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Great turnout for this. Thank you guys.

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Yes. Welcome everyone.

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We're talking about Bitcoin today.

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Thank you for coming.

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So, as is tradition for having Bitcoin talks, we've got to ask who has heard of Bitcoin?

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First of all, raise of hands.

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Pretty much everybody.

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I would hope so.

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Who is holding Bitcoin?

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Holding or using Bitcoin?

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About half.

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That's pretty awesome actually.

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That's really good.

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So, we're going to be crash coursing through a bunch of stuff today because there's so many different angles we can take this conversation.

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We're going to start with a broad overview of why Bitcoin matters, how it fits into the world money landscape.

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Because that's what people are starting to ask questions about.

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It's been around for over 15 years now.

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It's sticking around.

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So people want to know where does this actually fit into society at large?

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And then we're going to move it into how you can use it as a traveler to make your traveling life much better.

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And we've got some personal examples of how we both use it a lot and how you can too.

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So to give.

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Let me add one more thing.

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Go ahead.

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we're also gonna do and I don't see it on your little list here but we should

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also do a short explanation of like why Bitcoin and not shitcoin so there's like

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basically in the world of money there's Bitcoin and then everything else is

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shitcoin that includes the Bulgarian lever you US dollars euros all crypto

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fucking everything so we'll explain why the distinction there yep yep so taking

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it all the way back to just looking at what money is in the world so if you go

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way back in history people used to use this thing called barter which is when

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someone has 10 chickens and another person creates houses it's hard for them

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to exchange value with each other because those are such different measures of

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the value that they're creating so money became this tool in the middle where if

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I have 10 chickens I can use money as that intermediary that makes those

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people able to trade so you don't have to have 5,000 chickens equal to that

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house to sell or one brick for a chicken yes the other way around yeah so all the people in a

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community can specialize on what they want to do and they don't have to trade that thing for what

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they want the money is the perfect tool so anyone that's ever told you that money itself is evil is

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wrong it's just a tool that helps people exchange with each other so there's been so many different

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types of money throughout history and i highly recommend the book for anyone looking to look at

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just how they've all evolved over time is called the bitcoin standard it goes through how we used

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to use rocks and seashells and things like this but these quickly ran into problems because they

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could be games outside countries and nationalities could bring a bunch of they could be better at

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creating or finding rocks and they would come in glass beads is another popular one is a classic

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one so let me give you an example like this um shells there's an excellent essay by a guy called

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Nick Szabo, who's like one of the greatest polymaths of our generation.

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And it's called Shelling Out.

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If you get a chance, definitely read that.

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Nick Szabo, Shelling Out.

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His surname is S-Z-A-B-O.

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And in there he talks about how there was a period of time when shells were used as money.

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And shells were very rare in places that weren't close to the coast, right?

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So what humans did was they would find these rare artifacts and they would shave them down

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into particular shapes and they would use them as the tool, which is money, in order

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to make trade possible.

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And then the example I always use to people is like, imagine you spent your whole life

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saving up, working to save up a bunch of shells and then you went to retire on the beach and

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all of a sudden shells everywhere.

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So it's no longer scarce.

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Like inflation would kill your money, right?

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So you had all different sorts of monies throughout the world.

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So you had like commodity money.

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things like salt the word salary comes from salt but imagine if you spend your whole life saving up

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all this salt and then you know your kid accidentally poured the water on it then all your money is

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gone right so money requires a set of attributes in order to make it a good money and what happened

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over the centuries is human beings found better and better and better objects to use as money

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the ultimate object let's see if anyone has this trivia history here what became money all around

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the world it lasted for thousands of years gold exactly why does anyone can anyone tell me why

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scares it is one element what else it is pretty yeah

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divisible somewhat divisible yep it's very durable as well right so like gold is gold wherever but in

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my opinion the most important thing is gold is one of the only and probably i think it's the only

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maybe there's two inert metals which means gold doesn't react with anything so you will find gold

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in its raw pure form in africa in asia down in the ocean anywhere so you've got this unit this

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magical metal that is the same everywhere it is portable it is durable it is scarce it is

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recognizable it is homogenous throughout gold doesn't react with anything so you've got this

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perfect unit that slowly by slowly not by decree it wasn't told to anyone it was just adopted

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bottom up as money and if you think about how this happened in the beginning maybe a nugget of gold

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couldn't have even bought you a single chicken it's like you know let's say you found gold for

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the first time everyone's still using seashells and glass beads and you've got to buy a chicken

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you're like can i have six chickens for and you know the guys like okay that'll be six shells

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please give him some goals what the is that what's gold it's gonna be the future of money

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and you're like well can i eat it no can i drink it no can i wear it no get the out of here

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give me my shells and that's how it would have happened in the beginning but over time more and

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more and more people started seeing this valuable unit or this unit this useful unit I should say

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and imbuing value on it so over thousands of years the world converged all around that gold was money

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so that was sort of the progression yeah and it's a long process because it just started out as

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people walking around seeing these pretty little yellow rocks and thinking that's cool I'm going

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collect that and just hold it. And then once enough people started holding it, they started

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thinking, we could actually exchange this thing as a form of money. And then they started,

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economy started building around that. And we use this analogy in Bitcoin as well,

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because right now most people view it as this like weird, cool internet thing. Like, sure,

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maybe I'll get some. It's kind of interesting. But in the future, it will become the main means

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of commerce if everything develops the way that we see it will. So going from gold to Bitcoin is

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a good step here. So all that understanding of why gold matters, why it has these, especially

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scarcity, these really good characteristics, you start to realize that all of these different

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monies we talked about have the similar problems from their physicality. The visibility is one of

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the things that we talked about that's very good, but the verifiability is an issue. So you can't

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always tell if someone mixes some weaker metals inside that. You can't really tell if you're just

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go to the store to buy something. They don't want to have like a whole verification process.

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It's clunky. It's heavy. It's extremely expensive to transport around the world. So since we have a

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global economy now, it's really tough to make that work. And so the physicality is starting to become

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a detriment as we go into the digital future. And so what seems to make the most sense that

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Bitcoiners have come to realize is that we need a digital form of gold that can mimic these same

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characteristics that have worked extremely well for thousands of years, that have historically

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proven to work very well but it works in the digital realm and so this is what

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Bitcoin is really doing is take it scarce as only 21 million coins total and

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maybe you can dive into details of why that's definitely gonna happen because

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it breaks people's brains to think that oh it's digital everyone can copy it

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someone will make a new one but that's not so much the case so a good way to

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think about it is this and around the turn of the last century or a little bit

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before the the speed and the complexity of global economies started increasing at a really

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exponential rate and gold wasn't suitable for the speed of commerce at that point also you did

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mention divisibility earlier but as a as an economy increases in complexity and as it increases in

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wealth the same amount of gold buys more and more and more goods so you get to the point where

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what are you going to do like buy a coffee with gold you have to like shave a little bit of

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gold off the side it doesn't work so what we figured out was hey let's take a piece of paper

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and create a promissory note which is a claim on an amount of gold and that was a good idea in

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principle and for a long time what happened was you would have these issued notes from a vault

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or a bank the original term of the bank was a place to store gold and get certificates issued

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against it but as always happens with such things someone realized well wait a minute no one's

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checking out how much gold I have. So let me just issue a few more certificates. And then we started

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creating what's called monetary inflation. Now, you know, there's been fights back and forth with

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economists for a long time about this. But what ended up happening if we fast forward to 1971

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was the US, which was the last great power on the gold standard, said, look, fuck it, what do we need

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gold for? No one's going to come into Fort Knox anyway. Let's just take it off the gold standard.

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And the backing of the dollar will be petroleum and the war machine, right? So that sort of

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happened and for the last 50 years we've been in that paradigm which is a pure fiat money not

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anchored to anything physical or scarce in real world just like pure fiat yeah remember that

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vocabulary word fiat that is fiat currency is that word that signifies this money that can be just

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endlessly printed by governments and every single country on earth now has its own funny monopoly

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money that you have to go as and this is a little sneak peek of later as a traveler we know we have

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to go to the ATM and just throw out a bunch of fees

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so we can get this latest government's piece of paper.

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When you start thinking about

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why do we even have to do that in the first place?

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We have all these rent seekers just taking money from us

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for doing these actions, exchanges also,

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you have to exchange your money.

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It's just not very efficient.

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And there really isn't any reason why we shouldn't

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just have one single money that works everywhere

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around the world and has the same

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monetary standard everywhere.

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So this is where it starts to get into,

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okay, so Bitcoin really does fit into this future.

