1
00:00:00,120 --> 00:00:06,780
You just saw what Google did the other day, and then reversed the ruling on self-custodial wallets.

2
00:00:07,540 --> 00:00:11,760
It wasn't a simple act of somebody lower down made a mistake.

3
00:00:12,060 --> 00:00:13,500
It was a coordinated attack.

4
00:00:14,120 --> 00:00:16,820
It was probably a trial balloon to what's coming.

5
00:00:17,440 --> 00:00:19,540
This is dictatorship. He's taking more power.

6
00:00:19,860 --> 00:00:23,340
He's changing the Constitution to support something that shouldn't exist.

7
00:00:23,680 --> 00:00:24,940
And that is a valid argument.

8
00:00:25,600 --> 00:00:28,820
For all the people that are making it, it needs to be looked at.

9
00:00:28,820 --> 00:00:42,180
The other side of that argument is, would the citizens and would El Salvador, if he changed the government today, carry on a path that was individual rights and freedoms and everything else?

10
00:00:42,260 --> 00:00:45,180
Or would it just revert directly back to what it looked like before?

11
00:00:46,300 --> 00:00:48,140
And I don't know the answer.

12
00:00:49,360 --> 00:00:54,360
Africa, not just Central African Republic, but Africa in general has been stripped mind.

13
00:00:54,360 --> 00:00:58,500
Essentially, you've put people in slavery by a monetary system.

14
00:00:59,060 --> 00:01:06,500
They have no sovereignty over the currency, and the currency is constantly debased to be able to extract raw materials and wealth.

15
00:01:06,960 --> 00:01:12,320
It's an extortion scheme that keeps countries poorer and funds wealthy nations.

16
00:01:13,060 --> 00:01:15,360
Your thoughts on the European Union.

17
00:01:16,720 --> 00:01:20,540
All views expressed by the host or guests are solely their own opinions.

18
00:01:20,540 --> 00:01:26,740
Nothing stated in this podcast should be considered a specific endorsement to make any particular investment or follow any specific strategy.

19
00:01:38,340 --> 00:01:43,500
Welcome to All in Bitcoin, Jeff. I'm excited to talk to you about Bitcoin and more.

20
00:01:43,860 --> 00:01:47,580
But first, let's get to know you better with my 21 takes on you. Ready?

21
00:01:47,580 --> 00:01:48,200
Okay, it's ready.

22
00:01:48,920 --> 00:01:50,100
Mark Twain said,

23
00:01:50,760 --> 00:01:53,180
the two most important days of your life

24
00:01:53,180 --> 00:01:54,780
are the day you are born

25
00:01:54,780 --> 00:01:56,520
and the day you find out why.

26
00:01:56,940 --> 00:01:58,260
Have you found out why yet?

27
00:01:58,640 --> 00:02:00,500
No, I haven't found out why yet.

28
00:02:01,260 --> 00:02:02,600
I think you're always searching.

29
00:02:02,600 --> 00:02:03,740
Yeah, I think you're,

30
00:02:04,620 --> 00:02:07,840
I think that wisdom of learning

31
00:02:07,840 --> 00:02:11,100
and constantly adjusting your mental model.

32
00:02:11,680 --> 00:02:13,600
I've learned a lot, made a lot of mistakes,

33
00:02:14,100 --> 00:02:16,500
but I think you're constantly learning.

34
00:02:16,500 --> 00:02:19,440
Something you keep forgetting to do?

35
00:02:20,480 --> 00:02:23,500
I don't think there is anything that I keep forgetting to do.

36
00:02:23,960 --> 00:02:24,180
No?

37
00:02:24,180 --> 00:02:34,560
Yeah, nothing comes to me that if it rises up to a level that I want to do it, I do it.

38
00:02:35,000 --> 00:02:38,380
The risks of a society that stays ignorant?

39
00:02:41,100 --> 00:02:44,600
I actually think the society always stays ignorant.

40
00:02:44,600 --> 00:02:52,780
I think, and maybe this is a different way to say this, common wisdom in retrospect always looks

41
00:02:52,780 --> 00:03:01,160
wrong throughout history. I think that throughout history, we've assumed we've known 98% of

42
00:03:01,160 --> 00:03:05,740
everything. And then we'd learn something new that completely changes everything.

43
00:03:06,380 --> 00:03:12,200
So in other words, the new information that challenges the status quo challenges us so much,

44
00:03:12,200 --> 00:03:15,680
are so radical that we change over time.

45
00:03:15,960 --> 00:03:18,000
And it's a long process of our minds

46
00:03:18,000 --> 00:03:21,400
kind of accepting a new thing that we didn't see before.

47
00:03:21,680 --> 00:03:22,460
And it's iterative.

48
00:03:23,740 --> 00:03:25,560
What are your thoughts on starting over?

49
00:03:26,980 --> 00:03:30,420
I would rather start over than stay stuck.

50
00:03:30,920 --> 00:03:34,600
And why do you think knowing yourself is so hard?

51
00:03:35,560 --> 00:03:37,080
Because you lie to yourself.

52
00:03:38,640 --> 00:03:40,620
We have all of these beliefs

53
00:03:40,620 --> 00:03:44,920
and how we show up and we want to matter to other people

54
00:03:44,920 --> 00:03:49,220
and we keep on reinforcing things through that lens.

55
00:03:49,220 --> 00:03:52,160
So we don't see the true objective reality

56
00:03:52,160 --> 00:03:56,980
because of our own ego trying to stop that.

57
00:03:57,060 --> 00:03:58,580
So it's hard to see.

58
00:03:59,040 --> 00:04:02,420
When you look at a photo, you look at yourself first in a photo.

59
00:04:03,200 --> 00:04:04,600
You're the center of your own movie,

60
00:04:04,700 --> 00:04:06,820
but everyone else is the center of their own movie.

61
00:04:07,980 --> 00:04:09,920
And so we don't see what it all looks like

62
00:04:09,920 --> 00:04:11,880
because we're so focused on ourselves.

63
00:04:13,020 --> 00:04:16,360
What's the most valuable lesson you've learned from failure?

64
00:04:18,940 --> 00:04:21,660
That it's not failure, it's learning.

65
00:04:22,520 --> 00:04:24,140
We're making decisions constantly.

66
00:04:24,580 --> 00:04:28,040
Every day you're making a million decisions.

67
00:04:29,200 --> 00:04:32,220
And going through life, you always do.

68
00:04:32,500 --> 00:04:35,500
And those decisions change everything going forward.

69
00:04:35,500 --> 00:04:42,800
So, space and time, all of the challenges, all of the things that got you to make that decision, and then you make a decision.

70
00:04:43,320 --> 00:04:50,820
You may have made a wrong decision, but it taught you the next time to not make that decision if you take the learning.

71
00:04:51,940 --> 00:04:53,440
Where does freedom come from?

72
00:04:55,380 --> 00:04:56,240
That's a good one.

73
00:04:56,420 --> 00:04:57,680
I think it's natural.

74
00:04:58,380 --> 00:05:01,540
I think it comes from within agency, having agency.

75
00:05:02,020 --> 00:05:04,140
But I don't think it feels natural.

76
00:05:04,140 --> 00:05:12,460
I think freedom is a right you hold. And if you give that up to somebody else, you've lost your agency.

77
00:05:13,820 --> 00:05:18,460
Tell me something you dislike in someone, but secretly admire too.

78
00:05:20,300 --> 00:05:24,540
I don't think there's anything. Honestly, I don't think there's anything that I dislike

79
00:05:24,540 --> 00:05:32,780
and secretly admire. I dislike lack of integrity. I dislike certain things.

80
00:05:32,780 --> 00:05:41,940
But I see every single person as having a genius, something genius in them that they do so much better than me.

81
00:05:42,380 --> 00:05:46,460
And I'm curious about how do they do that thing.

82
00:05:47,020 --> 00:05:49,780
I don't have to like every bit of them.

83
00:05:50,120 --> 00:05:51,680
I don't have to like all of their traits.

84
00:05:52,240 --> 00:05:56,100
But most times, I'm searching for the genius in people.

85
00:05:56,100 --> 00:06:03,240
If your younger self could see you now, what would he be proud of and what would he question?

86
00:06:06,680 --> 00:06:12,620
Question how many twists and turns to get here and what that looked like.

87
00:06:12,680 --> 00:06:16,160
My younger self would have no idea I'd be doing what I do now.

88
00:06:16,340 --> 00:06:23,220
I don't think my 10 years ago younger self would have not known what I was really doing now.

89
00:06:23,220 --> 00:06:30,100
and admire probably integrity, authenticity.

90
00:06:31,160 --> 00:06:32,980
What's something you know is true,

91
00:06:33,340 --> 00:06:35,340
but it still find hard to accept?

92
00:06:36,380 --> 00:06:40,820
That 99% of the world, maybe more than that,

93
00:06:40,900 --> 00:06:42,020
lives in a control system.

94
00:06:42,940 --> 00:06:45,480
They don't know they live in a control system.

95
00:06:46,220 --> 00:06:50,960
They have the belief that they live free,

96
00:06:51,700 --> 00:06:53,060
and they do not live free.

97
00:06:53,220 --> 00:06:55,260
Do you manage to accept that?

98
00:06:55,260 --> 00:06:57,980
So, I accept that that is the truth today.

99
00:06:57,980 --> 00:07:02,660
And I think we are the change in the world.

100
00:07:02,660 --> 00:07:04,980
We're both the map and the territory of the change.

101
00:07:04,980 --> 00:07:10,180
And so, that can be true and you can do something about it.

102
00:07:10,180 --> 00:07:15,020
So, that creates an opportunity for people to help other people see it

103
00:07:15,020 --> 00:07:17,260
and understand what that looks like and build rails

104
00:07:17,260 --> 00:07:20,580
to make a different world come into existence.

105
00:07:20,580 --> 00:07:25,980
The world that we see is a construct of our beliefs.

106
00:07:26,880 --> 00:07:30,920
Everything comes into the world, everything in this room came into it

107
00:07:30,920 --> 00:07:34,600
from somebody having an idea to create something for somebody else.

108
00:07:36,080 --> 00:07:40,380
Physical manifestation of the world we see is actually first in our mind.

109
00:07:41,640 --> 00:07:48,180
And so, while that is true today, and I accept it's true,

110
00:07:48,180 --> 00:07:51,100
I'm intent on changing that.

111
00:07:51,880 --> 00:07:56,400
What's a childhood lesson that still shapes your decisions today?

112
00:07:59,100 --> 00:08:01,740
That family is more important than money.

113
00:08:02,520 --> 00:08:05,900
That love, belonging, people around you

114
00:08:05,900 --> 00:08:09,580
is far more important than the things you have

115
00:08:09,580 --> 00:08:14,320
or the money or the perceived wealth, power, or anything else.

116
00:08:14,500 --> 00:08:29,858
It all about the end of your life what you have is the connections you made through your time When did you learn that I learned it probably 11 years old when my parents lost everything in the real estate crash

117
00:08:30,098 --> 00:08:32,258
Lost everything but had everything.

118
00:08:32,738 --> 00:08:34,018
What was the situation then?

119
00:08:34,198 --> 00:08:40,058
In 1981, interest rates spiked to 20-something percent.

120
00:08:40,058 --> 00:08:43,878
and my parents were both in real estate at the time

121
00:08:43,878 --> 00:08:48,278
and we ended up losing our own home to the bank.

122
00:08:49,158 --> 00:08:52,258
What we didn't lose is kind of love connection

123
00:08:52,258 --> 00:08:53,118
and everything else.

124
00:08:53,358 --> 00:08:54,718
It was a family structure.

125
00:08:54,918 --> 00:08:56,738
So everything else is easy to make back

126
00:08:56,738 --> 00:08:59,538
when you have the things that are most important.

127
00:09:00,538 --> 00:09:03,838
What's the most underrated quality a person can have?

128
00:09:06,498 --> 00:09:07,018
Humility.

129
00:09:07,018 --> 00:09:11,258
your thoughts on the european union

130
00:09:11,258 --> 00:09:21,018
um it's going to break up um unfortunately but but that's it's going to break up because of the

131
00:09:21,018 --> 00:09:27,078
same same reason that a lot of the world's going through chaos today you have a manufactured reality

132
00:09:27,078 --> 00:09:33,498
based on manipulation of money which is imposing pain on on people and people are starting to see

133
00:09:33,498 --> 00:09:42,698
through it. And so as each country turns against each other and their own citizens start to rise up,

134
00:09:42,758 --> 00:09:48,078
you're going to see this breaking apart. In the European Union, you have energy and security,

135
00:09:48,618 --> 00:09:55,378
you have less and less manufacturing base. And so it doesn't look like a free market at all anymore,

136
00:09:55,658 --> 00:09:59,638
not even close. And it's getting worse, more and more regulation, more and more control,

137
00:09:59,638 --> 00:10:06,018
more and more coercion, more and more government saying, you can't even question this,

138
00:10:06,178 --> 00:10:11,658
more and more people getting turned off by social media, social media just deciding with government

139
00:10:11,658 --> 00:10:18,078
actors what you can see and what you can't see. So, we evolve the world through our thoughts and

140
00:10:18,078 --> 00:10:24,418
ideas. So, if those thoughts and ideas are constrained and we're told what we can believe in,

141
00:10:24,418 --> 00:10:26,138
then we all suffer.

142
00:10:26,558 --> 00:10:30,238
And so the European Union is getting pretty far down the path

143
00:10:30,238 --> 00:10:32,638
that it's going to break pretty badly.

144
00:10:33,418 --> 00:10:33,938
Pretty badly.

145
00:10:34,258 --> 00:10:35,178
Pretty badly.

146
00:10:35,298 --> 00:10:36,978
Now I can't tell you when, what country.

147
00:10:37,618 --> 00:10:39,398
I can't, as I've said often,

148
00:10:39,558 --> 00:10:42,798
you can't measure which snowflake causes the avalanche,

149
00:10:43,558 --> 00:10:47,238
but you know that as you add more and more snow

150
00:10:47,238 --> 00:10:49,918
to an unstable base, the avalanche is coming.

