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best of it will come out in time. So they can buy this book on BTCPublish.com as well as Amazon.com.

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Man, this is so neat. Like I'm sure maybe 10 years ago when you thought about it or when you were

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starting your professional career after college, you didn't realize you were going to be a published

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author, so to speak. Well, I'm a self-published author. Anybody get self-publish.

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It's still published. Come on. Pat yourself on the back, dude.

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But yeah, seeing the community accept it and buy it and like it and talk about it, that's really

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that makes us happy. That really helps us feel like we're moving the needle in the Bitcoin space

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and helping with helping people educate themselves on money and hopefully how to live a better life,

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right? Because we're only here once, you know, it's not like a video game where you get three lives,

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you only get one life and then the longer you spend it in a place you don't want to be the more of it

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you've wasted. So get out there and do what you love and don't worry about what anybody else

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thinks about you or your decisions because at the end of the day it's your life you're living,

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not theirs. Yeah, absolutely. I agree with you. 100%. Well, I would be remiss if I didn't

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get your opinion on a couple of things going on with Bitcoin recently. Before we get there,

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I mean, what was your favorite comment or favorite idea in Bitcoin for kiddos and what were your

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two favorite signs in the 99 sites? Okay, so going back to Bitcoin for kiddos, I'll reiterate, I love

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the, there's a bunch that I loved about it. Number one, you use some big words that are going to force

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kids to ask and you're going to force them to pry open their brain and get away from Nickelodeon

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for a little while. So that's number one, number two, the last page with the family they're sitting on

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the planet, that the message that you put out and I don't want, I'm not going to read it here,

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I don't want to give it away because I want people to buy the book. But I was like, okay, that's cool.

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Damn it. That's that's needed. And then the other, there is like right in the middle of the book,

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I want to say where there is that everything's for sale, low or no money down, like you had that

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sidebar comment or Frida had that sidebar comment, why do all the boring things go up in price and

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the fun stuff goes down in value over time? Really great thought process for kids. Again, I fully believe

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that their kids are always a hell of a lot smarter than we give them credit for. And there's nothing

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wrong with talking to them like their adults. There's nothing wrong with using big words around them.

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You you give them a mental challenge and you will be surprised at what they give you back. So

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that answer, does that answer your question on on the kids book? Yeah, it's one of my favorite pages

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too. It's a page that we took a lot of time writing down and that concept of money versus currency

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and what the difference is and how it's a rabbit hole that one page is a is a master's class you could

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get in college just all written at one page. Yeah. Oh, for sure. For sure. Okay. And then the two signs

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that I liked the sign number one, let's just call it the dosekies guy. Yeah. Right. That one made

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be like right off the bat I laughed out loud. I'm like, yeah. Okay. I get it. Well, I want to give it

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to give people a sense of what it is. Okay. So all right. All right. So this this is page

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seven of the book and it's sign one. You've read the entire Bitcoin white paper. And what I'll do is

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I'll I'll put this up as a chapter so people could see it. But then there's a picture of that there's

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a drawing and illustration of what everybody would know would be the dosekies guy. And he says,

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I don't always send money to Nigeria. But when I do, I send Bitcoin like absolutely.

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Interesting man in the world. Yeah. That is such a great campaign. Yeah. I love that. I absolutely

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love that I laughed out loud at it. And then I would say sign 57. You love pointing out all the

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things that Bitcoin fixes and you've got an illustration there of the cost of food going up,

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the cost of education going up, the cost of real estate, sea song, but going up and the cost of fuel

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going up. Those two, the more, you know, as you know, I'm I'm I'm only about a year into this. But

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the more I read the more I'm like, damn, like it like Bitcoin does not all of these problems out of

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the park rationally, you know, and and gets rid of that centralized control that invisible hand that

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pushes the rest of us down or keeps us in our place, so to speak. So those two are the the very

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first one made me laugh out loud and made me want to read the rest of the book. And then 57 is a great

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example of just how in-depth Bitcoin goes. Goes are my two. Great. Thank you. Yeah. Thank you,

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man. I think it's a great book. I can't wait for a I can't wait for for for for version two. So to speak.