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really relevant for nomads as well but before we get too far into that i think we should talk about

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the crypto thing because even earlier a couple days ago when people were thrown to pitches out

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at the stage a couple people talked about their web3 projects and blockchain crypto projects

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and him and i both would agree that this is not really the way forward bitcoin really is the

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solution that people are looking for it it solves the biggest problem and there is no second bet so

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do you want to dive further let me let me put it like this bitcoin is the innovation not blockchain

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not crypto none of that sort of stuff right so the problem bitcoin specifically solves is getting

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the the strength the weight the gravity of something like gold so you've got the scarcity

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you've got the um single unit the verifiability all that sort of stuff but with the speed of fiat

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and particularly digital fiat so gold is sorry bitcoin is like gold that can be sent across the

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internet that's like the big innovation and the thing about something like this is it can be only

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created once you can only get digital scarcity once um digital scarcity prior to gold never existed

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digital information in the past was i have an mp3 i can copy the mp3 by sending it to you right

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with bitcoin there is and i not going to get into the technicals here there if you guys want to read we can suggest some books and stuff like that but Bitcoin was the first innovation to take a digital unit and turn it into something scarce which cannot be copied which cannot be double spent That once in a generation or once in a

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millennia event happened once at the end of 2008 or technically January 3rd 2009 when the first

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genesis block was mined and since then Bitcoin has been a single chain with a single set of rules

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and single ledger that has moved forward step by step by step by step every single block every

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single 10 minutes without going down ever and every single block that goes past bitcoin gathers

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more strength more economic mass more trust more um more economic gravity right all of the other

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cryptos are basically attempts at recreating fiat money so if you look at um how if you're a central

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bank. It's the ultimate job, honestly. Like we're all in the wrong business here. We should all be

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in central banking. But basically, you don't have to produce anything. You don't have to create

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anything. You don't have to do shit. You don't have to make any value, nothing. You just push a

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button and print a bunch of money. And all of a sudden you've got money. The problem is for the

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rest of us, the amount of money that we worked for is now diluted. Oh, sorry, the value of the

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money that we work for is now diluted because there's more units for the same amount of value

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in an economy right so the ultimate game is to say how the fuck can I be a central bank and this

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is what the crypto nodes figured out they're like wait a minute what if I can spin up my own coin

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and issue it to the market create a beautiful marketing narrative around it spend a bunch of

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money on marketing and sell it to people as the next bitcoin so then a bunch of people go and buy

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it they put their economic energy into this network and then all of a sudden you've got

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the proliferation of shit coins which is why there's like i don't know what 50 000 shit coins

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now two way to count god knows exactly and everyone could do one of them shit coins every

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single one of them shit coins bitcoin specifically and you know we this is the funny thing like

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sometimes people like oh do you work for bitcoin bitcoin is a protocol no one works for bitcoin

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um we have nothing to gain in fact i would prefer it you know i've been talking about bitcoin for

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for a decade now and i would prefer that nobody touches it so that i can have more

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But here I am being an idiot, explaining it to everyone.

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I have nothing to gain by you guys buying Bitcoin.

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But every shitcoiner has something to gain by you buying their shitcoins.

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It's a very different incentive.

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It's a very different mode of operation.

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And when it comes to Bitcoin, you've got this thing which is,

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it happened in almost like an immaculate conception, right?

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It was released to a mailing list to a bunch of nerds who then tried it out.

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they spread it a little bit further and it went under the radar for about five six seven years

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everybody ignored it they was like oh what is this stupidity right like no one cares

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but throughout that time it increased in economic gravity economic mass more mining more nodes more

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decentralization more people using it more wallets more infrastructure more everything

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to the point where it was impossible to shut down now like to shut down bitcoin you'd have to turn

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off honestly you'd have to probably blow up the whole earth that's the only way bitcoin stops even

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Even if you shut down the internet in like all of Europe, Bitcoin still goes on everywhere

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else.

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You'd have to shut down the internet in the whole fucking world, but when you turn it

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back on, Bitcoin just switches back on.

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Things worse than a cockroach.

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It doesn't go away.

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So like the thing is not going to leave.

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So what people do now is they go and create these new shit coins.

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They brand it under whatever.

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But the problem is it's issued by someone.

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It's issued by a person, a foundation, a group, a company, whatever, which means you

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You don't have the same guarantees as Bitcoin.

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Bitcoin is the one thing that can't be shut down.

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Every other crypto, I mean, the US government tomorrow can go to the Ethereum foundation

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and say, change the rules, please.

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Double the supply.

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And they have changed the rules.

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They have changed the rules.

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Many, many times.

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Every single crypto.

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I mean, Solana is another one.

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They're like, every time, oh, we found a bug.

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They stopped the fucking chain.

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It's like, wait a minute.

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Where was the censorship resistance?

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You know, so this is the case with everything else.

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Everything else, I put it in the bucket of fiat.

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The only two things that are really not fiat is gold and Bitcoin.

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The challenge with gold though, as we said, it's physical.

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So it can't compete with Bitcoin.

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I believe long term gold will always have an allure because gold I think is special.

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Like it comes from the center of the stars, right?

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And it's like exploded out.

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It's all throughout the universe and galaxy.

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I think it'll be, it'll always hold a special part in sort of human society.

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But in terms of money, nothing, nothing, nothing, nothing can compete with Bitcoin.

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It is the thing and it's going to continue gaining mass.

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Like for every year that passes, Bitcoin gains another trillion dollars, for example, in economic mass.

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Anything that's going to start new, it's too late.

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There's no way to beat it technically, socially, economically speaking.

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It's done.

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The cat is out of the bag and that's it.

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This is why Bitcoin owns it.

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And another thing to mention on that tangent of where gold's place is in the world, when Bitcoiners and gold bugs are arguing over which,

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which one's better as a form of money, which one should be the next global reserve currency.

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Gold is used for a lot of other stuff like jewelry, as we know, and wiring for mechanical stuff and

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lots of other things. So the gold people will say, oh, it's used for so many things. So that

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gives it more value. The problem is that's not helping it be a money. It's actually inserting

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noise into its monetary function where Bitcoin is only money. So it's going to be much more

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clear, much more efficient and be a much better economic signal for everyone within the economy.

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And I just want to throw a couple more things in there just to wrap up that crypto conversation

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To arm you with things that you're for sure going to hear from crypto people when they're going to say their coin is better

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The most common one is that it's faster. You can transact super super fast

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And for that I would just question you what is the actual problem we're trying to solve here?

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Is it really that hard to slap a credit card on the table and it's like an instant payment?

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So speed isn't really the problem here. The real problem is we don't have a form of money that holds this value over time.

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The fiat currency that we hold now is always losing value as the governments print it.

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We sort of glazed over that earlier, but the more that these governments print the money and increase the money supply, everyone's value is going down.

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So when you go to McDonald's, for example, and look at how the dollar menu is now with a $10 menu, everything's more expensive.

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It's not that a Big Mac got 10 times more valuable.

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It's that your money got 10 times less valuable.

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It's degrading over time.

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So that is the true problem we need to solve.

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Yes, question.

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Isn't that the sense of money and the way

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that it's not deflationary because it's not gaining value

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if I want to hold Bitcoin and not want to spend it?

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So the deflation versus the inflation conversation is great.

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Do you want to maybe cover that a little bit?

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I want to do a question and answer.

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I want to do a Q&A at the end.

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So hold that question.

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I'll write that down.

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Because it's a very good question.

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The inflationary versus deflationary.

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Keep going. I want to ask if anyone has like some questions about crypto Bitcoin.

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Sure. I think we're good there. Do you want to do a little break for questions?

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So I want to hold that question for later because that's a bigger economic question.

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Does anyone have any question on the on the crypto Bitcoin or evolution of money or anything like that?

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So Bitcoin, I would argue, is the most sustainable form of money.

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So if you think about how fiat money functions, in order for me to go down the road now and pay my credit card,

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with my credit card just to get a coffee right what needs to exist well you need payment terminals

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those payment terminals need to be plugged into a payment network the payment network is run by

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businesses all around the world to consume energy so you have this whole infrastructure of payment

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terminals payment networks then you need the banks which are also a bunch of wasteful infrastructure

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then from the banks you've got the central banks which are even more wasteful infrastructure all

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All the workers that have to drive into work, all the plastic cups in the little coffee machine, everything there.

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You need the military industrial complex around that to guarantee that the banks are going to do the right thing.

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And then you multiply that by every single country in the world.

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The amount of money, the amount of resources we waste just to have this stupid fiat fucking system is extraordinary.

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Bitcoin takes energy and converts it directly into money.

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It's the shortest pathway possible, which is you do compute in order to participate in the game of validation for Bitcoin blocks.

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and it is literally directly energy into money. It is the most sustainable possible mechanism

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for a global unit of account. That is incorruptible. Like it is, I would say probably, probably

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a million times, maybe a billion times more efficient than the fiat system in terms of

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efficiency. And it's also infinitely scalable because you can take that 21 million coins

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and you can apply it to 7 billion people or 100 billion people. It doesn't matter. It's

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fixed costs whereas with the fiat system it's not even a comparison i really i'm super glad you asked

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that because that was my personal obstacle for a long time and why i started out having a huge

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coin phase because i i read the the nonsense that bitcoin's bad for the environment buy this

298
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crypto coin it's way more efficient has these pretty pictures on the website like you said

299
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they're really good marketers so i fell into that for a few years and it took me a while to really

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go down the rabbit hole of learning what money is, sound money. And like he said, the fact that

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the fiat system, when you really actually try to quantify it, it just boggles your mind how much

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energy that uses, way more than Bitcoin ever will. And it's not going toward a good end goal. It's

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also creating all of this, I would argue, the majority of the misery we see in the world as

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people are just getting poorer all the time. So you have to even try to think about how does that

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affect the environment all these people just having no ability to think about

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the future because they can barely feed themselves yeah let me you know I'm

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gonna tie it into this question let's talk about inflation deflation now

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because this is yeah exactly so one of the biggest issues in the world today is

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blind consumerism right and so you've got blind consumers and you've got blind

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gambling right everyone is a fucking trader and options and this and that

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right everyone thinks they're cool now but all of that is a function of the

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fact that money cannot retain its value we said earlier the Big Mac example

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Does anyone know how much a Big Mac cost when they first came out?