151
00:10:50,378 --> 00:10:50,638
Yeah.

152
00:10:51,078 --> 00:10:53,238
And your thoughts on Christine Lagarde?

153
00:10:54,418 --> 00:10:58,978
Well, I try not to talk about people. I try to talk about systems.

154
00:11:00,498 --> 00:11:07,298
She's just a person in that system. Here's a better way to say that.

155
00:11:08,178 --> 00:11:12,098
Who would you expect to be leading on top of a system based on theft?

156
00:11:13,218 --> 00:11:19,858
Wouldn't you expect the people who were best at it to be leading? And that would include many,

157
00:11:19,858 --> 00:11:26,218
many people, whether they know it or not, inside our institutions of today. The institutions of

158
00:11:26,218 --> 00:11:31,438
today are not protecting you, they're controlling you. Yeah, I was going to ask you your thoughts

159
00:11:31,438 --> 00:11:38,298
on Ursula von der Leyen. Yeah, I don't know whether any of these individual people

160
00:11:38,298 --> 00:11:46,678
know what I'm talking about when I talk about my message, but I know that the base of what

161
00:11:46,678 --> 00:11:51,858
they're using to structure the problems can't be solved from within their their system and no

162
00:11:51,858 --> 00:11:57,858
matter who it is so i would rather not talk about the people perpetuating that system because it's

163
00:11:57,858 --> 00:12:03,698
just if you changed a person it would make no change that's true the hardest line you've ever

164
00:12:03,698 --> 00:12:12,918
had to hold it goes back to integrity um i built a very successful internet uh business um and for

165
00:12:12,918 --> 00:12:20,338
17 years CEO, all sorts of challenges on the way through, dot-com crash, 2008 financial crisis,

166
00:12:21,118 --> 00:12:28,218
pivots in the business as we pivoted the business many times. But it was worth half a billion

167
00:12:28,218 --> 00:12:33,918
dollars. At one point, we were growing really, really fast. And I put some debt into the business,

168
00:12:33,918 --> 00:12:42,678
I put some debt into the business from a friend of mine at the time. And then that friend wanted to

169
00:12:42,678 --> 00:12:50,078
recap the business, to own it with just me. So wipe everybody else out, give me more of the

170
00:12:50,078 --> 00:12:55,798
equity in the company. And that would mean wiping out all of the investors who trusted in me and all

171
00:12:55,798 --> 00:13:01,778
my friends who trusted in me and everything else. So instead of doing that, I remember saying to my

172
00:13:01,778 --> 00:13:07,498
wife, I said, my integrity is not for sale for any price, but that means we're going to zero.

173
00:13:07,498 --> 00:13:14,838
It meant I'd already sold my house to be able to invest in the business.

174
00:13:16,498 --> 00:13:18,338
And so three young kids.

175
00:13:19,798 --> 00:13:22,158
And walking away was zero.

176
00:13:22,258 --> 00:13:25,198
I didn't have severance because I walked away from it.

177
00:13:25,518 --> 00:13:34,178
Knowing full well that they were going to take it into Chapter 11 bankruptcy after I walked away and I was going to be wiped out to zero.

178
00:13:34,658 --> 00:13:36,678
I didn't know what I was going to do at the end of the month.

179
00:13:36,678 --> 00:13:39,798
I didn't know. We had literally had zero. That's a test.

180
00:13:39,798 --> 00:13:47,878
It's a test. Had I not made that choice, I would be working essentially for the person,

181
00:13:48,678 --> 00:13:52,678
and I would have turned against everything I believed in. And the only person that could

182
00:13:52,678 --> 00:13:58,278
have taken my integrity was me. And nothing I'm doing now would exist. I wouldn't have written my

183
00:13:58,278 --> 00:14:04,838
book. I don't think it was ever a test. It was so easy knowing what to do was right. Instead of

184
00:14:04,838 --> 00:14:08,758
of telling myself a lie that said, it's okay, I'll just do it.

185
00:14:09,358 --> 00:14:11,198
Where does that integrity come from?

186
00:14:12,098 --> 00:14:14,858
I think just a knowing, just who I am.

187
00:14:15,318 --> 00:14:19,798
If I say I'm this person and then I don't do that thing, then I'm not that person.

188
00:14:19,798 --> 00:14:26,678
I used to say this to investment bankers all the time when I said one of our values was

189
00:14:26,678 --> 00:14:27,778
integrity in our business.

190
00:14:28,778 --> 00:14:32,378
And they said, you can't have that value because everybody has that value.

191
00:14:32,578 --> 00:14:34,038
It's a nothing burger.

192
00:14:34,038 --> 00:14:36,958
And I said, nobody has that value.

193
00:14:37,718 --> 00:14:41,878
Because it actually doesn't, the world wouldn't look like this if everybody had that value.

194
00:14:42,638 --> 00:14:48,318
And that's when you know what a core value is, something that you're unwavering.

195
00:14:48,478 --> 00:14:49,618
You will not change.

196
00:14:49,838 --> 00:14:53,418
Whether the whole world disagreed with it or not, you will not change.

197
00:14:53,478 --> 00:14:54,398
You will go to zero.

198
00:14:55,238 --> 00:14:58,858
Because it's so core to you that you know that about yourself.

199
00:14:59,338 --> 00:15:03,178
I'm curious, does it come from when you were a kid, from your family?

200
00:15:03,178 --> 00:15:05,578
lessons that you had really early on?

201
00:15:05,758 --> 00:15:07,438
I don't know if it comes, maybe,

202
00:15:07,818 --> 00:15:12,718
but I said that I experienced what my parents went through,

203
00:15:12,798 --> 00:15:17,278
and my parents went through still love, family, structure, everything.

204
00:15:17,278 --> 00:15:22,818
So I was fortunate to grow up in a world

205
00:15:22,818 --> 00:15:26,578
where I saw the best in people, right?

206
00:15:26,958 --> 00:15:27,878
So maybe.

207
00:15:28,418 --> 00:15:30,398
What topic needs urgent attention?

208
00:15:31,358 --> 00:15:32,038
Bitcoin.

209
00:15:33,178 --> 00:15:36,218
And what it does in the structure of the world.

210
00:15:37,458 --> 00:15:39,158
This is a structural change.

211
00:15:40,858 --> 00:15:43,738
It's not just the singularly most important thing.

212
00:15:43,878 --> 00:15:46,038
Everything else is derivative of it.

213
00:15:46,118 --> 00:15:47,578
It imposes a free market.

214
00:15:48,298 --> 00:15:50,658
For the first time in history,

215
00:15:50,658 --> 00:15:52,478
it's a step change for humanity.

216
00:15:52,998 --> 00:15:54,478
And most people are measuring it

217
00:15:54,478 --> 00:15:55,358
through the piece of paper.

218
00:15:56,358 --> 00:15:58,758
So what's a piece of advice you got

219
00:15:58,758 --> 00:16:00,658
that changed your perspective?

220
00:16:01,838 --> 00:16:02,878
All the time.

221
00:16:03,178 --> 00:16:04,518
Like literally all the time.

222
00:16:05,118 --> 00:16:08,058
So there is no one piece of advice that changed my perspective.

223
00:16:08,058 --> 00:16:08,518
The latest?

224
00:16:08,718 --> 00:16:09,878
The ones that you can think of?

225
00:16:10,678 --> 00:16:15,418
I would say mostly changing my perspective is not advice I got.

226
00:16:15,418 --> 00:16:17,858
It's by making a mistake and measuring the mistake.

227
00:16:18,718 --> 00:16:21,478
And being ruthlessly objective.

228
00:16:22,758 --> 00:16:26,298
And so here's a broad one that attaches to everything else.

229
00:16:27,378 --> 00:16:28,498
Your life is a mirror.

230
00:16:29,318 --> 00:16:32,638
If you don't like the reflection, it's not somebody else.

231
00:16:32,698 --> 00:16:33,038
It's you.

232
00:16:33,178 --> 00:16:51,096
completely unequivocally And what ends up happening is we wanna take credit for all the great things in our life And then as soon as there something bad we want to blame somebody else And the blame that we attach to somebody else is the thing that we need to fix in ourselves

233
00:16:51,876 --> 00:16:58,836
If you take that lesson, if you take that any time you want to blame or critic somebody else,

234
00:16:58,836 --> 00:17:06,476
to use that lesson to actually improve your own sounding, your life will change in such a powerful

235
00:17:06,476 --> 00:17:11,936
way. But it's hard because what it means is you have to face the thing in you that you don't want

236
00:17:11,936 --> 00:17:17,856
to face. And it's way easier to hide that and say it's somebody else. When did you learn that?

237
00:17:18,476 --> 00:17:24,356
Constantly. A book that changed the way you look at the world.

238
00:17:24,916 --> 00:17:28,376
Oh, there's so many here. You can give me a few.

239
00:17:28,376 --> 00:17:37,296
So, I always go blank on this question because I still read at least a book a week, and I have for so many years.

240
00:17:38,356 --> 00:17:49,476
And so, there'll be themes for a while that I'll go down a rabbit hole where the current theme is in quantum physics and the nature of reality and physics generally and then quantum physics.

241
00:17:49,476 --> 00:17:53,696
And so, there's just a whole bunch of books in that general theme.

242
00:17:53,696 --> 00:17:59,776
Thinking Fast and Slow was one of those books that changed my perspective of how we think.

243
00:18:00,696 --> 00:18:05,716
So I have a hard time remembering the individual titles, a signal and a noise.

244
00:18:06,936 --> 00:18:08,096
And so these will pop up.

245
00:18:08,276 --> 00:18:13,816
And through reading so many books for so long, you start to see patterns.

246
00:18:14,436 --> 00:18:18,896
This thing is tied to this thing that's tied to this thing that's tied to those things.

247
00:18:19,056 --> 00:18:21,996
But I very rarely remember the book.

248
00:18:22,736 --> 00:18:25,136
And one you'd recommend to a pre-coiner?

249
00:18:25,896 --> 00:18:29,056
I actually think my book is a good pre-coiner book

250
00:18:29,056 --> 00:18:31,276
because it only mentions Bitcoin at the end.

251
00:18:31,816 --> 00:18:33,556
And then, say, Fidin's book.

252
00:18:33,996 --> 00:18:37,376
Now, Lawrence Leppard's The Big Print is a great book.

253
00:18:37,536 --> 00:18:39,936
Lynn's book, Broken Money, is a really great book.

254
00:18:40,416 --> 00:18:40,616
Yeah.

255
00:18:40,856 --> 00:18:43,056
An idea that's been proving disastrous,

256
00:18:43,536 --> 00:18:44,796
but keeps coming back.

257
00:18:47,236 --> 00:18:49,276
That you could build a credit-based system.

258
00:18:49,276 --> 00:18:52,656
that it's disastrous for the world.

259
00:18:52,936 --> 00:18:54,956
System based on fractional reserve banking.

260
00:18:55,416 --> 00:18:56,276
It keeps coming back.

261
00:18:57,296 --> 00:18:58,876
You reset it through war,

262
00:18:58,956 --> 00:19:00,236
you kill tens of millions of people,

263
00:19:00,896 --> 00:19:02,276
and then it starts over.

264
00:19:02,496 --> 00:19:04,856
Everybody builds institutions saying,

265
00:19:05,016 --> 00:19:05,796
let's not forget.

266
00:19:06,316 --> 00:19:07,216
How old is it?

267
00:19:07,516 --> 00:19:09,036
Say for 5,000 years,

268
00:19:09,276 --> 00:19:11,436
we've lived in a zero-sum game

269
00:19:11,436 --> 00:19:13,976
where somebody had to lose for you to win.

270
00:19:15,196 --> 00:19:16,916
And it's not the nature of reality.

271
00:19:17,156 --> 00:19:18,296
It's a construct

272
00:19:18,296 --> 00:19:26,716
because of the worst in us, building a system based on scarcity, fear, and control,

273
00:19:27,156 --> 00:19:31,816
not based on abundance. So, it keeps coming back because we're part of that system,

274
00:19:31,816 --> 00:19:37,716
and we keep on building that system. Actually, it ties to the other thing I said.

275
00:19:37,976 --> 00:19:40,076
We believe it's somebody else, but it's us.

276
00:19:41,536 --> 00:19:43,616
Something there is no turning back from.

277
00:19:43,616 --> 00:19:49,116
I don't think there's turning back from the truth. I don't think there's turning back from

278
00:19:49,116 --> 00:19:58,296
what Bitcoin imposes. Why I'm so positive on this is a truth is really hard to fight against

279
00:19:58,296 --> 00:20:05,156
because it imposes a cost on the people that lie, and that cost keeps on exploding as long

280
00:20:05,156 --> 00:20:09,956
as you just stay in the higher energy of the truth. And people see the truth over time. It

281
00:20:09,956 --> 00:20:18,016
might take them a long time. If you use Galileo and building a telescope to look out and say,

282
00:20:18,236 --> 00:20:22,876
the church is wrong, that took 300 and something years before the church said,

283
00:20:23,276 --> 00:20:29,696
sorry, we were wrong. That perception, a different perception from outside the system,

284
00:20:30,316 --> 00:20:36,216
when other people can build telescopes and see that it's true, is really hard to fight against.

285
00:20:36,216 --> 00:20:43,376
And so I think that's what the world's going through right now with essentially an honest ledger that Bitcoin is.

286
00:20:43,776 --> 00:20:48,216
They're starting to see the truth of just fracturing what's always been a lie.

287
00:20:48,856 --> 00:20:50,736
The question is, are you rejecting it?

288
00:20:51,256 --> 00:20:57,816
I know many people who are not, and many people who did reject it only five years ago that are now not rejecting it.

289
00:20:57,876 --> 00:20:58,376
That's what I'm saying.

290
00:20:58,436 --> 00:20:59,096
It's just early.