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The next one. Hey, let me ask you a couple of quick quick questions about just what you're take on

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some of the issues recently, some of the cultural events surrounding Bitcoin. I was listening to

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Natalie Brinnell the other day and she was talking about the price of Bitcoin after the ETFs

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got approved and how the price went down. What are your thoughts on on that? Just, you know,

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because I always ask these types of questions of you because I know you're studying it and you're

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always in your hell of a lot further along in the process than I am. But what are your thoughts on

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that price drop since the ETF approval? No, that's a good question. And I definitely have it spending

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a lot of time on it and you know, follow to the run up to the ETF approval and, you know, now two

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weeks past the ETF approval. And you know, it's kind of one of those things where it's always hindsight is

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2020, right? Where until the approval of the ETF, the narrative was there's a wall of cash that's

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looking to get into Bitcoin, but they can't hold it or custody it themselves. So they can't buy it on

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Coinbase exchange. And it has to be in the form of an ETF. And but once that ETF is approved,

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then all these financial institutions and pension funds and, you know, basically all the finance

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was going to get into the space. And so it seems rational, but I guess the overexuberance of that was

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the message was kind of put out there in a way where it made it sound like the money was going to

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come all at once, right? Where in reality, most of financial advisors or most of the financial

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industry wasn't sold on the fact that Bitcoin ETF was actually going to be approved. So they spent

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zero time educating themselves on what Bitcoin is, how it solves a lot of the clonkiness in our

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current financial system, how it allows for the peer to peer transfer of

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money between individuals in real time and final settlement and being your own bank,

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basically, and a lot of the stronger conceptual things of Bitcoin, none of these people did any research

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on, none. And so now that the ETF is approved in CNBC and the financial times and everybody,

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all the contributors, they were all saying this is going to be the sell the news event. And everybody

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in Bitcoin said, no, no, no, this is just the start, you know, everything's going to be great. But I

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feel like people didn't think about the whole grayscale trust. And how many people were really upset

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a year and a half ago or two years ago when this trade that people in the Bitcoin space were

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putting on that was called, they called it a contango trade. Now, I'm not an expert, so don't ask me how

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to really explain what that is. But in general, what it was is it was allowing people to basically buy

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into this Bitcoin trust, the grayscale Bitcoin trust at a discount, but then be able to mark on their

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on their books or in accounting ways, take advantage of the of the market price of Bitcoin, which was

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at a premium. And so they could capture the difference between what they bought it and what the true price

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if it was and make make that profit in the middle, basically arbitrage. And so more and more people started

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piling into this and piling into this and piling into this and companies like Celsius and Voyager and

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FTX were all piling into this trade, and that's where a lot of their money came from. And when this trade

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unwound and blew up and Celsius turned out they didn't have the Bitcoin they said they had and when

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people started doing a run on the exchange and pulling their Bitcoin out they didn't have it. So they

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went bust and Voyager the same and that FTX the same. And then all of this money that was locked and

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then so the price of Bitcoin started dropping quickly and people couldn't get their money out of the

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grayscale trust because the trust in the trust Bitcoin could never be sold from it. It goes in it

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goes in there it gets locked up basically forever until the road map always said that they were going to

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get an ETF and then that was going to unlock the value for people to be able to take their profits out.

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But the way it all unfolded was the complete opposite. And so now when people are sitting at a 20, 30,

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40% loss in the grayscale trust when it finally was approved for the ETF in that wealth was able to

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become unlocked and capture people were so upset that they just started selling it right because two

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reasons one because they didn't want to hold their money with grayscale anymore because of the

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the situation that they put it in just from an ethical business standpoint. And the other reason was

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is because the grayscale fee is like one and a half percent where like the black rock fee is

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like point two or point three percent. So the profit margins for the individual investor in the other

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ETFs are much better. And so people started selling the grayscale trust which in one side was great

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because it provided liquidity for the other ETFs that did have money flowing into them to be able to buy

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the Bitcoin. And so now we're just kind of seeing this balancing of the Bitcoin flowing out of the

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grayscale trust into the other ETFs while all of us hardcore Bitcoin maximalists continue to buy

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the dip you know when it went to 48 and then it dropped down to 38 I was buying I didn't I wasn't worried

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about it because the fundamentals of Bitcoin haven't changed how it how it solves all these

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problems around the world for you know and anybody anybody outside the United States hasn't changed

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and so it becomes another good buying opportunity and you know as we've seen the the price has already

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hung back up to 42,000. Yeah so these kind of volatile price changes are incredibly common to Bitcoin

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and just like we were talking about earlier with the more you practice something the better you get at it

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the more you suffer these these big downward price movements the less they start to affect your