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$0.35.

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That was Big Macs in 19...

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What was it?

317
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Like 55 or whatever it was.

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Has a Big Mac gotten 20 times harder to create?

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No.

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So it's like probably 20 times easier.

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Technically, a Big Mac should cost 5 cents.

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But because the value of the money is deflated,

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we are conditioned to do two things.

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Spend and...

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people would call it investing but I don't call it investing it's fucking

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gambling so trading people get moved that's why you have so many apps like

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Robinhood and betting apps and all this sort of stuff the biggest movement in

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fintech is all of those kind of applications so to bring this back to

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inflation versus deflation the point of money the very most important function of

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money is to be able to save the product of your labor so that in the future you

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can transact and get what you need later because if you could get everything that

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you needed right now you wouldn't need money right so you would just like make

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some water take a chicken and swap it right now but maybe I don't need the

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chicken now maybe I need the chicken next week so I need some mechanism to

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store the product of my labor in order to transact later so money's primary

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function is to store value in order to exchange it later and then to measure

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all other goods and services so therefore if you have an inflationary

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money you lose the capacity to do that because the value that you're storing

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erodes over time Economists modern economists will say hey well what about if it deflates then people will not spend So I always challenge people like this So if you got some money that may be slowly going up in value over time and you need some food what are you going to do

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Not spend? Of course you're going to fucking eat. You'll still eat.

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What Bitcoin does, what a deflationary money does, is it makes you think twice before you spend.

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we said earlier consumerism is one of the biggest chances in the world today

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we are buying shit we don't need well guess what when your money when your

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savings is slowly increasing in value over time you think twice about what

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you're gonna buy it because you look at your thing and I know I do that myself

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I'm like okay do I really need to go and spend extra on this thing like my wife

347
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now she wants a juicer okay which juice are we gonna get and it was like this

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00:23:59,875 --> 00:24:03,555
whole range okay well let's get the mid-range and get that one right because

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is you start to think a little bit more

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because your money is not being inflated away.

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So it starts to change the economic direction

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of all of civilization.

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So my argument would be deflationary money

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is the ultimate money.

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00:24:18,395 --> 00:24:19,995
In fact, I wouldn't even say deflationary money,

356
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I would say fixed supply money.

357
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That's what you want.

358
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And then the deflation and the inflation

359
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will actually depend on the productivity

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because what will happen is if human productivity falls,

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the money will actually be inflationary.

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Because the amount of money that you have is fixed.

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And if the productivity falls,

364
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then you will need more units of money

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to buy the same amount of goods.

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But if productivity increases,

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you need less units of money

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to buy the same amount of goods.

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So all of a sudden,

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you almost have an ETF on human productivity.

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The more productive we are,

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the rate of our productivity,

373
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of our collective productivity,

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let's say our productivity is increasing

375
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three or four percent a year the money value of the money will increase three or four percent a

376
00:25:03,195 --> 00:25:08,075
year if we slow down our productivity the the money's purchasing power will fall by three or

377
00:25:08,075 --> 00:25:12,635
four percent or whatever it is does that make sense it makes sense but right now you you're saying it's

378
00:25:12,635 --> 00:25:19,675
if you have a slow the inflation like slow value gain it's not slow right now i mean the jumps right

379
00:25:19,675 --> 00:25:25,515
now are crazy that's a problem why it's not accepted correct very good very good so um gold

380
00:25:25,515 --> 00:25:31,115
took 5 000 years bitcoin's gonna take 100 years so we're still in the first generation of bitcoin

381
00:25:31,115 --> 00:25:34,315
we're still in the speculative phase people are still trying to figure out what the this is

382
00:25:34,315 --> 00:25:39,195
there's like how many people here just in this room getting a sense of like what money is

383
00:25:39,195 --> 00:25:44,395
imagine 99.9 of the world has no clue which means you're ahead of everybody else if

384
00:25:44,395 --> 00:25:49,355
you understand what this thing is let's use the gold analogy from earlier you are literally buying

385
00:25:49,355 --> 00:25:54,075
bitcoin now is literally finding gold on the ground it's literally what it is you're picking

386
00:25:54,075 --> 00:25:59,115
it up while everybody is still using chickens and seashells for barter right that's literally what

387
00:25:59,115 --> 00:26:04,555
buying bitcoin is now and in the same way as gold maybe in the beginning you're maybe you had a whole

388
00:26:04,555 --> 00:26:09,355
rock of gold and you couldn't buy a single chicken with it but if you could have lived for a thousand

389
00:26:09,355 --> 00:26:14,395
or two thousand years and held that that gold rock could have bought you a kingdom same as bitcoin

390
00:26:14,395 --> 00:26:19,035
now you know a bitcoin right now buys you i mean it would have been great if we were talking about

391
00:26:19,035 --> 00:26:20,935
about this five years ago, I could have said,

392
00:26:20,935 --> 00:26:23,955
Bitcoin buys you like a trolley full of groceries.

393
00:26:23,955 --> 00:26:26,695
Now, one Bitcoin will buy you half the shop, right?

394
00:26:26,695 --> 00:26:28,755
So this purchase power will keep increasing.

395
00:26:28,755 --> 00:26:32,535
So while Bitcoin is maturing, it's gonna be very violent,

396
00:26:32,535 --> 00:26:34,675
up, down, all of that, because the price of Bitcoin

397
00:26:34,675 --> 00:26:37,895
is a function not of Bitcoin's attributes,

398
00:26:37,895 --> 00:26:42,095
but of human psychology and people's understanding

399
00:26:42,095 --> 00:26:44,075
of what this thing called Bitcoin is.

400
00:26:44,075 --> 00:26:45,535
That's literally what the price is.

401
00:26:45,535 --> 00:26:48,875
So over time, over the next 20, 30, 40 years,

402
00:26:48,875 --> 00:26:57,175
As Bitcoin enters our DNA, as it enters our psychology, as it enters our mass consciousness, it becomes money and this stabilizes.

403
00:26:57,675 --> 00:26:59,235
So it's just purely a matter of time.

404
00:27:00,035 --> 00:27:07,695
And an example of that violent volatility he's talking about, if anyone wants to look up a chart, look up the Weimar Germany gold value.

405
00:27:07,995 --> 00:27:16,535
Back when Weimar was going through a crazy hyperinflation event where the money was just getting printed into nothingness, the gold value didn't go straight up.

406
00:27:16,595 --> 00:27:17,635
It was all over the place.

407
00:27:17,635 --> 00:27:21,995
It was spiking up super far, down super far, because people are trying to figure out what's going on.

408
00:27:22,055 --> 00:27:23,135
Like, where am I going to hold my value?

409
00:27:23,335 --> 00:27:27,615
But the people that held their gold through all of that were massively rewarded.

410
00:27:27,715 --> 00:27:31,455
The end of the chart is just a straight line up gold value as the paper went to zero.

411
00:27:31,895 --> 00:27:34,795
And we have all of these different fiat currencies around the world today.

412
00:27:35,175 --> 00:27:38,795
And hopefully by now kind of understand that they're all trending to zero.

413
00:27:38,795 --> 00:27:42,375
And you'll hear different people argue like, oh, should I have dollars?

414
00:27:42,535 --> 00:27:43,835
Should I hold euros? Should I hold this?

415
00:27:43,835 --> 00:27:49,175
because they're all jockeying to be the least shitty of the pieces of paper, basically.

416
00:27:49,175 --> 00:27:49,815
Of the shitcoins.

417
00:27:50,035 --> 00:27:52,555
But they're all going to zero, just at different speeds.

418
00:27:52,875 --> 00:27:57,855
So an important point as well to remind folks that a lot of people don't understand is that

419
00:27:57,855 --> 00:28:01,435
you won't be able to trade your little goofy pieces of paper for Bitcoin forever,

420
00:28:01,615 --> 00:28:04,115
because soon people aren't going to take those anymore.

421
00:28:04,115 --> 00:28:09,115
They're going to say, why would I take this piece of paper when I can have the soundest money humans have ever created?

422
00:28:09,235 --> 00:28:10,135
I would rather have Bitcoin.

423
00:28:10,415 --> 00:28:11,715
So you have to work for it.

424
00:28:11,715 --> 00:28:15,375
So you're not going to be able to just trade it for much longer on the exchanges.

425
00:28:15,815 --> 00:28:18,335
Who knows when that'll be, but it's going to happen.

426
00:28:18,335 --> 00:28:19,515
Probably another 10, 15, 20 years.

427
00:28:19,735 --> 00:28:20,615
You have an opportunity.

428
00:28:20,895 --> 00:28:23,315
This is the golden opportunity right now.

429
00:28:23,615 --> 00:28:29,155
People don't understand what Bitcoin is, and they're willing to sell it to you for toilet paper money.

430
00:28:30,415 --> 00:28:31,435
That's the age that we're in.

431
00:28:31,715 --> 00:28:33,995
At some point, you are not going to get it for anything.

432
00:28:34,455 --> 00:28:36,135
You will have to, as you said, work for it.