291
00:20:59,096 --> 00:21:06,856
It's just these types of ideas that change the pattern in our brains of something we didn't know.

292
00:21:07,496 --> 00:21:11,116
We have to hear them over and over and over again.

293
00:21:11,736 --> 00:21:13,256
And then we move our time.

294
00:21:13,656 --> 00:21:16,136
And we look back at other people still stuck.

295
00:21:16,456 --> 00:21:19,596
And we wonder why they're stuck when we were stuck five years ago.

296
00:21:20,316 --> 00:21:25,016
So it takes time to change that pattern.

297
00:21:25,496 --> 00:21:27,556
The last time you were challenged.

298
00:21:29,096 --> 00:21:29,696
All the time.

299
00:21:33,756 --> 00:21:37,556
What I recognize is, though, when I'm challenged, it's me.

300
00:21:38,116 --> 00:21:45,756
What I used to think were business challenges, what I used to think were this, were that, were the way I was trying to tackle them.

301
00:21:46,056 --> 00:21:57,656
And while I gave energy to that challenge, while I went deeper and deeper into that challenge, I always have eventually found at a different, maybe at a different energy frequency,

302
00:21:57,656 --> 00:21:59,836
that the solution was so easy.

303
00:22:00,556 --> 00:22:02,616
So that's one of the same things like blame.

304
00:22:03,296 --> 00:22:04,936
I don't look at it as a challenge.

305
00:22:05,076 --> 00:22:08,536
In fact, even wouldn't you celebrate challenges?

306
00:22:09,396 --> 00:22:12,216
Wouldn't you, if everybody didn't know something

307
00:22:12,216 --> 00:22:16,396
and you had to create something that was so different,

308
00:22:16,556 --> 00:22:21,116
so valuable for people, the harder that was,

309
00:22:21,336 --> 00:22:24,096
wouldn't that be the why everybody else didn't do it?

310
00:22:24,096 --> 00:22:29,096
That tension is what creates the opportunity.

311
00:22:29,176 --> 00:22:30,336
Your favorite quote?

312
00:22:33,056 --> 00:22:34,196
Watch your thoughts.

313
00:22:34,196 --> 00:22:35,276
Your thoughts become your words.

314
00:22:35,276 --> 00:22:36,116
Watch your words.

315
00:22:36,116 --> 00:22:37,316
Your words become your actions.

316
00:22:37,316 --> 00:22:38,156
Watch your actions.

317
00:22:38,156 --> 00:22:39,516
Your actions become your character.

318
00:22:39,516 --> 00:22:40,936
Yeah.

319
00:22:40,936 --> 00:22:42,576
And why no star?

320
00:22:44,176 --> 00:22:46,376
Because I wanted to spend more time

321
00:22:46,376 --> 00:22:47,756
in the world I want to create

322
00:22:47,756 --> 00:22:50,536
and less time in the world that's getting centralized

323
00:22:50,536 --> 00:22:52,776
and really as simple as that.

324
00:22:52,776 --> 00:22:54,076
Thanks for sharing, Jeff.

325
00:22:54,076 --> 00:22:55,936
Those were my 21 texts on you.

326
00:22:56,176 --> 00:22:59,216
Let's talk money, power, and of course, Bitcoin.

327
00:22:59,456 --> 00:22:59,656
Okay.

328
00:22:59,936 --> 00:23:01,316
Jeff, what is money?

329
00:23:02,376 --> 00:23:04,676
An abstract concept of trade.

330
00:23:05,676 --> 00:23:08,376
It's just an abstract concept for the trade between humans.

331
00:23:09,416 --> 00:23:12,276
How is money supposed to serve society?

332
00:23:13,336 --> 00:23:15,516
I'll answer it by asking a different question.

333
00:23:15,976 --> 00:23:18,416
If money is an abstract concept for our trade,

334
00:23:18,416 --> 00:23:22,596
and you manipulated the abstract concept of our trade,

335
00:23:23,156 --> 00:23:24,496
It wouldn't serve society.

336
00:23:25,036 --> 00:23:30,036
It would serve very few people in society who were manipulating the abstract concept of our trade.

337
00:23:30,776 --> 00:23:33,436
How it should is no manipulation.

338
00:23:34,096 --> 00:23:35,476
And then it would just be our trade.

339
00:23:36,296 --> 00:23:38,536
Did you learn any of this in school?

340
00:23:38,836 --> 00:23:39,176
None.

341
00:23:40,836 --> 00:23:43,456
Why do you think you weren't taught about it?

342
00:23:45,516 --> 00:23:51,876
Today, and because of my book, and because of other things, many PhD economists come to me and say,

343
00:23:51,876 --> 00:24:00,916
I did my entire schooling on this perception of you knew what money was, and it was credit.

344
00:24:01,796 --> 00:24:04,476
And then the whole system had to be built on this.

345
00:24:04,556 --> 00:24:05,816
But nobody ever went deeper.

346
00:24:06,216 --> 00:24:07,376
And so I don't know why.

347
00:24:08,136 --> 00:24:14,436
I think it just comes down to people who don't ask a very simple question because they think somebody else knows it.

348
00:24:15,176 --> 00:24:17,316
The economy could be understood by a five-year-old.

349
00:24:17,316 --> 00:24:17,776
Yeah.

350
00:24:17,776 --> 00:24:24,336
It doesn't take a mathematician, it doesn't take anything else. It's the sum total of our trade.

351
00:24:25,696 --> 00:24:29,376
And prices fall because we compete with each other to provide more value.

352
00:24:29,376 --> 00:24:33,776
That's what this economy should look like. It doesn't look anything like that,

353
00:24:34,496 --> 00:24:42,336
which is why the entire construct of economists and teachers and everything else to teach you that

354
00:24:42,336 --> 00:24:44,576
that you shouldn't ask about.

355
00:24:44,576 --> 00:24:46,836
What's a very simple concept.

356
00:24:46,836 --> 00:24:47,956
It's too complicated.

357
00:24:47,956 --> 00:24:50,256
It's too complicated for your mind to understand.

358
00:24:50,256 --> 00:24:52,076
We'll tell you what it looks like.

359
00:24:52,076 --> 00:25:10,234
When did you first start to question how money works Probably 2008 in the financial crisis In my business at that time we were growing extraordinarily fast and we were getting paid in advance for shipping containers all over the world

360
00:25:10,234 --> 00:25:14,994
And we didn't actually have to raise money because customers were paying in advance,

361
00:25:14,994 --> 00:25:20,994
sometimes three months in advance. And so we had a global trade organization,

362
00:25:20,994 --> 00:25:27,314
thousands of containers traveling all over the world and using technology to essentially reduce

363
00:25:27,314 --> 00:25:33,994
the cost of those items all over the world through logistics and bin packing algorithms and such.

364
00:25:35,114 --> 00:25:40,854
And because of the deals we offered to people, they had no problem paying in advance. But in 2008,

365
00:25:41,154 --> 00:25:48,114
all of a sudden, before people knew that there was a crisis, it just shut off, like literally.

366
00:25:48,114 --> 00:25:54,354
And what we realized is nobody has any money anymore and it's unwinding like crazy.

367
00:25:54,574 --> 00:26:09,794
So our business, within a period of two days, went less than in half from a $50 or $60 million run rate to probably a $23 million run rate.

368
00:26:11,114 --> 00:26:11,754
Overnight.

369
00:26:11,934 --> 00:26:12,374
Overnight.

370
00:26:12,374 --> 00:26:17,334
And because even if you saved 90% on goods, you didn't have the money to pay for it.

371
00:26:18,114 --> 00:26:21,534
And so, and the money was just wiping out of the system so fast.

372
00:26:21,574 --> 00:26:24,934
So we saw this coming and you just, you could play that forward.

373
00:26:24,934 --> 00:26:27,974
And then you start, oh my God, right?

374
00:26:28,334 --> 00:26:29,654
It's all built on a lie.

375
00:26:30,194 --> 00:26:33,094
And you knew the government was going to come in and reinflate it.

376
00:26:33,234 --> 00:26:39,694
You knew they had to because otherwise everything would have kept collapsing.

377
00:26:41,174 --> 00:26:47,714
And that meant all of the players that took systematic risk that were the system would get bailed out.

378
00:26:48,114 --> 00:26:49,674
And they would stay in the system.

379
00:26:50,014 --> 00:26:55,474
But it would also cause another thing that every other player in that system would say,

380
00:26:55,654 --> 00:27:00,094
I need to get really big too fast because heads I win, tails I win.

381
00:27:00,554 --> 00:27:03,194
Because the government will always bail me out.

382
00:27:04,054 --> 00:27:06,734
And so that was the first big break.

383
00:27:06,894 --> 00:27:10,694
And I think it was a break because the business was booming and everything else.

384
00:27:10,714 --> 00:27:12,794
And all of a sudden, it wasn't.

385
00:27:13,674 --> 00:27:16,134
And so I wanted to understand that deeper.

386
00:27:16,134 --> 00:27:22,514
And that took me down that rabbit hole of understanding the existing financial system deeper and what that looked like.

387
00:27:23,374 --> 00:27:30,214
And it also probably started happening before, but I couldn't square the peg on why prices weren't falling.

388
00:27:31,014 --> 00:27:37,274
Because the first technology that we created, the logistics technology that underpinned our business,

389
00:27:37,974 --> 00:27:42,154
cost us about $5 million to create over the course of two and a half, three years.

390
00:27:43,114 --> 00:27:46,434
And 10 years later, that technology was largely free.

391
00:27:47,614 --> 00:27:49,794
And so that was happening in every business I knew.

392
00:27:50,194 --> 00:27:52,154
So I couldn't understand why prices weren't falling.

393
00:27:53,194 --> 00:27:56,314
And that was what was happening.

394
00:27:56,314 --> 00:28:01,294
So that was a course of, I did not want to write the book.

395
00:28:01,914 --> 00:28:02,094
Why not?

396
00:28:02,674 --> 00:28:04,694
I was just hoping somebody else would write it.

397
00:28:04,774 --> 00:28:07,694
I was telling other people, but their eyes would glaze over.

398
00:28:08,074 --> 00:28:10,054
Like I was talking different language.

399
00:28:10,054 --> 00:28:18,634
and I thought the world my kids will grow up in if somebody doesn't take action and that's why I

400
00:28:18,634 --> 00:28:24,614
wrote the book. When did you get into Austrian economics? I didn't know anything about Austrian

401
00:28:24,614 --> 00:28:32,494
economics until long after I wrote my book. Not long after but people said about my book that it

402
00:28:32,494 --> 00:28:38,894
had the same theme as a bunch of the Austrian economists and then I saw that same theme going

403
00:28:38,894 --> 00:28:40,174
throughout history.

404
00:28:40,734 --> 00:28:43,734
So you'd see these people talk about the same thing

405
00:28:43,734 --> 00:28:45,734
in different ways.

406
00:28:45,894 --> 00:28:46,734
They don't know each other.

407
00:28:46,914 --> 00:28:47,374
Yeah, exactly.

408
00:28:47,774 --> 00:28:51,354
And it's funny that Austrian economists look like quacks

409
00:28:51,354 --> 00:28:53,754
because of the power of the existing system

410
00:28:53,754 --> 00:28:55,574
to make them look like quacks.

411
00:28:56,634 --> 00:28:59,494
When did governments take over money and why?

412
00:29:05,074 --> 00:29:07,254
That's more of a complicated question

413
00:29:07,254 --> 00:29:10,394
because simply it pays for the government structure.

414
00:29:10,614 --> 00:29:15,054
So they can unfairly attack their citizens and not ask.

415
00:29:15,474 --> 00:29:17,434
So when you dig into that,

416
00:29:17,594 --> 00:29:20,694
it means nobody's living in what they think is a democracy.

417
00:29:20,994 --> 00:29:22,134
You don't have a vote in that.

418
00:29:23,054 --> 00:29:23,734
So because governments,

419
00:29:23,974 --> 00:29:25,634
if they asked for an increase in taxes,

420
00:29:25,634 --> 00:29:26,594
they get thrown out.

421
00:29:27,334 --> 00:29:31,734
They can instead impose an unfair tax

422
00:29:31,734 --> 00:29:35,094
by printing money and fund operations

423
00:29:35,094 --> 00:29:41,634
and get bigger and bigger and bigger at the cost of the citizens. I don't know if most governments,

424
00:29:41,774 --> 00:29:47,074
because the government is just a collection of human beings making decisions, and most of those

425
00:29:47,074 --> 00:29:53,574
people inside that structure have no idea what I'm saying here. The central bank might, but they

426
00:29:53,574 --> 00:29:59,134
don't have any idea what I'm saying here, because they see all the problems, and the short-term way

427
00:29:59,134 --> 00:30:04,214
to solve the problem is print more money, because the people are yelling for a short-term solution,

428
00:30:04,214 --> 00:30:08,794
And if you allowed the free market to work, that credit-based system would collapse.

429
00:30:09,014 --> 00:30:13,214
So they always take the short-term solution because they'll get more votes.

430
00:30:13,674 --> 00:30:15,734
But you really think the government doesn't know?

431
00:30:16,014 --> 00:30:18,974
I'll tell you how many conversations I've had in this.

432
00:30:19,514 --> 00:30:20,314
They don't know.

433
00:30:21,094 --> 00:30:21,374
They don't.

434
00:30:21,594 --> 00:30:22,194
They're just people.

435
00:30:22,834 --> 00:30:27,734
It's way easier to believe that there's this cabal and everybody knows.

436
00:30:28,234 --> 00:30:29,434
But I'll tell you this.

437
00:30:29,734 --> 00:30:33,194
If you believe that, you will make the cabal stronger.

438
00:30:34,214 --> 00:30:42,454
Right. Because you'll act inside that there's somebody doing it to you. And your energy will go there instead of building the new world.

439
00:30:42,454 --> 00:30:46,814
I'm asking you because for me it's the logic. Maybe once you understand it.