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emotions and when you're when you're dealing with assets and buying and selling any kind of

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whether it's a stock or a bond or a house or anything else you really don't want emotions to get

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involved which is incredibly hard to do it takes practice and that's why you know the kings of

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industry or whatever they almost seem like sociopaths like they have no emotion on anything because

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they've been wrecked once or twice before in their past and they you know they they've learned how

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to manage their expectations and their emotions better. Well I guess for me that's a great that's a great

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explanation and thank you and I guess for me like what I don't understand when I look at at the price

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and I think of the people out there who are massive holders you know like Michael Sailer's company

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and some other large firms that are buying up as much as they can I I was really surprised to see the price

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stay down at around 40 for a couple of days or a week or whatever it was because I looked at that I'm like

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damn why aren't you know why isn't more people you know buying right now and driving the price right

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back up like I was in my limited knowledge I was just surprised to see the drop and that's really

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all I'm saying and I was surprised that you know we didn't hear about somebody major coming in and

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you know buying up X amount and and and pushing the price back up. Yeah well I mean it's just one

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of those things where it's you know it's a supply and demand type of thing right. Yeah so there was a

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lot of supply that was that had been locked up that became available and there was a lot of demand too

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but you know there was you know billions of dollars in demand and you know unfortunately

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several billions of dollars of more supply. But these are these are short time frame things you know

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in another three months no one will even remember this little blip and in the drop of the Bitcoin price

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so you know the Bitcoin price is just kind of you know what what a lot of us say in this space is

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when we're asked how do we get into Bitcoin and it's like well we came for the fiat gains and stayed

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for the revolution and and I'm sure you've heard that before or yeah along those lines and maybe

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you were even you know one of those people who came in like like we all did because we're all looking

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for a way to live a better a better life and we all realize that there's something fundamentally

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broken with our money with the dollar system with the with the fiat system which is basically

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fiat is just a fancy word for saying a piece of paper contract that's supposed to be attached

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to something of value and it's not anymore and but people don't see okay I'm gonna go down a

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little bit of a rabbit hole here go for it when you think of everybody we all deal with money

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and we've all dealt with money since you know as early as probably since our earliest memories

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and what we don't think about is where that money comes from and how what gives it value right we

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just assume it's taken for granted because when we were born it had value quote unquote and here we

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are still living in a world where we use it to buy things of value so it must have value still

377
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but we don't we're terrible at remembering the past and we're terrible about studying history

378
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on the whole not everybody but society in general because it's painful to think about some of

379
00:42:28,320 --> 00:42:31,840
the things in the past have happened and you know we'd much rather think about the future because the

380
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future is always brighter right and in 1971 when Nixon took some took us off the gold standard

381
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we were not the the U.S. dollar was no longer paid to anything any asset it used to be paid to gold

382
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at silver now it's not paid to anything and so when 2008 happened the financial crisis happened

383
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and then we started having all of these stimulus packages that entered the marketplace and

384
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at first asset prices went down and then they started skyrocketing and people just saw their

385
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ability to be able to afford a home just get further and further out of reach but they couldn't really

386
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understand why it was happening and then COVID happened and then the government injected trillions

387
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of dollars into the marketplace and then we saw what happened last year with the incredible high

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inflation rates that we got and so now the governments or the federal banks are trying to get all

389
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that money out of the system which is why interest rates are so high but asset prices are still high

390
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because they keep saying okay inflation we want inflation to be 2% when inflation was at 10%

391
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there's a we're going to get it down to 2% but what they don't tell you is okay well all that all

392
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those assets that increased at that 10 to 15% amount those are not going back to the prices that

393
00:44:00,320 --> 00:44:08,480
it was in 2008 those are going to stay high they're just not going to appreciate in price as quickly

394
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so things that became unattainable for people like homes right now is you know is a big is a big problem

395
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those prices are not going to come back down that far because the government has been spending

396
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so much money and taking on so much debt you know using the the government credit card if you will

397
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yeah to continue to finance this lavish lifestyle that we can't afford and so when they decide that

398
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they can't do that anymore that basically means the demise of the dollar and the demise of the world

399
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as we know it now which basically means that there's no turning back we've we've reached a point where

400
00:44:59,360 --> 00:45:06,640
the debt load is so high there's no amount of economic growth that can happen that will help us pay

401
00:45:06,640 --> 00:45:13,680
down that debt and get our financial house back in order basically in the in the in the regular world