433
00:28:36,235 --> 00:28:39,335
So I used to tell people when they laughed at me, like Bitcoin $1,000.

434
00:28:39,335 --> 00:28:43,655
dollars I was like okay well you'll be cleaning my toilet toilet one day for a

435
00:28:43,655 --> 00:28:47,195
thousand sets you know thousand sets today is worth like what is it worth a

436
00:28:47,195 --> 00:28:50,555
dollar like one dollar a dollar back then a thousand sets was worth like a

437
00:28:50,555 --> 00:28:57,755
cent right so like the this is almost an inevitability like this is the way the

438
00:28:57,755 --> 00:29:00,335
world is training unless an asteroid comes and blows us up then we don't

439
00:29:00,335 --> 00:29:03,295
have to worry about it but in that case you US dollars and your fair money is

440
00:29:03,295 --> 00:29:06,635
not gonna help either so it's like take your pick it's same with the whole

441
00:29:06,635 --> 00:29:11,275
apocalypse argument people say oh the whole world blows up but the internet goes down then how's your

442
00:29:11,275 --> 00:29:15,515
bitcoin going to do well it would also take out the entire fiat system that we're on if the internet

443
00:29:15,515 --> 00:29:19,195
goes down you better have lead and chickens you know you need some eggs and you need to

444
00:29:19,195 --> 00:29:25,435
shoot people and try and steal your eggs yeah exactly you have a quick question uh um yeah so

445
00:29:25,435 --> 00:29:29,995
so you're gently but maybe you already covered it what's the difference between like bitcoin and all

446
00:29:29,995 --> 00:29:34,475
the other coins like it's been like the more valuable we did talk about that we can sort of

447
00:29:34,475 --> 00:29:40,875
just review it do you want to give like a one census review basically bitcoin is an immaculately

448
00:29:40,875 --> 00:29:47,035
concepted scarce digital unit right so you can only have digital scarcity once because the very

449
00:29:47,035 --> 00:29:51,435
fact that you can copy something defeats the purpose of digital scarcity right so there's

450
00:29:51,435 --> 00:29:55,755
21 million bitcoin that's all there is there was an anonymous founder it got released into the

451
00:29:55,755 --> 00:30:02,475
market it cannot be shut down now it's done every single other crypto is an attempt to print money

452
00:30:02,475 --> 00:30:06,715
out of thin air because they realized that they can do what central banks do which is create zero

453
00:30:06,715 --> 00:30:13,195
value but print money so every other coin is a coin for the reason that it is owned by someone

454
00:30:13,195 --> 00:30:17,675
controlled by someone issued by someone bitcoin is programmatically issued we know how much it's

455
00:30:17,675 --> 00:30:22,555
going to be now uh how many bitcoin is now all the way through to 2140 when the last bitcoin is

456
00:30:22,555 --> 00:30:27,835
mined so it is like the thing everything else is like an attempt to print money out of thin air

457
00:30:27,835 --> 00:30:31,355
and i can't be repeated too many times so thank you for bringing it up because some people need

458
00:30:31,355 --> 00:30:34,075
to hear it a bazillion times like I did back when I was going through that.

459
00:30:34,075 --> 00:30:35,275
That's a good question here.

460
00:30:35,275 --> 00:30:40,155
So what do you think you would take to make Bitcoin go up the mainstream?

461
00:30:40,155 --> 00:30:43,675
Time. Time. Time and all of us dying basically.

462
00:30:44,555 --> 00:30:50,795
No and I mean that in a like it sounds harsh but basically we are one foot in the old world,

463
00:30:50,795 --> 00:30:55,275
one foot in the new world. Think about our kids, people who were born after Bitcoin was around.

464
00:30:55,275 --> 00:30:58,955
So 2010 onwards. Exactly. They're going to understand Bitcoin completely differently and

465
00:30:58,955 --> 00:31:01,535
And then their kids are going to understand Bitcoin completely differently.

466
00:31:01,855 --> 00:31:06,635
So we're in the speculatory generation because we are still measuring Bitcoin against the existing world.

467
00:31:06,995 --> 00:31:10,175
The next generation is going to grow up with this Bitcoin thing.

468
00:31:10,335 --> 00:31:14,075
By the time they're 20 and by the time they start working in capital allocators, they'll be like,

469
00:31:14,075 --> 00:31:16,895
the fuck you use plastic things? What's wrong with you?

470
00:31:17,155 --> 00:31:18,655
They'll look at it very differently.

471
00:31:19,095 --> 00:31:24,275
And then when their kids grow up and they're born 20 years, 30 years after Bitcoin came around,

472
00:31:24,655 --> 00:31:27,975
they will not understand a world in which paper money exists.

473
00:31:27,975 --> 00:31:30,875
What's the ability perspective with all the debt that governments have?

474
00:31:31,055 --> 00:31:33,315
How will that be managed this week?

475
00:31:33,695 --> 00:31:38,415
There's going to be a lot of volatility, a lot of blow-ups, a lot of shit, a lot of noise, a lot of everything.

476
00:31:38,655 --> 00:31:39,935
It's going to be a chaotic period.

477
00:31:40,015 --> 00:31:41,075
I call it the interregnum.

478
00:31:41,195 --> 00:31:43,175
So I published the book last year called The Bushido of Bitcoin.

479
00:31:43,295 --> 00:31:46,495
And in there I talk about interregnum means period between the kings.

480
00:31:47,515 --> 00:31:50,695
So you've got the US dollar has been king for the last 50 years.

481
00:31:51,395 --> 00:31:53,095
Bitcoin is the new king on the block.

482
00:31:53,095 --> 00:31:56,855
But the period between kings is going to be extremely messy.

483
00:31:56,855 --> 00:32:01,175
because you've got two different economic paradigms, two different philosophical paradigms.

484
00:32:01,995 --> 00:32:05,275
It's also in the most chaos exists the most opportunity.

485
00:32:05,695 --> 00:32:07,135
And that's exactly what the position is now.

486
00:32:07,215 --> 00:32:12,555
We have the opportunity to buy something that in the future you will just not be able to buy for any kind of other money.

487
00:32:12,995 --> 00:32:14,955
So it's like we are early in this.

488
00:32:14,955 --> 00:32:16,815
And a lot of people are like, oh, yeah, Bitcoin's $100,000.

489
00:32:17,075 --> 00:32:17,895
It's too much for me to buy.

490
00:32:18,455 --> 00:32:19,015
No, no, no.

491
00:32:19,175 --> 00:32:20,415
Think of the units.

492
00:32:20,515 --> 00:32:21,995
Maybe we should actually mention this as well, right?

493
00:32:22,315 --> 00:32:23,775
I was going to mention one more thing.

494
00:32:23,915 --> 00:32:24,095
Okay.

495
00:32:24,455 --> 00:32:25,675
We'll mention units in a second.

496
00:32:25,675 --> 00:32:29,275
as a tangent to that, when we're trying to figure out what's this transition going to look like,

497
00:32:29,535 --> 00:32:33,995
how is society going to go through this transition? What I would recommend is just to get

498
00:32:33,995 --> 00:32:38,035
plugged into the Bitcoin community and start meeting people in it. Because you see at an

499
00:32:38,035 --> 00:32:44,075
individual level, it's changing people's lives completely. It's giving them a much longer

500
00:32:44,075 --> 00:32:49,835
time horizon because they're starting to realize, wow, I suddenly have this money and suddenly I

501
00:32:49,835 --> 00:32:55,215
feel like I actually own something and I'm holding something that's not going down in value over time.

502
00:32:55,215 --> 00:32:59,215
I don't have to gamble on stocks just to stay alive and feed myself.

503
00:32:59,895 --> 00:33:02,455
And all the housing market, don't even get me started on the housing market.

504
00:33:02,555 --> 00:33:04,835
This is another relevant one for us travelers.

505
00:33:05,055 --> 00:33:06,875
You're trying to pay for accommodation places.

506
00:33:07,175 --> 00:33:17,795
The reason why things are so expensive in real estate in general is because the big money out there knows that the fiat currency is going down in value over time.

507
00:33:17,895 --> 00:33:19,335
So they want to protect their wealth.

508
00:33:19,455 --> 00:33:21,075
They'll put it anywhere but the money.

509
00:33:21,075 --> 00:33:26,135
So when you think about how crazy that is they will hold their money and anything but the actual money itself

510
00:33:26,195 --> 00:33:29,575
So they're shoving it into the stock market, which is why it's just going up forever

511
00:33:29,575 --> 00:33:35,915
And it looks ridiculous why they're shoving it all into real estate and you so you have Blackrock buying up whole cities of neighborhoods

512
00:33:36,135 --> 00:33:40,155
The whole game is trade fake money for real things. Exactly. That's it

513
00:33:40,155 --> 00:33:44,455
so you have an opportunity to trade fake money for real Bitcoin real money and

514
00:33:45,595 --> 00:33:49,975
This opportunity would be around. I mean, you know for a while still but like it is

515
00:33:49,975 --> 00:33:56,395
we're in the most retarded generation in women history and the luckiest as well simultaneously

516
00:33:56,395 --> 00:34:01,235
the most chaotic and the most opportunistic like both of those the world is fundamentally going to

517
00:34:01,235 --> 00:34:06,335
change with this i mean think about it we were the last generation before the internet like

518
00:34:06,335 --> 00:34:11,215
there will never be a generation again that understands like the idea of not having one

519
00:34:11,215 --> 00:34:15,115
of these things glued to you right like so so the world is completely fundamentally changing

520
00:34:15,115 --> 00:34:19,595
And with that, you know, Bitcoin kind of like opens up a door to something extremely new.