440
00:30:47,254 --> 00:30:59,714
But again, think about what it took you to go through to that. And you didn't once know it either, and I didn't either. And it took you unwinding your entire current beliefs and resetting a new set of beliefs.

441
00:30:59,714 --> 00:31:07,094
and because that's such a big challenge like it to accept this new reality you have to realize

442
00:31:07,094 --> 00:31:11,994
the other reality that you had always been promoting and was was part of your success and

443
00:31:11,994 --> 00:31:20,354
rise of power stole from people right and that might be a bridge too far for people to to face

444
00:31:20,354 --> 00:31:28,234
their own ego so it's easier just to discount the new and and stay stay stuck put your head in the

445
00:31:28,234 --> 00:31:34,114
Yeah. As what you mentioned, humility is the most underrated quality in a human being.

446
00:31:34,674 --> 00:31:41,894
Let's use the U.S. as an example. The framers of the Constitution said it had to be unhard money.

447
00:31:42,114 --> 00:31:48,914
They knew these risks. That hard money created a very thriving, they called it the great deflation,

448
00:31:49,234 --> 00:31:54,074
and middle class was increasing, increasing, and many people moved from Europe to North America

449
00:31:54,074 --> 00:32:00,234
or to US to take advantage of the free market. More ideas, more competition, better value.

450
00:32:01,434 --> 00:32:06,474
The Wild West, the entire formation of the US was from the free market because of what the framers

451
00:32:06,474 --> 00:32:10,714
gave it. And the free markets are far more productive than any other market. People move

452
00:32:10,714 --> 00:32:16,474
to them so those ideas can thrive. And so that was the abundance that was created out of that.

453
00:32:16,474 --> 00:32:22,154
And then more and more banks were created, tons of banks, regional banks, and it was based on

454
00:32:22,154 --> 00:32:23,914
based on hard money.

455
00:32:23,914 --> 00:32:25,394
And then some of those banks,

456
00:32:25,394 --> 00:32:29,194
and this is largely what the Federal Reserve created,

457
00:32:29,194 --> 00:32:34,014
started to realize, and you could cause a credit crisis.

458
00:32:34,014 --> 00:32:36,574
You could over lend and then you could consolidate.

459
00:32:36,574 --> 00:32:41,574
And then the people in that crisis

460
00:32:41,574 --> 00:32:45,594
would always turn to the government and say, save us.

461
00:32:45,594 --> 00:32:49,214
So that was literally the creation of the Federal Reserve

462
00:32:49,214 --> 00:32:52,514
to be able to save people from the same thing

463
00:32:52,514 --> 00:32:53,934
that they created.

464
00:32:53,934 --> 00:32:57,594
So essentially the debt that you're papering over,

465
00:32:57,594 --> 00:32:59,874
if you keep on moving it up the stack,

466
00:33:00,914 --> 00:33:03,794
then there's nowhere higher to go than the government.

467
00:33:03,794 --> 00:33:06,774
And then the government moves it under their books.

468
00:33:06,774 --> 00:33:09,914
I mean, it gets bigger and bigger at the government level

469
00:33:09,914 --> 00:33:12,934
as the government bails out everybody underneath.

470
00:33:12,934 --> 00:33:16,554
So it's just a thing that just always happens

471
00:33:16,554 --> 00:33:19,934
because we, on the other side, turn to some

472
00:33:19,992 --> 00:33:23,652
to blame for our taking more risk.

473
00:33:25,872 --> 00:33:27,512
And you'll see that play out in Bitcoin.

474
00:33:27,512 --> 00:33:29,552
You'll see that play out in a whole bunch of other things

475
00:33:29,552 --> 00:33:32,572
as people take risk in centralizing their Bitcoin.

476
00:33:32,572 --> 00:33:36,192
You're gonna see the same game getting played out.

477
00:33:36,192 --> 00:33:38,252
What are the consequences?

478
00:33:38,252 --> 00:33:41,232
The consequences are instability in a system

479
00:33:41,232 --> 00:33:43,332
that must forever grow more debt

480
00:33:44,372 --> 00:33:47,712
or face complete and utter collapse completely.

481
00:33:47,712 --> 00:33:50,352
And so because we won't let this system face

482
00:33:50,352 --> 00:33:52,432
complete and utter collapse,

483
00:33:52,432 --> 00:33:54,812
we will always vote for more debt.

484
00:33:54,812 --> 00:33:57,132
So it isn't the government, it's us.

485
00:33:57,132 --> 00:33:58,612
How do you see the end of this?

486
00:33:58,612 --> 00:34:01,272
So these reset happen through war.

487
00:34:01,272 --> 00:34:02,892
Yeah, that's right.

488
00:34:02,892 --> 00:34:06,512
And how they happen is you have to convince

489
00:34:06,512 --> 00:34:08,892
the people in your country that there's an enemy

490
00:34:08,892 --> 00:34:11,992
within the country and you divide your nation.

491
00:34:11,992 --> 00:34:14,392
And then once you've divided it and then take more control

492
00:34:14,392 --> 00:34:15,692
and more power from them,

493
00:34:15,692 --> 00:34:18,432
And it's building more and more instability

494
00:34:18,432 --> 00:34:19,652
because it's on broken money.

495
00:34:20,132 --> 00:34:22,592
It's stealing from them to take more control.

496
00:34:23,592 --> 00:34:25,152
You have to create a bigger enemy.

497
00:34:25,332 --> 00:34:28,272
You have to create a bigger problem that you have to solve.

498
00:34:28,532 --> 00:34:32,232
Whether that problem is COVID, whether that problem is Russia,

499
00:34:32,572 --> 00:34:35,652
whether that problem is China,

500
00:34:35,652 --> 00:34:39,252
you have to create a bigger enemy for the same people

501
00:34:39,252 --> 00:34:43,652
to then trust you to be able to save them.

502
00:34:43,652 --> 00:34:46,992
You have to kill millions of people all over the world.

503
00:34:47,772 --> 00:34:51,112
And then the winner of that war,

504
00:34:51,212 --> 00:34:52,892
which there's really no winners of that war,

505
00:34:53,752 --> 00:34:56,552
go and reset all the institutions and start again.

506
00:34:56,932 --> 00:34:58,612
And the same thing happens again.

507
00:34:59,372 --> 00:35:01,392
What don't people get about inflation?

508
00:35:02,752 --> 00:35:03,352
Everything.

509
00:35:04,012 --> 00:35:06,292
They don't really realize it's not natural.

510
00:35:07,032 --> 00:35:09,312
They're measuring inflation from zero.

511
00:35:10,112 --> 00:35:12,032
They should be measuring inflation

512
00:35:12,032 --> 00:35:17,152
from the productivity rate of the world. You can't measure what I'm describing because it's

513
00:35:17,152 --> 00:35:22,252
a new system. It's the productivity rate of the world. It should be decreasing prices at an

514
00:35:22,252 --> 00:35:27,992
exponential rate. And most people are, they're only looking at the manipulated inflation rate

515
00:35:27,992 --> 00:35:33,292
and blaming governments for the manipulated inflation rate without realizing that that's

516
00:35:33,292 --> 00:35:38,012
only the top of the iceberg. The way bigger part of the iceberg is underneath the zero

517
00:35:38,012 --> 00:35:41,912
and prices should be falling.

518
00:35:42,432 --> 00:35:44,712
Can you explain a little bit more that idea?

519
00:35:45,572 --> 00:35:49,652
So when I say the natural state of the free market is deflation,

520
00:35:50,352 --> 00:35:54,932
everything that exists today

521
00:35:54,932 --> 00:35:58,072
and every entrepreneur trying to create more value,

522
00:35:58,492 --> 00:36:00,572
the entrepreneur has to create more value

523
00:36:00,572 --> 00:36:03,712
for you to move your time from what exists today to the new thing.

524
00:36:03,712 --> 00:36:12,072
And the entrepreneur has to a lot of times create 10 times more value to break your purchasing power from what you do.

525
00:36:12,112 --> 00:36:13,832
Because you'd just rather stay.

526
00:36:13,952 --> 00:36:15,532
You do the same thing over and over.

527
00:36:15,872 --> 00:36:19,232
And you have to see major in value for you to move.

528
00:36:20,132 --> 00:36:22,452
So if the entrepreneur doesn't do that, they go broke.

529
00:36:23,372 --> 00:36:28,232
If the entrepreneur does that, you use their service or product or whatever.

530
00:36:28,232 --> 00:36:34,832
So you are an intricate part of the system that must bring prices down.

531
00:36:36,152 --> 00:36:37,912
Not keep prices stable.

532
00:36:38,432 --> 00:36:42,732
Must bring prices down because just think about what you do today, what you use.

533
00:36:42,812 --> 00:36:45,012
You'll always search for more value.

534
00:36:45,972 --> 00:36:46,652
Everybody does.

535
00:36:46,892 --> 00:36:48,912
You're not looking to get fleeced all the time.

536
00:36:49,512 --> 00:36:51,792
You're constantly looking for more value.

537
00:36:52,312 --> 00:36:56,392
And we use the things and the things that the entrepreneurs challenge the status quo

538
00:36:56,392 --> 00:36:57,552
and create more value.

539
00:36:57,552 --> 00:37:03,032
and then we use that. And then that creates value for them, which creates more competition for them,

540
00:37:03,612 --> 00:37:07,752
that entrepreneurs, that new entrepreneurs take that value and make it better.

541
00:37:08,892 --> 00:37:11,692
The output of that, if you use that, has to be deflation.

542
00:37:12,492 --> 00:37:13,032
Yeah.

543
00:37:13,292 --> 00:37:19,572
Right? Not 0% inflation. So then ask, if that's the free market, where does inflation come from?

544
00:37:19,872 --> 00:37:24,992
And it only comes from one place, from printing money, from manipulating currency,

545
00:37:24,992 --> 00:37:28,892
to stop that from happening and make prices go up.

546
00:37:30,192 --> 00:37:33,352
So the question was, what don't people get about inflation?

547
00:37:34,092 --> 00:37:35,412
Why don't they get it?

548
00:37:35,912 --> 00:37:40,312
So they're so conditioned to believe that inflation is normal

549
00:37:40,312 --> 00:37:45,692
and that it comes from some other thing of business trying to capture more money.

550
00:37:45,832 --> 00:37:48,812
The business can't capture more money without a regulatory framework

551
00:37:48,812 --> 00:37:53,312
that creates a monopoly because the free market will attack anything

552
00:37:53,312 --> 00:37:57,752
anything that gives the biggest margin gets attacked first because entrepreneurs can make

553
00:37:57,752 --> 00:38:03,432
more money by providing more value. So in the natural state is constant attack.

554
00:38:04,812 --> 00:38:09,992
Monopolies can't exist in a free market. So all of the monopolies we know of are created

555
00:38:09,992 --> 00:38:17,232
by manipulated market. So that process, what they don't get about inflation is everything about it.

556
00:38:17,332 --> 00:38:22,912
It's just an unnatural thing in the market that is not just unnatural to the free market. It's

557
00:38:22,912 --> 00:38:29,912
unnatural to everything else. There's a large belief in the world today that inflation is

558
00:38:29,912 --> 00:38:36,692
required for a productive economy. And let's just examine that belief a little deeper.

559
00:38:37,732 --> 00:38:44,212
Why? Because what it's really saying is, we don't believe you could trade together.

560
00:38:44,612 --> 00:38:50,292
We believe we have to steal money from you to trade together. But if inflation is required

561
00:38:50,292 --> 00:38:51,412
for a productive economy.

562
00:38:51,592 --> 00:38:53,792
So some people will argue my case

563
00:38:53,792 --> 00:38:54,352
and they'll say,

564
00:38:54,512 --> 00:38:55,492
well, people wouldn't buy

565
00:38:55,492 --> 00:38:57,552
if you had deflation.

566
00:38:57,712 --> 00:38:57,832
Yeah.

567
00:38:58,232 --> 00:38:58,512
Seems.

568
00:38:58,612 --> 00:38:59,512
That's the narrative, yeah.

569
00:38:59,572 --> 00:39:01,672
But doesn't that seem ludicrous to you?

570
00:39:01,792 --> 00:39:03,672
Because you buy computers,

571
00:39:03,972 --> 00:39:04,612
you buy TVs,

572
00:39:04,872 --> 00:39:06,992
you buy things that come down in price

573
00:39:06,992 --> 00:39:08,332
and get more value over and over.

574
00:39:08,892 --> 00:39:10,312
You buy food, right?

575
00:39:10,912 --> 00:39:12,472
You're going to continue to buy.

576
00:39:13,372 --> 00:39:15,532
But argue the other side of it.

577
00:39:16,032 --> 00:39:17,892
Is the only reason you buy

578
00:39:17,892 --> 00:39:19,772
because if you don't,

579
00:39:19,772 --> 00:39:28,592
people will steal your money. That would be a crazy way to wire the world. And so, you don't

580
00:39:28,592 --> 00:39:34,832
buy because people steal your money, or that would be an insane way to build a world. You buy because

581
00:39:34,832 --> 00:39:41,312
something meets your needs or wants when you want it. That's when you buy.

582
00:39:41,672 --> 00:39:46,272
Yeah. How does government control over money affect individual freedom?

583
00:39:46,272 --> 00:39:50,992
Yeah, it's connected to everything. If you had a system based on theft,

584
00:39:52,112 --> 00:39:58,512
you should ask yourself, who wins by that theft? Does my freedom win from that theft? And then

585
00:39:58,512 --> 00:40:04,672
as that theft got greater and greater and greater, and the monopolies that were mostly created by the

586
00:40:04,672 --> 00:40:10,352
government regulation, those monopolies would… I'll give you an example. Who's trying to scare

587
00:40:10,352 --> 00:40:18,592
you about AI. AI's gonna kill you, it's going to do this. The giant tech monopolies. Why?