402
00:45:13,680 --> 00:45:22,000
what a normal person would do in that situation is file for bankruptcy or default in some form

403
00:45:22,720 --> 00:45:29,920
and if the u.s. government were to default on its debts it would basically completely unwind

404
00:45:29,920 --> 00:45:36,240
this imaginary value that the world has put on the currency and people would run from the

405
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dollar as fast as possible which would basically make the dollar worth less or worthless and they can't

406
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do that so what they need to do is they need to continue to spend they need to continue to drive

407
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asset prices higher so that they can continue to play this fiat game of artificial wealth

408
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and so those of us who are beginning to do the work who have seen kind of the wizard behind the

409
00:46:06,480 --> 00:46:13,200
curtain in the in the wizard of boss sort of analogy realize that there's nothing special about

410
00:46:13,200 --> 00:46:19,760
the dollar there's nothing special at all you know we won world war one we won world war two we had to

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recapitalize the world because we were a huge industrial powerhouse in the in the middle of the

412
00:46:26,640 --> 00:46:34,160
1900s and we needed people to sell them to so we had to basically fix the world economies to give

413
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the strength so that they could start buying our stuff and now we have completely stripped out our

414
00:46:41,040 --> 00:46:47,200
entire industrial complex in the United States where we hardly make anything anymore in fact China

415
00:46:47,200 --> 00:46:53,360
makes all the stuff or Europe makes the stuff and we buy it all from them so in order for us to

416
00:46:53,360 --> 00:46:59,600
build our country back in a way that would give our money value is we would actually need more

417
00:46:59,600 --> 00:47:08,160
industrial infrastructure here in the United States I agree but because our dollar is so strong

418
00:47:08,160 --> 00:47:12,640
the amount of money we would have to pay employees to do that would make our products

419
00:47:12,640 --> 00:47:19,920
unaccessible for the rest of the world because they couldn't afford them right yeah so it's this

420
00:47:19,920 --> 00:47:28,000
is this really precarious situation that we find ourselves in right now and going going back to

421
00:47:28,000 --> 00:47:36,480
you know wide bitcoin why bitcoin is because it's a decentralized money the digital money

422
00:47:37,280 --> 00:47:45,200
we as as the younger generations understand the power of digital wealth and how companies can

423
00:47:45,200 --> 00:47:53,360
just have an online presence and have value you know amazon google facebook yes time you know my space

424
00:47:53,360 --> 00:47:58,800
you know napster was kind of one of the first ones that really you know not to talk about that

425
00:47:58,800 --> 00:48:04,240
in the music industry but in one sense it destroyed the music industry and in another sense it

426
00:48:04,240 --> 00:48:11,920
rebuilt it from the ground up in a way that was much more advantageous to the consumers of music

427
00:48:11,920 --> 00:48:18,080
right yeah and it also pointed the signs of distribution you know it realligned the the paths of

428
00:48:18,080 --> 00:48:23,840
distribution for musicians especially independent musicians you know yeah it's kind of like the idea

429
00:48:23,840 --> 00:48:28,960
of the phoenix right and uh out of the out of the flames of the death of the phoenix you know is

430
00:48:28,960 --> 00:48:38,560
re re born a new um and that's kind of you know napster is to music as bitcoin is to finance

431
00:48:38,560 --> 00:48:47,040
wow that's a great that's a great analogy i hadn't thought about it like that i'm going to

432
00:48:47,040 --> 00:48:52,000
steal that from you i didn't thought about it so just right now too damn dude i never had to put

433
00:48:52,000 --> 00:49:00,800
bitcoin and bit and music together before so well that that's a great way to wrap up this whole

434
00:49:00,800 --> 00:49:05,600
conversation because of course you know that like what we do with the four podcasts that we put out

435
00:49:05,600 --> 00:49:10,640
and that we try to put out it because that they are nine times out of ten they're focused on

436
00:49:10,640 --> 00:49:21,600
musicians and and what we have seen with musicians posting their music in the bitcoin space be it

437
00:49:22,240 --> 00:49:28,560
through wave lake or self-hosting through rss feeds or things like that like and starting to make

438
00:49:28,560 --> 00:49:34,720
some decent money every month and it's and it's still the early stages like this isn't even the first

439
00:49:34,720 --> 00:49:42,320
inning or the first quarter man this is preseason you know this is spring training and um the