521
00:34:19,875 --> 00:34:21,835
Quick question here and then we're going to go to the next part.

522
00:34:21,975 --> 00:34:22,095
Yep.

523
00:34:22,275 --> 00:34:23,615
I've followed Bitcoin for a while.

524
00:34:23,975 --> 00:34:29,675
Two years ago now, I can't remember exactly what that was about, but is there a chance

525
00:34:29,675 --> 00:34:30,215
of that happening?

526
00:34:30,355 --> 00:34:31,715
Yeah, the Bitcoin always forks.

527
00:34:31,815 --> 00:34:33,595
There's always people trying to change the rules.

528
00:34:33,855 --> 00:34:35,735
So what Bitcoin is, people think it's a technology.

529
00:34:35,855 --> 00:34:36,055
It's not.

530
00:34:36,115 --> 00:34:37,315
Bitcoin is a social consensus.

531
00:34:37,455 --> 00:34:38,935
Think of it like a digital constitution.

532
00:34:39,475 --> 00:34:43,535
When one person in that constitution or a couple people say, you know what?

533
00:34:43,535 --> 00:34:57,413
We don like the fact that there 21 million Bitcoin let do 42 million Bitcoin What happens is they self themselves off the network So the network just keeps going 21 million Bitcoin doesn change And then they create a fork and they have a new

534
00:34:57,413 --> 00:35:01,873
set of rules. So Bitcoin Cash was the one in 2017. They wanted to do something different,

535
00:35:02,253 --> 00:35:06,213
but they forked themselves off. And in the beginning, there was a whole hoorah about it.

536
00:35:06,433 --> 00:35:12,753
But now you look at it, Bitcoin Cash, when it forked off, it was about $500. It went up to like

537
00:35:12,753 --> 00:35:14,753
$5,000 and now it's back at like $300.

538
00:35:14,753 --> 00:35:17,753
And since then Bitcoin was $3,000 now it's $100,000.

539
00:35:17,753 --> 00:35:23,753
So the market has chosen, which is this is the only compatible chain all the way back to the Genesis block.

540
00:35:23,753 --> 00:35:25,753
It wasn't like $7,000.

541
00:35:25,753 --> 00:35:30,753
Exactly. So the beauty of Bitcoin, this is something that fries people's brains,

542
00:35:30,753 --> 00:35:33,753
is the beauty of Bitcoin is that any one of you can change Bitcoin.

543
00:35:33,753 --> 00:35:36,753
But when you change it, it becomes your version of Bitcoin.

544
00:35:36,753 --> 00:35:38,753
So you are actually forked off the network.

545
00:35:38,753 --> 00:35:45,033
So I can go in there and I can say, look, I'm Alex Svetsky and I'm going to create Bitcoin Svetsky's version.

546
00:35:45,393 --> 00:35:45,853
Come with me.

547
00:35:46,113 --> 00:35:51,733
And if a couple of you are stupid enough to follow me, we will go on our own network and we will become poor, basically.

548
00:35:52,813 --> 00:35:55,713
And while Bitcoin will just continue, it's a digital constitution.

549
00:35:56,373 --> 00:35:59,253
Its security is in its openness.

550
00:35:59,833 --> 00:36:04,033
And this is really hard even for technical people to understand because in the technical world,

551
00:36:04,033 --> 00:36:06,253
So I've got a programming history.

552
00:36:07,133 --> 00:36:10,093
In the technical world, you build walls around your software.

553
00:36:10,453 --> 00:36:11,633
So you don't let people in.

554
00:36:11,733 --> 00:36:12,573
So no one can see it.

555
00:36:12,613 --> 00:36:13,293
No one can change it.

556
00:36:13,613 --> 00:36:15,973
Bitcoin flips the script, which is it's completely open source.

557
00:36:16,073 --> 00:36:16,793
It's completely open.

558
00:36:16,873 --> 00:36:17,473
Anyone can run it.

559
00:36:17,513 --> 00:36:18,253
Anyone can change it.

560
00:36:18,593 --> 00:36:20,753
But when you change it, you're out of consensus.

561
00:36:21,133 --> 00:36:23,633
And you're no longer part of the Bitcoin network.

562
00:36:23,733 --> 00:36:25,433
You are part of whatever network you just created.

563
00:36:25,793 --> 00:36:27,113
And that right there is the most powerful.

564
00:36:27,233 --> 00:36:28,593
That's why no government can change it.

565
00:36:28,653 --> 00:36:29,493
No bank can change it.

566
00:36:29,533 --> 00:36:30,413
Nobody can change it.

567
00:36:30,413 --> 00:36:34,313
because the consensus is amongst the participants who are already on it,

568
00:36:34,373 --> 00:36:35,833
and we've passed the critical mass.

569
00:36:36,213 --> 00:36:37,473
It's done. The cat is out of the bag.

570
00:36:37,553 --> 00:36:39,433
It is good to think adversarially, too.

571
00:36:39,533 --> 00:36:42,913
So the attackers that would want to subvert it or take over it somehow,

572
00:36:43,613 --> 00:36:46,133
when you really just do the math, and I'll just keep it super basic,

573
00:36:46,773 --> 00:36:51,373
it doesn't matter if every government in the world somehow decides to work together and do this,

574
00:36:51,393 --> 00:36:52,073
which would never happen.

575
00:36:52,073 --> 00:36:54,653
But if they did, first of all, everyone would see that,

576
00:36:54,753 --> 00:36:56,293
so they would be able to act accordingly.

577
00:36:56,433 --> 00:36:59,453
They could create a new consensus if they wanted to.

578
00:36:59,453 --> 00:37:08,453
But it's just going to be so expensive to try to do that when it would be more profitable for each of these actors in the system to just work with it and get more Bitcoin that way.

579
00:37:08,553 --> 00:37:13,273
So we're past the point of no return on it just being really stupid to try to fight it.

580
00:37:15,013 --> 00:37:17,553
All right, let's get into the last bit and then we can do some more questions.

581
00:37:17,993 --> 00:37:21,453
Do you want to talk about travelers or do you want to just go to the...

582
00:37:22,133 --> 00:37:27,153
Let's do a quick one on travelers. You can do that and then we'll download some apps and we'll send some Bitcoin around to everyone, okay?

583
00:37:27,153 --> 00:37:33,653
Yeah, so I gave a little bit of a primer earlier about the traveler connection for us nomads, why this matters for us.

584
00:37:33,973 --> 00:37:36,852
And I can just give my own personal story from two days ago.

585
00:37:38,033 --> 00:37:40,873
Going downtown, trying to get some burger patties to eat.

586
00:37:41,293 --> 00:37:43,413
I try to pay for Bitcoin.

587
00:37:43,553 --> 00:37:46,993
I always ask places, can I buy Bitcoin or can I buy this with Bitcoin?

588
00:37:47,473 --> 00:37:49,073
And a lot of places don't.

589
00:37:49,213 --> 00:37:51,133
So some places say you only can get cash.

590
00:37:51,213 --> 00:37:52,173
So I was at a shop earlier.

591
00:37:52,493 --> 00:37:53,473
They said I can only get cash.

592
00:37:53,633 --> 00:37:53,893
Great.

593
00:37:54,333 --> 00:37:55,053
So I have to go.

594
00:37:55,053 --> 00:37:56,613
I told her, okay, I'll come back.

595
00:37:57,493 --> 00:37:58,613
I'm just used to this by now.

596
00:37:58,673 --> 00:38:00,373
So many places I go to, I can't buy stuff with Bitcoin.

597
00:38:00,553 --> 00:38:08,033
I had to run, find an ATM, get the cash out, lose money on fees, come back, deal with the change, have this dirty money in my pocket.

598
00:38:09,453 --> 00:38:13,793
When you do this in so many different countries, it just becomes so annoying, as we all know.

599
00:38:14,013 --> 00:38:17,813
This is just an extra chore for us as we're going around traveling.

600
00:38:18,413 --> 00:38:23,193
It would just be so much easier if everyone accepted the same thing everywhere you went.

601
00:38:23,193 --> 00:38:28,333
and you also earn the same thing from your work and the value that you created for the world,

602
00:38:28,713 --> 00:38:29,993
it was all in one system.

603
00:38:30,133 --> 00:38:34,852
There is no case that can be made for why it's better to have all these different sorts of money.

604
00:38:34,913 --> 00:38:36,953
And this is another thing that the crypto people will say like,

605
00:38:37,313 --> 00:38:40,453
oh, there will be a bunch of different types of money you can use in the future.

606
00:38:40,753 --> 00:38:41,413
That would suck.

607
00:38:41,653 --> 00:38:44,673
It would be just like the same problem we're talking about where,

608
00:38:45,013 --> 00:38:47,013
oh, do you have this coin? Do you have this coin? Do you have this? No.

609
00:38:47,352 --> 00:38:50,073
It's better if everything is standardized onto one money.