588
00:40:18,592 --> 00:40:27,152
Because if they can regulate it, then they can create a monopoly and a power structure

589
00:40:27,152 --> 00:40:33,152
that takes from you. Because prices fall to the marginal cost of production in a free market. And

590
00:40:33,152 --> 00:40:41,632
AI, a line of code created by other lines of code, costs zero. So AI becomes free. There's no risk to

591
00:40:41,632 --> 00:40:48,672
you whatsoever. The only risk to you is when a control structure that you're living in and

592
00:40:48,672 --> 00:40:54,032
breathing in and thinking it's somebody else and feeding the control structure, and all of that AI

593
00:40:54,032 --> 00:40:58,032
is feeding on you, and you're on YouTube trying to get more views, and you're trying to make more

594
00:40:58,032 --> 00:41:03,872
money in it, making it stronger and stronger, contributing to the same thing to try to make

595
00:41:03,872 --> 00:41:11,632
money that's stealing all of your power. And there is no fix from that system. It has to,

596
00:41:11,632 --> 00:41:16,912
that coercion. You see governments all over the world are now imposing things that are saying,

597
00:41:16,912 --> 00:41:22,672
we'll tell you what you can listen to. Your communication channels, all of them,

598
00:41:22,672 --> 00:41:29,692
are completely manipulated inside the system that's extracting more and more from you.

599
00:41:29,692 --> 00:41:48,990
There is no freedom from a control system That control system must get worse It must drive coercion It must drive fear to keep you trapped in it to believe that there somebody else to blame Both sides Somebody else can fix it Both sides to keep you in it

600
00:41:48,990 --> 00:41:55,170
every time a system goes too far one way, the free market comes in and solves that problem.

601
00:41:55,710 --> 00:42:01,910
And that's what's happening today. So the money or the opportunity to solve that problem,

602
00:42:01,910 --> 00:42:07,870
because what does the free market build? It builds value for you. And nobody uses things

603
00:42:07,870 --> 00:42:12,930
unless it delivers them value. So a bunch of the early privacy tools that are being built today,

604
00:42:13,530 --> 00:42:18,350
a bunch of what you use, and Noster and everything else, what you're seeing is the early beginnings

605
00:42:18,350 --> 00:42:25,850
of these things going to crush the central control structure as it gets worse, because

606
00:42:25,850 --> 00:42:29,230
that's where the value to society is.

607
00:42:29,230 --> 00:42:32,790
Okay, I failed to say it.

608
00:42:32,790 --> 00:42:37,110
Right now I'm thinking of the European Union, because they keep just putting regulations

609
00:42:37,110 --> 00:42:38,730
on top of regulations.

610
00:42:38,730 --> 00:42:43,110
And where is the free market really breaking that system?

611
00:42:43,110 --> 00:42:46,730
So that's what Bitcoin is doing.

612
00:42:46,730 --> 00:42:50,930
It's repricing everything and everyone.

613
00:42:50,930 --> 00:42:52,550
And all prices are falling.

614
00:42:52,550 --> 00:42:55,670
It's a perfect reflection of the free market.

615
00:42:55,670 --> 00:42:58,410
Prices are falling in it.

616
00:42:58,410 --> 00:43:07,970
But more so, you could argue that if it just stayed like it is now, then one day people

617
00:43:07,970 --> 00:43:09,170
are going to attack it.

618
00:43:09,170 --> 00:43:13,590
They've already, Bitcoin's been tried to be attacked over and over and over again.

619
00:43:13,590 --> 00:43:15,970
And so there has to be privacy on top of that.

620
00:43:15,970 --> 00:43:21,810
Yeah. And there has to be communication on top of that to get yourself out of the communication

621
00:43:21,810 --> 00:43:27,170
trap that everybody's in inside the control structure. And that's early in building. That's

622
00:43:27,170 --> 00:43:31,090
early in building on Noster, it's early in building in Fetiment, it's early on building

623
00:43:31,970 --> 00:43:39,330
Cashew, and a whole bunch of different freedom technologies that will be lifelines for people

624
00:43:39,330 --> 00:43:45,330
getting trapped in this other system. But that's actually where the greatest entrepreneurial

625
00:43:45,330 --> 00:43:50,690
opportunity is too, because you're solving massive problems for people that are going to need those

626
00:43:50,690 --> 00:43:57,050
solutions. Yeah. What's the emotional cost of losing trust in your money?

627
00:43:58,970 --> 00:44:05,710
It can do two things. So, the emotional cost, each individual is going to act differently in that.

628
00:44:05,710 --> 00:44:15,170
if you if you have agency if you believe you will want to fix this so then then you'll move to

629
00:44:15,170 --> 00:44:22,790
fix the problem you'll move to to a solution set that can solve the problem if you don't if you're

630
00:44:23,530 --> 00:44:31,250
uh if or let's just use different levels of frequency of people to to do that if you're mad

631
00:44:31,250 --> 00:44:36,950
at the world and your response comes from mad at the world and everybody loves you because you're

632
00:44:36,950 --> 00:44:42,130
mad at the world, you'll yell at it more and more and more and people will love you and you think

633
00:44:42,130 --> 00:44:46,930
you'll think you're solving something and you're doing nothing. Right. And you see lots of

634
00:44:46,930 --> 00:44:56,010
podcasters and lots of success and they're literally in a spiral. Their viewers are in a

635
00:44:56,010 --> 00:45:00,990
spiral. They're in a spiral yelling at a world that they're making stronger and they have no idea.

636
00:45:01,250 --> 00:45:07,550
And so why would they do that? And why wouldn't they see this? Because they think they're helping.

637
00:45:08,010 --> 00:45:12,970
Because all of these people give them love and belonging and you matter. Yeah, you go get them.

638
00:45:13,630 --> 00:45:19,270
And it just makes the whole thing stronger. You could put Joe Rogan in that camp, right? You could

639
00:45:19,270 --> 00:45:26,770
put some of the top podcasters around getting influence from people who want to believe that

640
00:45:26,770 --> 00:45:33,870
there's this conspiracy theory inside everybody that then makes it stronger, right? And nothing

641
00:45:33,870 --> 00:45:42,370
changes. So, I don't know why different people pick different paths in this, but then it could

642
00:45:42,370 --> 00:45:50,550
also lead to apathy. It could lead to, I can't change anything, and a complete checking out of

643
00:45:50,550 --> 00:45:55,250
the system because you don't feel like you have agency. So, each different person, there's a whole

644
00:45:55,250 --> 00:46:03,730
bunch of different places that could lead. And it doesn't do anything. It triggers you. And

645
00:46:03,730 --> 00:46:09,330
you're the change in the world. You're the actual change. And depending what frequency you're

646
00:46:09,330 --> 00:46:15,910
looking at the world in, it's a mirror of your beliefs. The person who has apathy and doesn't

647
00:46:15,910 --> 00:46:20,950
believe that they can change, they're right. The person who's yelling it and making it stronger and

648
00:46:20,950 --> 00:46:24,190
and all the people that are feeding that back,

649
00:46:25,270 --> 00:46:28,450
they're right, right, from their perspective.

650
00:46:28,450 --> 00:46:31,290
A person that is moving their agency

651
00:46:31,290 --> 00:46:36,090
to create a better world is right from their perspective.

652
00:46:36,090 --> 00:46:38,910
And all those perspectives happen at the same time.

653
00:46:39,910 --> 00:46:42,110
How do you think trust in governments

654
00:46:42,110 --> 00:46:43,710
has shaped the modern economy?

655
00:46:46,710 --> 00:46:50,950
It's funny, I think if you asked a general question

656
00:46:50,950 --> 00:46:52,170
around trust in governments,

657
00:46:52,170 --> 00:46:56,330
I think you would get a mostly negative answer

658
00:46:56,330 --> 00:46:59,970
to there would be a very big lack of trust in governments,

659
00:46:59,970 --> 00:47:01,130
no matter what parties.

660
00:47:02,370 --> 00:47:04,570
Yet it just keeps on reinforcing on itself.

661
00:47:04,570 --> 00:47:09,250
So all of these structures are the system,

662
00:47:09,250 --> 00:47:11,050
that people are going back to the system

663
00:47:11,050 --> 00:47:12,950
to try to solve the problem that can't be solved

664
00:47:12,950 --> 00:47:15,130
by the system.

665
00:47:15,130 --> 00:47:18,690
So I ask a different question,

666
00:47:18,690 --> 00:47:20,670
I come to it from a different question.

667
00:47:20,670 --> 00:47:22,810
What would the world look like in a free market?

668
00:47:22,810 --> 00:47:26,050
What would governments have to do in a free market?

669
00:47:26,050 --> 00:47:27,770
Governments would have to serve.

670
00:47:28,870 --> 00:47:31,170
They might still charge taxes at first,

671
00:47:31,170 --> 00:47:33,430
and then those taxes would come down over time

672
00:47:33,430 --> 00:47:35,410
because they would be competing in a free market

673
00:47:35,410 --> 00:47:37,090
to provide value to their citizens.

674
00:47:37,090 --> 00:47:40,070
They would have to serve instead of extract.

675
00:47:40,070 --> 00:47:42,010
And that means government would get smaller

676
00:47:42,010 --> 00:47:43,730
and smaller and smaller.

677
00:47:43,730 --> 00:47:46,550
We still might choose to,

678
00:47:46,550 --> 00:47:48,910
and some people in Bitcoin wouldn't like this,

679
00:47:48,910 --> 00:47:52,570
but we might still choose to pay governments,

680
00:47:52,570 --> 00:47:54,890
but the governments wouldn't be able to lie to us.

681
00:47:54,890 --> 00:47:57,650
They would have to say,

682
00:47:57,650 --> 00:47:59,330
this is where your money is going

683
00:47:59,330 --> 00:48:02,550
and here's what we believe society should look like.

684
00:48:02,550 --> 00:48:03,910
And then they would have to deliver it

685
00:48:03,910 --> 00:48:06,350
or they'd get thrown out on their ear, right?

686
00:48:06,350 --> 00:48:08,870
And they couldn't cheat money

687
00:48:08,870 --> 00:48:13,390
and they couldn't hide a whole bunch underneath through theft.

688
00:48:13,390 --> 00:48:15,350
So they would have to tell the truth.

689
00:48:15,350 --> 00:48:20,310
you would have a completely different government structure

690
00:48:20,310 --> 00:48:22,310
than this giant Leviathan

691
00:48:22,310 --> 00:48:26,990
that's kind of taking over a central planning of everything.

692
00:48:26,990 --> 00:48:30,070
So what does it mean to separate money from the state?

693
00:48:31,670 --> 00:48:35,030
It means the freedom that should naturally be ours

694
00:48:35,030 --> 00:48:36,230
comes back to us.

695
00:48:36,230 --> 00:48:38,390
It means the entire world serves us.

696
00:48:38,390 --> 00:48:40,670
Every single person in the free market serves us

697
00:48:40,670 --> 00:48:44,590
instead of a structure that controls us.

698
00:48:44,590 --> 00:48:45,670
Has it been done before?

699
00:48:45,790 --> 00:48:46,010
Never.

700
00:48:46,570 --> 00:48:47,490
It's never been done.

701
00:48:47,570 --> 00:48:48,730
That's why it's so hard to imagine.

702
00:48:49,710 --> 00:48:51,790
How would people feel it day to day?

703
00:48:52,930 --> 00:48:57,890
These are such hard things because people want to feel, how do they feel right this second?

704
00:48:58,430 --> 00:49:02,530
And because these things take time, ask yourself this.

705
00:49:02,910 --> 00:49:09,790
In the last 10 years, have you seen an acceleration of government control versus the 10 years before that?

706
00:49:10,070 --> 00:49:11,570
Versus the 10 years before that?

707
00:49:11,630 --> 00:49:12,870
And you can see what's happening.

708
00:49:12,870 --> 00:49:19,010
that all of the things you're worried about and causing from your worry are getting worse and

709
00:49:19,010 --> 00:49:24,370
worse and worse. Everything, name one problem that could be solved by just making up more units of

710
00:49:24,370 --> 00:49:32,470
money. Every problem gets worse. Inside that system, that system can't resolve this paradox.

711
00:49:32,910 --> 00:49:38,110
But the same thing is true for the opposite system. Every single thing gets better.

712
00:49:38,110 --> 00:49:47,870
And so, the more time you move into the opposite system, one that is truthful, the more you leave

713
00:49:47,870 --> 00:50:07,348
this system behind and your attitude towards the world starts moving from fear and apathy and everything else to hope and abundance and truth And so that individual action added to more and more individual actions is what happening It just so early that it hard

714
00:50:07,348 --> 00:50:14,328
to see it. But when you're in that new system and you can see it, you can see it everywhere

715
00:50:14,328 --> 00:50:19,988
and you wonder why people are still stuck even though five, ten years ago you were stuck.

716
00:50:19,988 --> 00:50:24,728
Do you think it would be good for everyone or just for an elite?

717
00:50:24,988 --> 00:50:25,348
Everyone.

718
00:50:25,868 --> 00:50:32,928
I think because we've never lived in a free market, people have a belief, a false belief, that it isn't good for them.

719
00:50:33,788 --> 00:50:45,748
But the act of us trading and competing to give more value, the output serves every single person because that output prices fall for everyone.

720
00:50:45,748 --> 00:50:48,708
as jobs get removed by technology,

721
00:50:49,908 --> 00:50:51,568
the jobs that get removed,

722
00:50:51,728 --> 00:50:53,188
the prices fall by that amount.

723
00:50:54,008 --> 00:50:57,388
And so people can live on less and less and less and less forever

724
00:50:57,388 --> 00:51:00,708
as the competition intensifies.

725
00:51:01,188 --> 00:51:03,108
The output is great for everyone.

726
00:51:03,428 --> 00:51:04,568
Well, I would say,

727
00:51:05,128 --> 00:51:09,368
except for the people who unnaturally control the money supply today,

728
00:51:10,068 --> 00:51:12,588
they would have to deliver value to society

729
00:51:12,588 --> 00:51:17,108
instead of extract value to be able to compete to create value.