440
00:49:42,320 --> 00:49:48,000
opportunities that align that are out there for musicians in the value for value space

441
00:49:49,440 --> 00:49:57,920
this is what's happening now is very much napter 2.0 for the for the music industry and this

442
00:49:57,920 --> 00:50:07,280
and this direct link between the listener and the artist that you know via the via value for value

443
00:50:07,280 --> 00:50:12,480
the direct compensation of you know i'm listening to chris's band play down here in in

444
00:50:12,480 --> 00:50:16,480
Nashville and i'm like man that band's great i'm going to send them some bitcoin directly i'm

445
00:50:16,480 --> 00:50:22,960
missing them some satoshi's directly you know we've never had that before you know uh the the ability

446
00:50:22,960 --> 00:50:28,880
for somebody in another country to listen to your band and send you sats directly and and support

447
00:50:28,880 --> 00:50:35,760
you directly we've never had that before so it very much is napster 2.0 but um yeah i i i see your

448
00:50:35,760 --> 00:50:44,480
analogy napster is you know bitcoin is to to finance what napster was to the music industry so it's

449
00:50:44,480 --> 00:50:52,960
going to change everything so cool man chris thank you very much for coming on uh really appreciate it

450
00:50:52,960 --> 00:51:00,800
don't forget everybody you can find his books at btcpublish.com uh don't buy them on amazon buy them straight

451
00:51:00,800 --> 00:51:05,520
from the website is that that the better way to do it buy them from the website you'll get the same

452
00:51:05,520 --> 00:51:12,320
experience at a lower cost right and chris will probably sign them for you um both of these books are

453
00:51:12,320 --> 00:51:20,640
great gift ideas great for kids uh the the 99 signs book uh is is such a funny way of looking at it

454
00:51:20,640 --> 00:51:27,280
and and i think it's uh it it should be in the library of everybody who owns bitcoins so i i uh

455
00:51:27,280 --> 00:51:32,400
i'm happy to help you uh spread the word of this book and uh look forward to the next one you're

456
00:51:32,400 --> 00:51:37,120
going to write i don't know you know however many years it's going to take do let let me know and

457
00:51:37,120 --> 00:51:42,240
uh what we'll do it again appreciate that right chris all right buddy have a great day we'll

458
00:51:42,240 --> 00:51:49,760
see you soon all right you too thank you so my thanks to chris for coming on the show and joining us

459
00:51:49,760 --> 00:51:59,840
make sure you go to btcpublish.com and you can buy those two books i got uh copies of them i love them

460
00:51:59,840 --> 00:52:09,520
bitcoin for kiddos is great for young kids and 99 signs is is a perfect gift for that maximalist

461
00:52:10,240 --> 00:52:14,400
in your life you know what i you know what i thought would be kind of cool it's kind of like a

462
00:52:14,400 --> 00:52:23,600
bro man's gift right i love that idea um hey next week on the fan some power business hour we've got

463
00:52:23,600 --> 00:52:30,960
Brian de mint from the orange bill app coming in that'll come out a week from today today is the

464
00:52:30,960 --> 00:52:38,640
is Monday the 29th right uh don't forget on wednesday we will have the next phantom power music hour

465
00:52:38,640 --> 00:52:46,160
which is pretty much an hour of uh music right all value for value sometimes i shake it up sometimes

466
00:52:46,160 --> 00:52:52,800
i do jazz sometimes i do a chill sometimes i do edm this week is going to be uh just your standard

467
00:52:52,800 --> 00:52:58,480
pop and rock stuff love it love it love it and then friday we've got phantom power music review where

468
00:52:58,480 --> 00:53:03,760
i'm going to dive into three songs until you what i like about them and kind of deconstruct them

469
00:53:03,760 --> 00:53:07,520
and who knows you might even hear me play a little bit of piano as i deconstruct them so

470
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thank you guys so much for listening if you like the show please send us some sats

471
00:53:13,200 --> 00:53:20,640
reach out to us via noster or telegram or twitter if you've got any suggestions or a guest

472
00:53:20,640 --> 00:53:28,000
that you would like to see on the show happy to accommodate and i think that'll do it good good

473
00:53:28,000 --> 00:53:32,160
don't forget to smile for the mugshot guys see you later

474
00:53:32,800 --> 00:53:34,800
you

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00:53:34,880 --> 00:53:36,880
you

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(upbeat music)