610
00:38:50,073 --> 00:38:54,793
So we use what we're going to talk about later, which is sneak peek at this app called Satlantis

611
00:38:54,953 --> 00:38:58,373
Which helps you find the Bitcoin merchants in the area

612
00:38:58,373 --> 00:39:02,993
So I went outside land just found out this place called the house up the road has exactly what I wanted

613
00:39:02,993 --> 00:39:06,013
I went up there. I said screw the other people that don't accept Bitcoin

614
00:39:06,013 --> 00:39:08,193
They accept Bitcoin and not only do they accept it

615
00:39:08,193 --> 00:39:13,393
But they're actually super into it if you go there that they have the Bitcoin price written on a whiteboard every day and the owner

616
00:39:13,393 --> 00:39:18,073
Super into it and you just go there eat your food pull out your wallet boom paid for and gone

617
00:39:18,073 --> 00:39:23,113
And so it's just so much easier and everywhere we go and everywhere I travel

618
00:39:23,113 --> 00:39:26,533
we're looking at more and more of these places adopting this thing you just have

619
00:39:26,533 --> 00:39:29,833
to find which merchants are ahead of the game a little bit at this point but in a

620
00:39:29,833 --> 00:39:33,833
few years it's just gonna be everywhere and there are certain places that have

621
00:39:33,833 --> 00:39:37,813
more of it for example as in Uvita Costa Rica if anyone goes to Costa Rica

622
00:39:37,813 --> 00:39:41,753
there's a huge Bitcoin base there El Salvador is a lot of people have heard a

623
00:39:41,753 --> 00:39:47,233
huge Bitcoin place there's Prospera this this sovereign community in Honduras

624
00:39:47,233 --> 00:39:48,993
It's fully Bitcoin standard.

625
00:39:49,253 --> 00:39:53,393
These small countries are starting to really go all in on it because they have less to lose.

626
00:39:53,773 --> 00:39:59,993
It's a little bit harder to find that in the big developer countries, but it's still popping up in certain places like Austin, Texas in the U.S., for example.

627
00:40:00,453 --> 00:40:01,613
Really big Bitcoin place.

628
00:40:01,713 --> 00:40:06,293
Tons of Bitcoiners there pushing the local merchants to get on board, and it's really skyrocketing.

629
00:40:06,333 --> 00:40:13,253
But this is just going to get easier and easier to find places to accept Bitcoin, easier to use this as your monetary standard everywhere you go.

630
00:40:13,253 --> 00:40:15,973
It's just going to save you a lot of brainpower from having to

631
00:40:16,493 --> 00:40:21,673
You know figure out the ATMs everywhere you go in these different languages and going to banks and when I was in Mexico

632
00:40:21,673 --> 00:40:24,513
I couldn't even get a place to accept my debit card

633
00:40:24,513 --> 00:40:28,993
So I just had to get convince my friends in my hostel to get a Bitcoin wallet

634
00:40:28,993 --> 00:40:32,073
So they could pay for me in fiat. I could pay them back in Bitcoin

635
00:40:32,193 --> 00:40:37,593
It's all so complicated doesn't have to be that way and not to mention the money you're losing from all those fees that these

636
00:40:37,593 --> 00:40:41,633
Remember, remember which is are just sucking out of you. Remember what Jesus did? He flipped the table of

637
00:40:41,633 --> 00:40:43,833
of the money changers.

638
00:40:43,833 --> 00:40:45,133
The money changers are the worst,

639
00:40:45,133 --> 00:40:46,593
because all they want to do is like,

640
00:40:46,593 --> 00:40:47,613
snipe you for fees.

641
00:40:47,613 --> 00:40:49,893
They want to be greedy fuckers who want to just take you.

642
00:40:49,893 --> 00:40:52,513
So, Bitcoin does away with all of that.

643
00:40:52,513 --> 00:40:54,093
Crypto, fiat, all of it.

644
00:40:55,213 --> 00:40:57,813
Alright, so everyone, who has,

645
00:40:57,813 --> 00:40:59,852
so we're gonna do now a little workshop part.

646
00:40:59,852 --> 00:41:01,053
Who has a Bitcoin wallet?

647
00:41:02,173 --> 00:41:03,513
Okay.

648
00:41:03,513 --> 00:41:05,473
Who has a Lightning wallet?

649
00:41:05,473 --> 00:41:06,233
Ooh.

650
00:41:06,233 --> 00:41:07,673
Okay, alright.

651
00:41:07,673 --> 00:41:09,193
So, we're gonna set up,

652
00:41:09,193 --> 00:41:11,013
we're gonna get everyone to set up a Lightning wallet,

653
00:41:11,013 --> 00:41:14,373
And then we're going to do something cool because I'm sure there's people here from every single different country.

654
00:41:14,733 --> 00:41:19,352
And we're going to show you an example of we're going to send some money to this gentleman here first.

655
00:41:19,613 --> 00:41:24,233
And we're going to send the money all the way through to everyone along.

656
00:41:24,633 --> 00:41:28,713
And you're going to see like you'll keep a little bit of it and just send like a piece on it.

657
00:41:28,733 --> 00:41:29,933
We call it like a lightning torch.

658
00:41:30,113 --> 00:41:32,852
And you'll see how money can literally travel across the world.

659
00:41:32,852 --> 00:41:34,593
You don't need anyone's identity.

660
00:41:34,813 --> 00:41:36,393
You don't need their fucking bank account details.

661
00:41:36,493 --> 00:41:36,653
Nothing.

662
00:41:36,833 --> 00:41:38,573
Just scan their phone and we'll do this.

663
00:41:38,573 --> 00:41:42,153
So we're going to download two different apps. Um,

664
00:41:43,433 --> 00:41:47,993
maybe we'll download three apps. Okay. Um, first download, um,

665
00:41:48,473 --> 00:41:52,273
wallet of Satoshi. If you're American, you won't be able to use this. Um,

666
00:41:52,293 --> 00:41:55,393
but if you're not American, um, definitely download wallet Satoshi.

667
00:41:55,393 --> 00:41:56,873
It's the best lightning wallet out there.

668
00:41:57,293 --> 00:42:01,133
Americans do Primal. Yeah. If you're American do Primal,

669
00:42:01,852 --> 00:42:03,573
Primal, just Primal. Yes.

670
00:42:03,593 --> 00:42:07,553
P R I M A L and the logo is a little pink wave. Yep.

671
00:42:07,553 --> 00:42:15,673
and then the third one downloads Atlantis okay so on Atlantis we're

672
00:42:15,673 --> 00:42:21,153
gonna show you where you can find Bitcoin merchants on primal that's a

673
00:42:21,153 --> 00:42:24,653
wallet that is built on Nostra which is gonna interoperate with Atlantis and

674
00:42:24,653 --> 00:42:28,993
then wallet of Satoshi is in my opinion the best lighting wallet in the world

675
00:42:28,993 --> 00:42:30,753
I'll give everyone a second.

676
00:42:34,253 --> 00:42:36,513
Let's do some questions.

677
00:42:38,713 --> 00:42:40,573
So where are my money now?

678
00:42:40,673 --> 00:42:42,753
Because these obviously didn't make it to the blockchain

679
00:42:42,753 --> 00:42:44,773
because it's just 10 minutes.

680
00:42:45,333 --> 00:42:46,833
Who's holding my sets?

681
00:42:47,053 --> 00:42:47,773
Very good question.

682
00:42:48,053 --> 00:42:52,593
So we mentioned earlier Bitcoin and Lightning, right?

683
00:42:52,593 --> 00:42:55,473
So Bitcoin, every single 10 minutes,

684
00:42:55,473 --> 00:43:01,393
syncs up with all of the validators around the world, which we know as miners, and all of the

685
00:43:01,393 --> 00:43:06,753
transactions that are in what's called a memory pool get locked into a block, and that block gets

686
00:43:06,753 --> 00:43:13,173
chained to the prior block. That's where the word blockchain comes from, right? So when people say

687
00:43:13,173 --> 00:43:18,313
Bitcoin is slow, they're talking about the time it takes for all of those transactions to get locked

688
00:43:18,313 --> 00:43:29,233
into a block. This happens every 10 minutes, right? This mechanism is not useful for day-to-day

689
00:43:29,233 --> 00:43:35,013
payments, right? If you're buying a coffee for $5, why does every single Bitcoin computer in the

690
00:43:35,013 --> 00:43:39,653
world, every single validator need to know about that transaction? It's completely fucking irrelevant,

691
00:43:40,033 --> 00:43:45,593
particularly at scale. So what Bitcoin engineers and all these other people figured out was they

692
00:43:45,593 --> 00:43:49,593
said alright Bitcoin can function a bit like a settlement network instead of a

693
00:43:49,593 --> 00:43:54,653
transactional network so lightning network is the most prominent second

694
00:43:54,653 --> 00:43:58,193
layer on Bitcoin and the way it works is a little bit like a tab at a bar so

695
00:43:58,193 --> 00:44:01,873
imagine you go to a bar and instead of paying the bill every single time you get

696
00:44:01,873 --> 00:44:06,352
a drink you go and you just like put it on your tab put on your tab put on your

697
00:44:06,352 --> 00:44:09,993
tab and at the end of the night you just make one payment so the lightning

698
00:44:09,993 --> 00:44:14,513
network functions a little bit like that it's an abstracted layer where money is

699
00:44:14,513 --> 00:44:19,852
moved around and then at whatever intervals depending on whoever is

700
00:44:19,852 --> 00:44:22,733
operating the lightning channels because the lightning channel is like a free

701
00:44:22,733 --> 00:44:28,253
market of operators they will maybe once a week once a month once a day

702
00:44:28,253 --> 00:44:31,793
whatever they will aggregate all their different channels and they will settle

703
00:44:31,793 --> 00:44:36,893
one transaction onto the actual Bitcoin blockchain so the question is who is

704
00:44:36,893 --> 00:44:41,033
holding that money at the moment the the wallet you guys downloaded Primal or

705
00:44:41,033 --> 00:44:48,473
Wallet of Satoshi they are what's called custodial lightning wallets meaning that those companies manage the nodes and are managing your money

706
00:44:49,013 --> 00:44:51,013
That is different to

707
00:44:51,053 --> 00:44:57,913
Self custody in your Bitcoin where it's yours. So they almost function a little bit like banks, but they can't fake lightning

708
00:44:58,613 --> 00:44:59,713
because

709
00:44:59,713 --> 00:45:05,513
Lightning is a it's a protocol. It's not a ledger that they store internally, right?