730
00:51:17,588 --> 00:51:18,728
Yeah, let's not forget those.

731
00:51:18,868 --> 00:51:19,228
Exactly.

732
00:51:19,628 --> 00:51:20,568
There's a bunch of them.

733
00:51:20,648 --> 00:51:24,628
So a bunch of those people are being repriced right now,

734
00:51:24,708 --> 00:51:26,328
and they don't know they're being repriced.

735
00:51:27,008 --> 00:51:30,528
In 2021, El Salvador made Bitcoin legal tender.

736
00:51:31,128 --> 00:51:34,648
In your view, what was the impact both in El Salvador and globally?

737
00:51:35,868 --> 00:51:38,628
I think it was such a bold move to do that.

738
00:51:38,628 --> 00:51:42,248
I was there shortly thereafter, that move.

739
00:51:42,588 --> 00:51:44,528
And I had a big presentation there.

740
00:51:44,668 --> 00:51:46,228
People were flying in from all over the world.

741
00:51:46,388 --> 00:51:49,348
And the day before I went were all the murders.

742
00:51:50,188 --> 00:51:51,248
And we still went.

743
00:51:51,728 --> 00:51:53,328
But it was crazy.

744
00:51:53,928 --> 00:51:57,548
And I think what happened there behind the scenes,

745
00:51:57,548 --> 00:52:04,548
I think what happened there is the control structure didn't know

746
00:52:05,208 --> 00:52:08,648
that Bickele was going to make Bitcoin legal tender.

747
00:52:09,208 --> 00:52:10,988
And that shocked the control structure.

748
00:52:10,988 --> 00:52:19,948
And then the behind the scenes, he wanted to create a false flag to be able to hurt his credibility as president.

749
00:52:20,408 --> 00:52:23,988
And then he instead locked everyone else up.

750
00:52:25,228 --> 00:52:37,848
And why I think that happened, I can't guarantee that that happened, but why I think knowing how things work, the coordination of media while I was there on he's a dictator.

751
00:52:37,848 --> 00:52:41,648
and why would he lock these people up

752
00:52:41,648 --> 00:52:42,948
when nobody cared about El Salvador,

753
00:52:44,168 --> 00:52:46,728
how coordinated that response was

754
00:52:46,728 --> 00:52:49,208
and how fast that response was coordinated

755
00:52:49,208 --> 00:52:53,648
tells me that it was coordinated.

756
00:52:54,708 --> 00:52:58,308
It was just all of the media that we saw in the US,

757
00:52:58,468 --> 00:53:01,788
all the media that we saw in Canada, in Europe,

758
00:53:02,268 --> 00:53:05,708
was the outcome of him locking people up

759
00:53:05,708 --> 00:53:07,908
rather than what happened to create it.

760
00:53:08,028 --> 00:53:11,328
And it just doesn't seem to pass the smell test

761
00:53:11,328 --> 00:53:16,708
of what an actual reporter would actually look at to why.

762
00:53:16,968 --> 00:53:18,268
So I think it was coordinated.

763
00:53:18,448 --> 00:53:21,728
And I think it was coordinated because the IMF,

764
00:53:22,468 --> 00:53:25,068
US, the entire control structure

765
00:53:25,068 --> 00:53:27,648
didn't expect that he would go to Bitcoin.

766
00:53:28,228 --> 00:53:30,328
And then they were caught flat-footed

767
00:53:30,328 --> 00:53:32,428
when he locked everybody up too.

768
00:53:32,428 --> 00:53:34,948
Because most of the time throughout history,

769
00:53:34,948 --> 00:53:44,428
other people, this happens, and then that person loses their power. So he has a 92% rating in El

770
00:53:44,428 --> 00:53:52,088
Salvador. And I'm not going to get into whether that's right or wrong. I just know he wouldn't

771
00:53:52,088 --> 00:53:59,328
have a 92% public rating unless the citizens of El Salvador who elect him thought it was right.

772
00:53:59,328 --> 00:54:04,188
and so who am I to determine something else?

773
00:54:04,248 --> 00:54:07,928
And those citizens were living in a hellhole

774
00:54:07,928 --> 00:54:13,208
for a lot of years until that happened without hope.

775
00:54:14,748 --> 00:54:17,808
So I think he did some things that were very bold

776
00:54:17,808 --> 00:54:21,068
and helped put Bitcoin and gain attention

777
00:54:21,068 --> 00:54:23,148
and I think he's going to be in time,

778
00:54:23,248 --> 00:54:25,848
I think he's going to be celebrated for that.

779
00:54:25,948 --> 00:54:28,948
He's been a part of the structure that has done this

780
00:54:28,948 --> 00:54:30,568
and they're still buying Bitcoin.

781
00:54:31,088 --> 00:54:34,188
And if you look at what's going to happen,

782
00:54:34,388 --> 00:54:36,168
it's going to create a whole bunch of wealth

783
00:54:36,168 --> 00:54:38,528
for the citizens of El Salvador and freedom.

784
00:54:39,388 --> 00:54:42,908
If Bichelli was a dictator, maybe time will tell,

785
00:54:44,028 --> 00:54:47,208
then you wouldn't want to impose Bitcoin.

786
00:54:47,348 --> 00:54:48,948
You wouldn't want people in self-custody.

787
00:54:49,068 --> 00:54:51,048
You wouldn't want people spending in Bitcoin

788
00:54:51,048 --> 00:54:53,748
because it would remove your ability to be a dictator.

789
00:54:54,188 --> 00:54:56,968
Yeah, it gives people economic independence.

790
00:54:56,968 --> 00:55:04,268
Exactly. It moves the power back to the people. So time will tell on all of this. It's interesting

791
00:55:04,268 --> 00:55:10,308
to watch both sides of this, so opinionated, without living in the country and seeing what

792
00:55:10,308 --> 00:55:16,228
it looked like before and after and what the citizens of El Salvador think about him.

793
00:55:17,048 --> 00:55:21,988
I've been living there for the past nine months. We left Europe. In Europe,

794
00:55:21,988 --> 00:55:24,088
no matter where you go,

795
00:55:24,368 --> 00:55:26,228
everyone complains about their government.

796
00:55:26,408 --> 00:55:26,968
It doesn't matter.

797
00:55:27,068 --> 00:55:29,088
You can talk to a French person,

798
00:55:29,368 --> 00:55:31,468
Dutch, German, Spaniard.

799
00:55:32,348 --> 00:55:34,768
And one of the things that shocked me

800
00:55:34,768 --> 00:55:36,128
when I got to El Salvador

801
00:55:36,128 --> 00:55:40,388
is that Salvadorans are happy, optimistic,

802
00:55:40,868 --> 00:55:42,388
and they like their government,

803
00:55:42,708 --> 00:55:44,308
which for me is rare.

804
00:55:44,468 --> 00:55:46,908
I'm not familiar with that feeling of,

805
00:55:46,908 --> 00:55:48,728
you know, liking your government anymore.

806
00:55:48,968 --> 00:55:51,028
So even when I went the first time,

807
00:55:51,028 --> 00:55:53,808
when it was early in Bitcoin transition,

808
00:55:54,908 --> 00:55:56,188
that's what you could feel.

809
00:55:56,268 --> 00:55:58,228
You could feel a hint of hope.

810
00:56:00,748 --> 00:56:03,528
And when I went back recently,

811
00:56:04,108 --> 00:56:05,328
you could see that expanding.

812
00:56:05,848 --> 00:56:06,448
You could see that,

813
00:56:06,948 --> 00:56:07,688
you could see it now,

814
00:56:07,808 --> 00:56:09,128
it's going to take some time,

815
00:56:09,608 --> 00:56:15,088
but you could see that the hope in the air

816
00:56:15,088 --> 00:56:17,688
and more people taking chances in the free market

817
00:56:17,688 --> 00:56:18,688
because now they can

818
00:56:18,688 --> 00:56:20,668
and they can create value for others.

819
00:56:21,028 --> 00:56:28,968
And so compared to what it looked like before and what it looks like now, it's unreal.

820
00:56:28,968 --> 00:56:32,788
It was a remarkable change in a very short order of time.

821
00:56:33,948 --> 00:56:38,068
In 2025, the government reversed it under IMF pressure.

822
00:56:38,748 --> 00:56:40,408
What's the signal to the world?

823
00:56:41,948 --> 00:56:45,728
That's why I say we won't know for sure.

824
00:56:45,908 --> 00:56:48,288
It could be one of two things.

825
00:56:48,288 --> 00:56:51,948
that it could be

826
00:56:51,948 --> 00:56:55,108
because Kelly is caving to the control structure

827
00:56:55,108 --> 00:56:59,528
or he's using what he needs to

828
00:56:59,528 --> 00:57:04,008
to be able to get the capital

829
00:57:04,008 --> 00:57:05,968
to change a country

830
00:57:05,968 --> 00:57:08,408
and get people into self-custody

831
00:57:08,408 --> 00:57:10,328
and running nodes and understanding this.

832
00:57:10,968 --> 00:57:12,388
I believe it's the latter.

833
00:57:13,328 --> 00:57:16,888
I believe that Bitcoin at that time

834
00:57:16,888 --> 00:57:22,188
isn't big enough or the people in big weren't big enough to be able to provide the funding that he

835
00:57:22,188 --> 00:57:28,588
needed to be able to to create the change for a society and if the change comes too so for society

836
00:57:28,588 --> 00:57:34,388
he can't he can't carry on the mandate there's lots of problems in el salvador other than

837
00:57:34,388 --> 00:57:41,088
just your your gangs that was one of the core problems but the other problems to fix or

838
00:57:41,088 --> 00:57:48,688
infrastructure, roads, water, sewer, all of that. These things can't be solved just by saying,

839
00:57:48,688 --> 00:57:56,208
spend in Bitcoin tomorrow. Bitcoin's emerging as a base there, and it's early. And these things

840
00:57:56,208 --> 00:58:02,528
still need to be solved to be able to create wealth for citizens and allow the free market to work.

841
00:58:02,528 --> 00:58:11,528
So, he was in a little bit of a box because Bitcoin's early. Where El Salvador was and

842
00:58:11,528 --> 00:58:24,346
I suspect the IMF used that pressure to be able to drive this Interesting enough he still buying Bitcoin every day And even though it says in that that he can

843
00:58:25,126 --> 00:58:28,526
But we'll see over time which path he chooses.

844
00:58:28,806 --> 00:58:33,326
If he chooses to help his citizens understand self-custody,

845
00:58:33,626 --> 00:58:36,346
if he chooses to understand how they can spend in it

846
00:58:36,346 --> 00:58:38,126
and remove that power structure,

847
00:58:38,806 --> 00:58:42,666
then he may go down as one of the greatest leaders that ever lived.

848
00:58:42,666 --> 00:58:43,226
Yeah.

849
00:58:43,226 --> 00:58:55,926
Yeah. What's the signal to the world when they reversed that Bitcoin is a legal tender law to people in Africa, people in Central South America, Javier Millet in Argentina, everyone?

850
00:58:55,926 --> 00:59:01,946
one. If you realize where the control comes from, and it's manipulated money, and they create these

851
00:59:01,946 --> 00:59:08,826
debt traps for countries, but the countries have no choice, and they take the money. That control

852
00:59:08,826 --> 00:59:14,786
structure has enormous power over our way of life. And it's trying to insert, it's trying to fight

853
00:59:14,786 --> 00:59:22,966
back to stop Bitcoin in every different step. But you should expect that to happen. We should expect

854
00:59:22,966 --> 00:59:29,006
that to be just the course of action because in 5,000 years, we've never lived in a free market.

855
00:59:30,306 --> 00:59:36,346
So that means that control structure must be very, very strong against us. And I think what's

856
00:59:36,346 --> 00:59:42,246
ending up happening is it's trying to insert, it's trying to, you just saw what Google did the other

857
00:59:42,246 --> 00:59:50,426
day and then reverse the ruling on self-custodial wallets. But if you look deep into what they

858
00:59:50,426 --> 00:59:57,326
announced and all the charts and what was okay and what it wasn't a simple act of of oh we made a

859
00:59:57,326 --> 01:00:03,866
mistake somebody lower down made a mistake it was a coordinated attack from it was probably a trial

860
01:00:03,866 --> 01:00:09,806
balloon to what's coming right and so we have to imagine we have to understand that all of these

861
01:00:09,806 --> 01:00:14,826
actions that all of these coordinated entities where the power resides today are coordinated

862
01:00:14,826 --> 01:00:18,806
and they can't allow, they cannot allow.

863
01:00:19,806 --> 01:00:23,346
If Bitcoin, forget Bitcoin for a second,

864
01:00:23,646 --> 01:00:25,666
the natural state of the free market is deflation.

865
01:00:25,866 --> 01:00:26,166
Yes.

866
01:00:26,846 --> 01:00:30,806
That opposes every single thing in the existing structure.

867
01:00:31,006 --> 01:00:31,946
Even without Bitcoin.

868
01:00:31,946 --> 01:00:32,346
Without Bitcoin.

869
01:00:32,346 --> 01:00:32,886
It's true.

870
01:00:33,146 --> 01:00:37,446
So it means that can't be allowed to exist no matter what.

871
01:00:37,886 --> 01:00:39,366
They're two totally different systems.

872
01:00:39,886 --> 01:00:41,786
They're inoperable together.

873
01:00:43,026 --> 01:00:44,266
One must kill the other.

874
01:00:44,266 --> 01:00:52,106
And so what you're seeing, what you're seeing play out all around the world is you're seeing the fight all behind the scenes.

875
01:00:52,286 --> 01:00:59,746
Agencies, CIA, different agencies, Mossad, IMF, World Bank, government.

876
01:01:00,006 --> 01:01:02,866
You're seeing all of this coordinated to stop this.

877
01:01:03,306 --> 01:01:06,606
Because if this exists, most of that goes away.

878
01:01:07,526 --> 01:01:09,086
Do you think it can succeed?

879
01:01:09,526 --> 01:01:11,346
We can have a free market?

880
01:01:11,346 --> 01:01:14,446
Why now and not before?

881
01:01:14,746 --> 01:01:17,486
In my presentation, I'm going to tell you why.

882
01:01:17,666 --> 01:01:18,686
Okay, today.

883
01:01:18,806 --> 01:01:19,286
Tomorrow.

884
01:01:19,646 --> 01:01:19,886
Tomorrow.

885
01:01:20,586 --> 01:01:25,966
And a premiere here for the podcast that will be released after the presentation?

886
01:01:28,106 --> 01:01:28,706
Sure.

887
01:01:29,266 --> 01:01:29,746
Thank you.

888
01:01:31,266 --> 01:01:38,246
If you understand game theory, which is really a mathematical process for a system for how we make decisions,

889
01:01:39,386 --> 01:01:41,086
game theory explains us.

890
01:01:41,346 --> 01:01:44,966
All of what we say will do versus what we'll do.

891
01:01:46,286 --> 01:01:48,886
And prisoner's dilemma is a really good example of that.

892
01:01:49,586 --> 01:01:54,566
If two people cooperate, the overall system is better.

893
01:01:55,426 --> 01:02:01,346
But individually, if one person cheats on the other and says the other person did it,

894
01:02:02,606 --> 01:02:06,586
the sum total of those is worse for both players.

895
01:02:06,726 --> 01:02:09,026
And if both people cheat, it's way worse.

896
01:02:09,026 --> 01:02:17,806
What you'll find is individual actors acting rationally are so scared of somebody else cheating them that they'll cheat the other person first.

897
01:02:18,586 --> 01:02:25,726
And so what it means is through that is globally, not individually, we get worse outcomes.

898
01:02:27,146 --> 01:02:29,566
Now, add a couple variables to that.

899
01:02:29,626 --> 01:02:35,786
If you played that game over and over, iterative players, you'll see the best way to play that game.

900
01:02:35,786 --> 01:02:38,306
And the best way to play that game is cooperate.

901
01:02:39,026 --> 01:02:44,426
And then, but if somebody else cheats you, then cheat them back and then go back to cooperating.

902
01:02:44,426 --> 01:02:46,506
And if they cooperate the next time, cooperate.

903
01:02:46,946 --> 01:02:51,026
Because if you know somebody's going to cheat, if somebody cheated you the last time, then

904
01:02:51,026 --> 01:02:52,126
what would you do the next time?

905
01:02:52,586 --> 01:02:55,786
So you can see human action through this play out.

906
01:02:55,886 --> 01:02:57,686
Now add a couple of variables to that.

907
01:02:58,626 --> 01:03:01,426
Add a variable that you wouldn't get caught, right?

908
01:03:01,446 --> 01:03:02,366
So you won't get caught.

909
01:03:03,246 --> 01:03:07,966
And add another variable that you keep on increasing the reward.

910
01:03:09,026 --> 01:03:15,506
$100, $1,000, $10,000, $100,000, $1 billion, $10 billion, you won't get caught.

911
01:03:16,466 --> 01:03:19,886
At some level of you won't get caught when you're playing this game.

912
01:03:21,026 --> 01:03:24,706
97.5% of human beings will cheat.

913
01:03:25,886 --> 01:03:30,546
And why they'll cheat is either they'll cheat immediately because they can make money,

914
01:03:30,966 --> 01:03:33,786
or they'll say, if I don't, somebody else will.

915
01:03:34,926 --> 01:03:36,046
So they won't call it cheating.

916
01:03:36,826 --> 01:03:38,806
Now, money is a perfect thing.

917
01:03:38,886 --> 01:03:41,066
You wouldn't get caught, right?

918
01:03:41,406 --> 01:03:43,586
To create a little bit, steal a little bit.

919
01:03:44,646 --> 01:03:49,746
And then it creates so much wealth, so much inequality, so much power,

920
01:03:50,206 --> 01:03:53,486
that of course we would fall into that trap.

921
01:03:54,506 --> 01:03:55,866
So who are the 2.5%?

922
01:03:56,486 --> 01:04:03,386
The 2.5% are probably all of the religious leaders that then were killed,

923
01:04:03,386 --> 01:04:10,766
that then those religions actually had, in most major religions, no interest.

924
01:04:11,706 --> 01:04:14,946
It was the foundation of a lot of these major religions.

925
01:04:15,326 --> 01:04:20,646
And I think what we celebrated in those people was what we couldn't hold in ourselves,

926
01:04:21,666 --> 01:04:25,366
an ability to stand up against that and hold integrity.

927
01:04:26,506 --> 01:04:28,286
Because very few of us can.

928
01:04:28,786 --> 01:04:30,946
Because we can be bought.

929
01:04:30,946 --> 01:04:36,786
and the odds are if 97% of 0.5% of people can be bought.

930
01:04:37,806 --> 01:04:39,266
So odds throughout human history,

931
01:04:39,366 --> 01:04:40,826
you would just keep on repeating the pattern

932
01:04:40,826 --> 01:04:42,546
over and over and over again.

933
01:04:43,286 --> 01:04:45,306
So now why is Bitcoin different?

934
01:04:45,466 --> 01:04:45,626
Yeah.

935
01:04:46,246 --> 01:04:51,706
It's because 97.5% aren't bad people.

936
01:04:51,706 --> 01:04:53,526
They wouldn't tell themselves they're cheating.

937
01:04:54,146 --> 01:04:54,966
They would say,

938
01:04:55,206 --> 01:04:57,946
I needed to do it for my family before it was done to me.

939
01:04:57,946 --> 01:05:02,946
and most people will just go along with whatever system they're in.

940
01:05:03,646 --> 01:05:06,766
So if it's acting like that, then more people will make that decision.

941
01:05:07,086 --> 01:05:10,586
There'll be rational actors in that and they'll keep on making that decision.

942
01:05:11,146 --> 01:05:15,966
Like the mirror we see of reality today with everybody inside the system

943
01:05:15,966 --> 01:05:18,166
making those same decisions within the system.

944
01:05:19,226 --> 01:05:21,966
But in Bitcoin, that's what the nodes are.

945
01:05:22,966 --> 01:05:25,666
You can have anonymity and run a node.

946
01:05:25,666 --> 01:05:33,646
all of the change has to come through you and so those those nodes are a wall of people

947
01:05:33,646 --> 01:05:40,366
essentially inscribing the best of them into a system for the best of everyone else and it

948
01:05:40,366 --> 01:05:47,386
produces a base that can't be cheated because in the past those people would be killed by this

949
01:05:47,386 --> 01:05:52,386
control structure but because you're private on your nodes and these nodes are all over the world

950
01:05:52,386 --> 01:05:53,726
can't even be found.

951
01:05:55,626 --> 01:05:58,366
There are a lot of public people in Bitcoin

952
01:05:58,366 --> 01:06:00,046
that can be targeted.

953
01:06:00,346 --> 01:06:01,046
I'm one of them.

954
01:06:01,686 --> 01:06:03,026
All that that lesson would do

955
01:06:03,026 --> 01:06:05,206
is accelerate Bitcoin.

956
01:06:05,786 --> 01:06:06,346
Why?

957
01:06:06,766 --> 01:06:09,806
Because more people would build the privacy tech.

958
01:06:09,966 --> 01:06:11,286
More people would build it faster.

959
01:06:11,646 --> 01:06:12,726
More people would run nodes.

960
01:06:13,566 --> 01:06:14,066
Game theory.

961
01:06:15,166 --> 01:06:15,926
Game theory.

962
01:06:16,066 --> 01:06:18,766
If government came after some of those people at that,

963
01:06:18,866 --> 01:06:20,726
it would accelerate the demise of government.

964
01:06:20,726 --> 01:06:21,246
Yeah.

965
01:06:21,246 --> 01:06:30,226
The government of El Salvador recently extended presidential terms to six years and removed term limits without a referendum.

966
01:06:30,826 --> 01:06:32,506
How do you see this move?

967
01:06:33,026 --> 01:06:35,106
It builds on your other question.

968
01:06:36,186 --> 01:06:37,706
It's a nuanced question.

969
01:06:37,866 --> 01:06:38,946
So do I like that?

970
01:06:39,046 --> 01:06:39,966
Does it say something?

971
01:06:39,984 --> 01:06:45,284
that says, okay, is he trying to attract more power and change that? On one side of that,

972
01:06:45,344 --> 01:06:48,924
I could easily make the argument and I could see a whole bunch of things saying,

973
01:06:49,164 --> 01:06:54,484
this is dictatorship, he's taking more power, he's changing the constitution to support something

974
01:06:54,484 --> 01:07:01,304
that shouldn't exist. And that is a valid argument for all the people that are making it,

975
01:07:01,384 --> 01:07:08,764
it needs to be looked at. The other side of that argument is, would the citizens and would El

976
01:07:08,764 --> 01:07:18,384
Salvador, if he changed the government today, carry on a path that was individual rights and

977
01:07:18,384 --> 01:07:22,944
freedoms and everything else? Or would it just revert directly back to what it looked like before?

978
01:07:24,124 --> 01:07:30,184
And I don't know the answer. I don't know the answer. I know. But when I look around at the

979
01:07:30,184 --> 01:07:38,264
rest of the world and said democracies, every one of them is failing. Every one of them is saying

980
01:07:38,264 --> 01:07:45,204
one thing and doing another. So every one of them is taking more power without referendums and

981
01:07:45,204 --> 01:07:52,144
control. Every single one. Everyone in Europe, everyone in Canada, everyone in the US, everywhere

982
01:07:52,144 --> 01:07:56,604
in the world is doing this. And then those people are looking at El Salvador and saying,

983
01:07:56,984 --> 01:08:06,204
how dare you? So it's unreal. So I don't know the answer to that. I just know the system we're in

984
01:08:06,204 --> 01:08:11,504
is going to be very chaotic and it's going to challenge people's belief sets because their

985
01:08:11,504 --> 01:08:17,664
belief sets are built on a lie. Yeah, my question is, how do you see that move? Because I really

986
01:08:17,664 --> 01:08:23,664
don't know what to think. And it's what you say, I come from ideas that are not working,

987
01:08:23,984 --> 01:08:28,984
but it's true that he calls himself the philosopher king. That's what I mean. We'll see

988
01:08:28,984 --> 01:08:35,924
in time. We'll see because if he's actually committed to Bitcoin, then he'll go down as a

989
01:08:35,924 --> 01:08:44,924
hero to his people by removing his power naturally. If he wants to be a king, he'll take control.

990
01:08:45,364 --> 01:08:49,524
And it won't look like self-sovereignty, and it won't. But I can't. There's no way I could know

991
01:08:49,524 --> 01:08:54,444
that. There's no way anybody could know that. What he's going to do, what I would say is,

992
01:08:55,024 --> 01:09:05,104
there's a 97% chance, 97.5% chance that he'll take control. But there was 97.5%

993
01:09:05,104 --> 01:09:15,304
chance that I would have in my company taken the bribe. I didn't. So, we won't know until the

994
01:09:15,304 --> 01:09:25,124
actions actually show what he does. I'm hopeful. It was years ago, Saifeddin shocked me with this

995
01:09:25,124 --> 01:09:31,324
idea of the end of democracy and the beginning of monarchies, good monarchies. If he's a monarch

996
01:09:31,324 --> 01:09:35,624
that gives to the people the power of the monetized system,

997
01:09:36,204 --> 01:09:38,184
then could be a benevolent king.

998
01:09:38,184 --> 01:09:40,404
Yeah, I disagree with that,

999
01:09:40,564 --> 01:09:43,004
the way that the world is out of a perception

1000
01:09:43,004 --> 01:09:44,664
of what might have worked in the past.

1001
01:09:44,664 --> 01:09:49,064
And we don't have a playbook for what's going to look.

1002
01:09:49,184 --> 01:09:54,564
There is no word for democracy, capitalism, communism.

1003
01:09:54,964 --> 01:09:57,324
There is no word that describes where we're going

1004
01:09:57,324 --> 01:10:03,684
because all of those words are butchered by the existing system that we've lived in,

1005
01:10:03,744 --> 01:10:05,004
which is never a free market.

1006
01:10:05,964 --> 01:10:09,524
So where we're going and what systems look like, governance systems look like,

1007
01:10:09,664 --> 01:10:13,284
how we choose those governance systems, we don't know yet.

1008
01:10:13,584 --> 01:10:18,164
But there's no way to be a king in a governance system

1009
01:10:18,164 --> 01:10:20,364
where all of the power goes to the people.

1010
01:10:21,084 --> 01:10:21,184
Yeah.

1011
01:10:22,664 --> 01:10:23,224
Possible.

1012
01:10:24,364 --> 01:10:25,364
Yeah, it's true.

1013
01:10:25,364 --> 01:10:30,024
It's why it's so much easier looking from a clean slate.

1014
01:10:30,664 --> 01:10:41,194
And what does the new system impose Could that exist the way it used to exist It can can In your view does the rule of law apply here

1015
01:10:42,654 --> 01:10:49,894
Well, what rule of law? I wrote a thing a long time ago called Finding Signal in a Noisy World.

1016
01:10:50,594 --> 01:10:56,434
It's well worth reading. And it's had tens of millions of views. It's been cited and many other

1017
01:10:56,434 --> 01:11:02,434
things. And I wrote it to show people what was going to happen in a way that it was going to

1018
01:11:02,434 --> 01:11:10,634
happen, why all the blowups were going to happen in crypto and why crypto was worthless and it was

1019
01:11:10,634 --> 01:11:19,014
only Bitcoin. When did you write that one? 2022, I think. Maybe 2021. I can't even remember. But

1020
01:11:19,014 --> 01:11:24,114
it described exactly what was going to happen and how that was going to happen. But one of the

1021
01:11:24,114 --> 01:11:32,434
I wrote in it was that money is superordinate to law. We think law protects us. But if you're above

1022
01:11:32,434 --> 01:11:41,694
the, look at what's happening right now with Epstein. If you're above the money,

1023
01:11:42,134 --> 01:11:48,314
if you have the money, the law has changed to serve you. And so, laws are always changed.