710
00:45:05,513 --> 00:45:09,633
So you still get the protection of Bitcoin, but you get someone to manage it for you

711
00:45:09,633 --> 00:45:17,253
the the upside is that it's super simple we can send money to everyone get everyone set up

712
00:45:17,253 --> 00:45:21,852
immediately the downside is that the company is managing those lightning channels could go bust

713
00:45:21,852 --> 00:45:26,413
could disappear could steal your money right so on lightning on the lightning network you never

714
00:45:26,413 --> 00:45:30,633
hold more than you're willing to use like I hold two thousand dollars on my lightning network so

715
00:45:30,633 --> 00:45:35,033
you can think of it on my lightning wallet sorry so you can think of it as like cash like you

716
00:45:35,033 --> 00:45:39,953
wouldn't take your life savings and walk around with a wallet in your phone right

717
00:45:39,953 --> 00:45:43,852
like you don't do that so your life savings you store them on chain on the

718
00:45:43,852 --> 00:45:48,533
actual Bitcoin network you don't touch that shit that's your savings if you

719
00:45:48,533 --> 00:45:53,293
need to transact you can move Bitcoin from the main chain to a lightning

720
00:45:53,293 --> 00:45:58,673
address and then you use that for spending or what I do is my book that I

721
00:45:58,673 --> 00:46:02,813
published I accept Bitcoin payments for it so every time I sell a book it all

722
00:46:02,813 --> 00:46:06,493
goes into my transactional wallet, my lightning wallet, and I use that for just general transactions.

723
00:46:06,493 --> 00:46:10,653
Or if I'm playing poker with the guys or whatever, we all put some money in on lightning,

724
00:46:10,653 --> 00:46:14,693
and every time I beat them, I have a little bit more lightning, and we do that.

725
00:46:14,693 --> 00:46:18,413
But to your point, this is not on the base chain.

726
00:46:18,413 --> 00:46:19,913
The base chain is a settlement layer.

727
00:46:19,913 --> 00:46:23,753
You do not want to bloat the settlement layer with payments.

728
00:46:23,753 --> 00:46:28,293
You can abstract payments on subsequent layers or on abstracted layers.

729
00:46:28,310 --> 00:46:30,850
do everyday transactions for that anyway,

730
00:46:30,850 --> 00:46:33,210
which, because it costs a lot of fees.

731
00:46:33,210 --> 00:46:34,270
It's expensive to do that.

732
00:46:34,270 --> 00:46:37,170
It's much cheaper to do on Lightning and slower.

733
00:46:38,070 --> 00:46:40,470
Let's try not to make this too complicated.

734
00:46:40,470 --> 00:46:41,410
Shoot.

735
00:46:41,410 --> 00:46:44,450
So you guys have asked us to download three apps, right?

736
00:46:44,450 --> 00:46:45,290
Yes.

737
00:46:45,290 --> 00:46:46,810
What are the key differences?

738
00:46:46,810 --> 00:46:47,730
The key differences.

739
00:46:47,730 --> 00:46:48,570
Great question.

740
00:46:48,570 --> 00:46:51,250
So the wallet of Satoshi is purely a Lightning wallet.

741
00:46:51,250 --> 00:46:52,330
It's a custodial Lightning wallet.

742
00:46:52,330 --> 00:46:53,610
All you can do with it is payments.

743
00:46:53,610 --> 00:46:56,370
So receive and send Bitcoin Lightning, right?

744
00:46:56,370 --> 00:47:02,130
So Atlantis is like a nomad app so it's a bit like a social network and you can find

745
00:47:02,130 --> 00:47:05,810
so there's a merchant tab on there and if you go into the filter you can see

746
00:47:05,810 --> 00:47:10,810
places that accept Bitcoin so then you can see a whole network of places we've

747
00:47:10,810 --> 00:47:14,730
got like probably 5,000 places around the globe in all sorts of different

748
00:47:14,730 --> 00:47:18,270
cities that accept Bitcoin so you can see that the Bitcoin economy is growing

749
00:47:18,270 --> 00:47:21,930
there's a bunch of other things you can do on Atlantis you can post content you

750
00:47:21,930 --> 00:47:25,830
can host events like later on we're gonna be hosting a game of nomad charades

751
00:47:25,830 --> 00:47:30,630
so you can RSVP to the event on Satlantis so if you actually find my

752
00:47:30,630 --> 00:47:34,650
account Svetsky you'll see that I'm hosting the event you can one click RSVP

753
00:47:34,650 --> 00:47:39,790
so it's kind of like a nomad app so meetup.com meets Instagram meets Google

754
00:47:39,790 --> 00:47:42,950
places right so you've got all of that so it's a really cool app it does not

755
00:47:42,950 --> 00:47:46,370
have payments yet the payments will be ready in about two months so then you

756
00:47:46,370 --> 00:47:50,610
have a lightning wallet inside the app as well primal is kind of in the middle

757
00:47:50,610 --> 00:47:55,230
so primal is a social app a bit like Twitter it is built on what's called the

758
00:47:55,230 --> 00:47:59,490
Nostra network which is what Atlantis is built on as well so your one account on

759
00:47:59,490 --> 00:48:04,830
Atlantis and Primal is the same which is beautiful so you can move your your

760
00:48:04,830 --> 00:48:08,910
audience is the same across both but Primal doesn't have like venues and

761
00:48:08,910 --> 00:48:12,450
events and all that sort of stuff it's just the content platform but Primal also

762
00:48:12,450 --> 00:48:17,910
has a wallet so Primal is like a social wallet while the Satoshi is just the

763
00:48:17,910 --> 00:48:22,910
wallet and Atlantis is a social network for nomads and something I want to

764
00:48:22,910 --> 00:48:26,850
mentioned here if anyone is looking for wants to learn more about all this stuff

765
00:48:26,850 --> 00:48:29,930
it's a lot of information we're throwing at you really quickly come find me

766
00:48:29,930 --> 00:48:33,770
after this is over I will hook you up with books podcasts videos all great

767
00:48:33,770 --> 00:48:37,370
all kinds of great content where you can really sit down focus on it with dinner

768
00:48:37,370 --> 00:48:40,430
sometime and just like internalize all this stuff we're going really quick with

769
00:48:40,430 --> 00:48:43,910
everything so don't feel bad if you're a little bit swimming in the years of shit

770
00:48:43,910 --> 00:48:48,090
like yeah more questions

771
00:48:52,910 --> 00:48:54,910
That's a very good question.

772
00:48:54,910 --> 00:48:55,910
Yeah, it's a very good question.

773
00:48:55,910 --> 00:48:57,910
So a lot of Bitcoiners don't.

774
00:48:57,910 --> 00:49:01,330
Why would you pay somebody in Bitcoin when now is the time to collect?

775
00:49:01,330 --> 00:49:05,890
And there's a massive argument in the Bitcoin space about this all the time.

776
00:49:05,890 --> 00:49:09,490
You've got the people who are what we call store of value maximalists.

777
00:49:09,490 --> 00:49:12,470
They're like, don't spend Bitcoin under any circumstance.

778
00:49:12,470 --> 00:49:14,390
If your fucking family's dying, they need to eat.

779
00:49:14,390 --> 00:49:15,390
Screw them, let them die.

780
00:49:15,390 --> 00:49:16,390
You know, save your Bitcoin.

781
00:49:16,390 --> 00:49:20,070
They're extremely on that.

782
00:49:20,070 --> 00:49:23,890
there's other people who are like look bitcoin is a payments mechanism and a lot of these people

783
00:49:23,890 --> 00:49:27,130
were around like when silk rotors around they're buying drugs online and all this sort of stuff

784
00:49:27,130 --> 00:49:32,750
they're like use it as payments it's fantastic my answer to this and i've been on both sides of the

785
00:49:32,750 --> 00:49:38,970
spectrum my answer to this is that like money needs to be able to be used both for store value

786
00:49:38,970 --> 00:49:45,170
and for medium exchange i will use it when i need minimal friction for payments so for example like

787
00:49:45,170 --> 00:49:49,490
last night we're playing poker it was way easier for me than going to the atm getting fucking level

788
00:49:49,490 --> 00:49:53,170
all this sort of stuff. I just do that. If I can go to a merchant and I don't have to bother

789
00:49:53,170 --> 00:49:59,750
tapping a card, whatever, I'll pay with Bitcoin. It's like these aren't massive payments, right?