1024
01:11:48,474 --> 01:11:52,754
By the way, if it didn't look like that, if money wasn't superordinate to law,

1025
01:11:52,754 --> 01:11:57,594
then what you'd expect is the places with the most broken money to have the best laws protecting people.

1026
01:11:58,314 --> 01:11:58,374
Yeah.

1027
01:11:58,614 --> 01:11:59,554
Doesn't it look the opposite?

1028
01:11:59,834 --> 01:12:00,034
Yeah.

1029
01:12:00,394 --> 01:12:03,174
When money is broken, the law is useless.

1030
01:12:04,014 --> 01:12:04,794
It's completely useless.

1031
01:12:05,514 --> 01:12:06,274
There is no law.

1032
01:12:06,854 --> 01:12:08,154
You have the money and you win.

1033
01:12:08,934 --> 01:12:09,694
And money is broken.

1034
01:12:10,094 --> 01:12:17,094
So most of the laws today are designed to keep money broken and to keep you poor.

1035
01:12:17,994 --> 01:12:18,914
Keep you trapped.

1036
01:12:18,914 --> 01:12:25,414
still there is some comfort in the rule of law but it's true what you say logically

1037
01:12:25,414 --> 01:12:32,734
i understand we have a belief and this is again the pendulum of this of the of the swing yeah we

1038
01:12:32,734 --> 01:12:39,454
believe because we're looking back on a rule of law when money was less broken that that we grew

1039
01:12:39,454 --> 01:12:45,774
up at a different time and as money's getting more and more broken the laws are changing to

1040
01:12:45,774 --> 01:12:52,474
support that. And it doesn't feel the same as when we were kids. And the world is changing so fast by

1041
01:12:52,474 --> 01:12:58,454
this control structure, trying to co-opt our individual rights and freedoms.

1042
01:13:00,314 --> 01:13:05,254
Most people don't know that just about everything, like you used to have to have a search warrant and

1043
01:13:05,254 --> 01:13:10,754
probable cause, right? It doesn't look like that anymore. All of your internet records and everything

1044
01:13:10,754 --> 01:13:18,494
you're doing are viewed all the time inside this control structure that is learning more and more

1045
01:13:18,494 --> 01:13:25,674
about you and how to make you think. What do you think happened to the Central African Republic?

1046
01:13:28,134 --> 01:13:32,474
The same thing that happened to El Salvador, the same thing that happened to South America,

1047
01:13:32,774 --> 01:13:38,114
Central America. Africa, not just Central African Republic, but Africa in general has

1048
01:13:38,114 --> 01:13:43,974
been stripped mind. Essentially, you've put people in slavery by a monetary system. It's happened

1049
01:13:43,974 --> 01:13:51,254
over and over and over again. And all of the internal wars and fights are created to keep

1050
01:13:51,254 --> 01:13:55,774
people poor and to be able to extract their natural resources to wealthy countries.

1051
01:13:56,274 --> 01:14:01,994
I'm referring to what happened immediately after they declared Bitcoin legal tender.

1052
01:14:01,994 --> 01:14:08,754
I suspect international pressure, IMF pressure, and I suspect the same thing that came into El Salvador.

1053
01:14:10,634 --> 01:14:13,554
These systems are opposite, right?

1054
01:14:13,874 --> 01:14:21,754
And if one, two, three, four, as more and more do this, then there is no need for IMF anymore.

1055
01:14:22,174 --> 01:14:25,654
There is no need for, the control structure falls away.

1056
01:14:25,874 --> 01:14:42,244
But a lot of these leaders are actually bribed or kept in control or placed by the same agencies or one that is really trying to develop freedom for their people is killed by the same agencies And this has happened throughout time because it a control

1057
01:14:42,244 --> 01:14:49,384
system that looks like this. Of course, that pressure would be exerted not to go to Bitcoin.

1058
01:14:50,784 --> 01:14:56,824
Can you elaborate on the role of the Central African franc zone and its connection to France

1059
01:14:56,824 --> 01:15:05,204
and the euro? Yeah, it's similar to how the US dollar is connection to the rest of Africa.

1060
01:15:05,904 --> 01:15:12,944
It's an extortion scheme that keeps countries poor and funds wealthy nations. So they have no

1061
01:15:12,944 --> 01:15:18,604
sovereignty over the currency, and the currency is constantly debased to be able to extract raw

1062
01:15:18,604 --> 01:15:25,864
materials and wealth to fund France. The sovereign individual talks about technology making this

1063
01:15:25,864 --> 01:15:31,444
separation possible, the separation between money and the state. Is Bitcoin what we've been waiting

1064
01:15:31,444 --> 01:15:40,084
for? Yeah, I'd go further back to this knowledge. This knowledge, we talked about it before,

1065
01:15:40,504 --> 01:15:46,164
throughout time, many different people, Mises, Buckminster Fuller, Henry Ford,

1066
01:15:47,744 --> 01:15:54,524
Tesla. Go back through time and you see the same theme of how money is distorted and how it costs

1067
01:15:54,524 --> 01:15:59,004
all these lives and its control set, but we keep following. We couldn't fall. We always fell back

1068
01:15:59,004 --> 01:16:06,204
into the trap, no matter how much we knew it, we couldn't solve it. And then in 1992, the original

1069
01:16:06,204 --> 01:16:13,684
cryptographers, cypherpunks mailing list, I think there were 70 people on it trying to solve this,

1070
01:16:13,684 --> 01:16:20,484
trying to remove money from state to be able to actually create something that could solve this.

1071
01:16:20,484 --> 01:16:22,524
And a whole bunch of those failed.

1072
01:16:23,144 --> 01:16:27,824
All of these different tries, Adam Back, I forget some of the names.

1073
01:16:28,304 --> 01:16:28,344
Stavroly.

1074
01:16:28,344 --> 01:16:28,584
Exactly.

1075
01:16:29,944 --> 01:16:32,304
Had part of the pieces, but not all the pieces.

1076
01:16:32,544 --> 01:16:36,044
And then Satoshi came in and put it, just like any innovation happens.

1077
01:16:36,424 --> 01:16:38,064
Fail, fail, fail, fail.

1078
01:16:38,564 --> 01:16:42,064
And we think innovation is just a light bulb one person.

1079
01:16:42,564 --> 01:16:49,704
But that innovation comes from all of these other people that then somebody else puts all together with difficulty adjustment.

1080
01:16:49,704 --> 01:16:55,644
and such and create something that actually works that can do this. And then it starts really slowly

1081
01:16:55,644 --> 01:17:03,464
and more and more people move to it. But if you take 70 people in 1992 to how many people are now

1082
01:17:03,464 --> 01:17:10,704
joining those 70 people, you can see how the world changes. And so, yes, Bitcoin solves this and now

1083
01:17:10,704 --> 01:17:15,304
it expands this amount of people. You've added your voice to this. I've added my voice to it.

1084
01:17:15,304 --> 01:17:23,024
And many others are starting to understand the system over here is so irrevocably broken.

1085
01:17:23,384 --> 01:17:24,984
It can't be fixed from the system.

1086
01:17:25,244 --> 01:17:26,944
It has to be fixed from over here.

1087
01:17:27,104 --> 01:17:28,924
And they can do something about it.

1088
01:17:28,924 --> 01:17:38,424
They have agency that they can just move their time from one system to another and add their voice and make this other system stronger, add their time, energy to this other system.

1089
01:17:39,404 --> 01:17:42,304
So, yes, that's what's happening right now.

1090
01:17:42,344 --> 01:17:44,124
And we're just very early in that process.

1091
01:17:44,984 --> 01:17:48,824
What are the risks of tying financial freedom to tech?

1092
01:17:49,824 --> 01:17:52,484
I would say most things are tech right now.

1093
01:17:52,644 --> 01:17:55,744
At the base of Bitcoin is you and me.

1094
01:17:56,224 --> 01:17:57,904
It's not the tech that protects Bitcoin.

1095
01:17:58,364 --> 01:17:59,784
It's you and me.

1096
01:17:59,964 --> 01:18:03,544
Because it's your node that you are the consensus mechanism.

1097
01:18:04,044 --> 01:18:06,584
And for the changes, we agree on a set of rules.

1098
01:18:07,284 --> 01:18:11,724
And every 10 minutes, we have to, did this meet the rules we agreed to?

1099
01:18:11,724 --> 01:18:15,584
If there's a change, we have to agree on the change.

1100
01:18:15,584 --> 01:18:18,164
It's not the tech, it's us.

1101
01:18:18,164 --> 01:18:19,724
And so what is the risk?

1102
01:18:19,724 --> 01:18:21,484
It's the tech isn't the risk,

1103
01:18:21,484 --> 01:18:24,244
because the tech is open source, it's been vetted,

1104
01:18:24,244 --> 01:18:42,454
it been the risk is the consensus of us If you can convince us to change our best interests to let say allow ordinals or allow nonsense in the blockchain then the blockchain could bloat and then create risk for

1105
01:18:42,454 --> 01:18:48,834
it working for a long time or centralize. The risk is us giving all of our power,

1106
01:18:49,534 --> 01:18:56,534
not holding Bitcoin in self-custody, not giving it to somebody else to hold for us,

1107
01:18:56,534 --> 01:19:02,494
that centralizes it more, that then comes and attacks Bitcoin and tries to change that consensus

1108
01:19:02,494 --> 01:19:08,954
mechanism, tries to get us through fear to change our minds, to protect our self-interest.

1109
01:19:09,954 --> 01:19:15,114
And so we should expect those attacks to be coming like crazy, because the only way to

1110
01:19:15,114 --> 01:19:21,054
attack this is to change that. And so we should expect coordinated attacks, crazy attacks. We

1111
01:19:21,054 --> 01:19:28,074
should expect these attacks to come at the same time as you better do it now for otherwise you're

1112
01:19:28,074 --> 01:19:33,754
going to lose it all because of quantum we should expect the most crazy attacks social attacks

1113
01:19:33,754 --> 01:19:43,034
to get those nodes to to change their minds to fight against each other to uh to insert something

1114
01:19:43,034 --> 01:19:48,594
that's a backdoor uh to this but if we're vigilant to those attacks if we know those attacks are

1115
01:19:48,594 --> 01:19:55,094
coming, because they must come, because it so much risks the existing system. If we know those

1116
01:19:55,094 --> 01:20:02,294
attacks are coming, and we think through those, and we had more voices to watch for them,

1117
01:20:03,034 --> 01:20:07,834
we are Bitcoin. It's not tech. The base of it is us.

1118
01:20:08,754 --> 01:20:13,354
Could decentralized money lead to decentralized governments? How do you see that working?

1119
01:20:14,054 --> 01:20:14,954
It will lead to that.

1120
01:20:15,294 --> 01:20:21,514
It will lead to governments that get smaller, more freedom between borders, and more governments

1121
01:20:21,514 --> 01:20:24,834
that are getting smaller and working together.

1122
01:20:25,334 --> 01:20:26,634
I'm saying way in the future.

1123
01:20:26,974 --> 01:20:30,654
It's going to be chaotic on the way through because these are new rules being imposed

1124
01:20:30,654 --> 01:20:33,554
by people who don't understand the new rules of the game.

1125
01:20:33,674 --> 01:20:35,674
So different governments are going to take different actions.

1126
01:20:36,234 --> 01:20:40,854
Can Bitcoin and fiat coexist or are we headed to a showdown?

1127
01:20:41,814 --> 01:20:42,794
They cannot coexist.

1128
01:20:42,794 --> 01:20:50,274
They're opposite systems. One imposes the free market, one does not. One has to kill the other.

1129
01:20:51,174 --> 01:20:53,914
And finally, can Bitcoin be the winner?

1130
01:20:54,694 --> 01:21:02,074
Yes. Bitcoin will be the winner. The question is, will Bitcoin be the winner in what time frame?

1131
01:21:02,634 --> 01:21:08,574
Even if Bitcoin wasn't the winner in the short time frame, because this consensus mechanism

1132
01:21:08,574 --> 01:21:12,534
made mistakes and let in a trapdoor,

1133
01:21:13,214 --> 01:21:16,214
you would expect, with the knowledge humanity has now,

1134
01:21:17,094 --> 01:21:18,074
to find another.

1135
01:21:18,134 --> 01:21:19,414
It might take another thousand years.

1136
01:21:19,854 --> 01:21:20,734
Another thousand years?

1137
01:21:20,734 --> 01:21:26,814
I think Bitcoin is going to be the winner in our generation.

1138
01:21:27,314 --> 01:21:30,654
Jeff, thanks for your time and this generous conversation.

1139
01:21:31,514 --> 01:21:33,854
Where can people follow you and your work?

1140
01:21:33,854 --> 01:21:41,134
um on nostr now and or uh ego death is probably uh ego death if you're if you're an entrepreneur

1141
01:21:41,134 --> 01:21:47,854
in the space building under bitcoin ego death look us up there otherwise uh on on nostr my website

1142
01:21:47,854 --> 01:21:53,554
which i don't update enough but please make sure if you're going to follow me you check in in

1143
01:21:53,554 --> 01:21:59,994
nostr you check my on my website for my end pub if it's not listed on my website at jeffbooth.ca

1144
01:21:59,994 --> 01:22:00,834
It's not me.

1145
01:22:01,114 --> 01:22:05,214
So there's just so many impersonators, scammers trying to take your money.

1146
01:22:05,314 --> 01:22:06,594
I will never ask you for money.

1147
01:22:07,694 --> 01:22:09,274
It's been amazing having you on.

1148
01:22:09,534 --> 01:22:10,834
I can't wait to have you back.

1149
01:22:11,074 --> 01:22:12,434
Until then, stay sovereign.

1150
01:22:12,734 --> 01:22:13,234
Thank you.