790
00:50:00,090 --> 00:50:04,310
What I will also try and do though is I'll try and make sure like, well, let me explain it this

791
00:50:04,310 --> 00:50:11,790
way. I earn all of my salary in Bitcoin, 100%. So I only accept Bitcoin. I will not degrade myself

792
00:50:11,790 --> 00:50:16,070
to accept toilet paper money for the work that I do, right? So that's how I view it. So I accept

793
00:50:16,070 --> 00:50:20,190
all of it in Bitcoin, which means to eat, to pay rent, to do something, I will have to

794
00:50:20,190 --> 00:50:20,950
spend Bitcoin anyway.

795
00:50:21,210 --> 00:50:26,630
So then I will reward the merchants who accept Bitcoin and I'll take my business there.

796
00:50:27,390 --> 00:50:29,210
So you can do both basically.

797
00:50:29,350 --> 00:50:31,110
You don't, it doesn't have to be one or the other.

798
00:50:31,510 --> 00:50:37,530
And you do it in whatever capacity you're comfortable with, right?

799
00:50:37,550 --> 00:50:39,990
If you're in savings mode and you don't want to spend, just save it.

800
00:50:39,990 --> 00:50:42,650
But if you need to spend it, spend it.

801
00:50:42,650 --> 00:50:55,590
And there is an element for me personally, just a feeling really good helping support the local merchants that are ahead of the curve and are taking that first step into Bitcoin land because it's a scary, spooky place for so many people out there.

802
00:50:55,690 --> 00:51:03,630
So I love it. It feels good to give a tiny little piece of my Bitcoin to people that are on the front running curve of this.

803
00:51:03,770 --> 00:51:09,250
And all you have to do to just replace that by going to earn more Bitcoin, you know, just motivation to go earn more money.

804
00:51:09,250 --> 00:51:11,830
Eventually this is the only money we're gonna be using.

805
00:51:11,830 --> 00:51:14,890
So it's just a matter of where you want to be

806
00:51:14,890 --> 00:51:17,570
in terms of holding it extremely hard, like you said,

807
00:51:17,570 --> 00:51:31,645
only spending your fiat places which is totally cool as well Or if you just want to be completely on the bitcoin standard you can do that too like the main main thing to remember is you want to keep as much as possible but it really easy to use it has all these great uh functions that make it super

808
00:51:31,645 --> 00:51:37,525
uh good for just saving time and energy in your life so you find your own balance eventually the

809
00:51:37,525 --> 00:51:42,384
last thing i'll quickly say to this and i'll take your question is um there is a i don't want to use

810
00:51:42,384 --> 00:51:48,025
the word altruistic but there is an element of this is like we want to build communities that are

811
00:51:48,025 --> 00:51:52,985
off the fiat standard right we want to build circular economies that are independent because

812
00:51:52,985 --> 00:51:57,464
i don't know if everyone remembers like what happened in canada with the trucker protests

813
00:51:57,464 --> 00:52:00,124
and everything people got their bank accounts and all this sort of stuff shut down right

814
00:52:00,124 --> 00:52:05,324
so like you want to be in a position where you've got some resilience from that so what i've done

815
00:52:05,324 --> 00:52:10,544
for example where i live in brazil is i found my butcher that accepts bitcoin i found the masseuse

816
00:52:10,544 --> 00:52:13,585
that accepts Bitcoin this this this the only thing I'm not paying in Bitcoin is

817
00:52:13,585 --> 00:52:18,585
my my rent because the landlord refuses but what I did was I found someone

818
00:52:18,585 --> 00:52:23,784
local who's willing to pay the rent for me in reals and I just send them Bitcoin

819
00:52:23,784 --> 00:52:26,985
which means I'm entirely on a Bitcoin standard I'm like I'm independent of the

820
00:52:26,985 --> 00:52:29,444
banking system I don't need to worry about the banking system there I didn't

821
00:52:29,444 --> 00:52:32,544
worry about anything I don't need to move money internationally and then get

822
00:52:32,544 --> 00:52:35,304
asked like I used to have a wise account and I was trying to buy a property

823
00:52:35,304 --> 00:52:38,884
there and it was a fucking nightmare because they kept asking me where's the

824
00:52:38,884 --> 00:52:41,544
money from where's the money from where's the money from and i ended up getting shut down because i

825
00:52:41,544 --> 00:52:47,504
told him to go fuck off so now what i do is like i ended up buying the property by sending someone

826
00:52:47,504 --> 00:52:52,384
locally get coin and he paid the rails directly to the property developer for me so this like

827
00:52:52,384 --> 00:52:58,864
it's very useful to be able to set yourself up set yourself up in such a way that is resilient

828
00:52:58,864 --> 00:53:05,124
and independent of the system and as the world gets more and more weird like this will become

829
00:53:05,124 --> 00:53:08,705
an asset your community your network becomes an asset which is again to tie back to sat

830
00:53:08,705 --> 00:53:13,404
Atlantis, Atlantis will be a place where you can find other people with similar values.

831
00:53:13,404 --> 00:53:17,164
We're thinking about being on a Bitcoin standard where you can find merchants that are accepting

832
00:53:17,164 --> 00:53:19,264
all of this sort of stuff comes together in that app.

833
00:53:19,844 --> 00:53:20,585
Excellent question.

834
00:53:20,784 --> 00:53:24,525
And if you are like a big picture, save the world type, like I know a lot of us nomad

835
00:53:24,525 --> 00:53:29,064
folks are, you're getting us closer to that future where you don't have to deal with all

836
00:53:29,064 --> 00:53:32,784
this inflation and you don't have to in the world at large.

837
00:53:32,944 --> 00:53:36,905
Well, you're you're moving the whole world away from fiat, basically, and all those problems

838
00:53:36,905 --> 00:53:37,564
we talked about.

839
00:53:37,564 --> 00:53:46,364
You're helping like the more that you participate in those economies that are on Bitcoin, help the merchants that are on Bitcoin and spread the word just through education and everything else.

840
00:53:47,025 --> 00:53:56,224
You're making that transition quicker so we can get to a better world with all the beauties of deflationary money where things will start getting cheaper again.

841
00:53:56,304 --> 00:54:02,684
We can afford houses again. Travel will get cheaper. The airlines will get better because we didn't talk about the whole airlines thing.

842
00:54:02,684 --> 00:54:10,444
That's a whole different conversation that is very much a part of the fiat system, but it will just help get the world to a better place the more you use Bitcoin, basically.

843
00:54:10,564 --> 00:54:10,965
Question here.

844
00:54:11,405 --> 00:54:14,744
Do both of you have 100% of what you would have had in debt?

845
00:54:15,724 --> 00:54:16,124
100%?

846
00:54:16,604 --> 00:54:17,965
I'm close to 100%.

847
00:54:17,965 --> 00:54:18,164
Okay.

848
00:54:18,284 --> 00:54:19,604
So all of your savings.

849
00:54:19,905 --> 00:54:21,145
And then what about stocks?

850
00:54:21,324 --> 00:54:22,184
Are you still keeping it?

851
00:54:23,104 --> 00:54:23,705
Only Bitcoin.

852
00:54:23,944 --> 00:54:25,284
Couldn't give a shit about stocks.

853
00:54:25,364 --> 00:54:26,284
Couldn't give a shit about any of it.

854
00:54:26,284 --> 00:54:26,844
Because like we were-

855
00:54:26,844 --> 00:54:29,224
I used to complexify my life, so I traded for 10 years.

856
00:54:29,224 --> 00:54:33,744
I've traded everything from options, warrants, commodities, pork butts, you fucking name it.

857
00:54:33,784 --> 00:54:35,564
I've traded everything, everything, everything.

858
00:54:36,025 --> 00:54:39,104
And when I simplified my life and just went all Bitcoin, I don't care.

859
00:54:39,205 --> 00:54:41,485
And the beauty of Bitcoin is that it outperforms everything anyway.

860
00:54:41,985 --> 00:54:45,344
Particularly now, like over the next 20 years, Bitcoin will outperform everything.

861
00:54:45,724 --> 00:54:47,264
Like that is your hurdle rate.

862
00:54:47,944 --> 00:54:52,224
So if you, like the correct rate, so you don't look at, I learned this lesson the hard way

863
00:54:52,224 --> 00:54:53,645
when I was doing shitcoining in 2017.

864
00:54:53,924 --> 00:54:59,004
I started off the year with, it was about 20 Bitcoin at the time.

865
00:54:59,224 --> 00:55:03,265
So you don't even want, like 20 Bitcoin at the time was worth like, what was it?

866
00:55:04,825 --> 00:55:06,244
Yeah, 20 grand, something like that.

867
00:55:06,284 --> 00:55:08,025
Or maybe it was 15 Bitcoin, something like that.

868
00:55:08,085 --> 00:55:09,044
It was a trading account.

869
00:55:09,145 --> 00:55:11,184
I set up like 15, $20,000, something like that.

870
00:55:11,424 --> 00:55:13,164
And I started trading the whole year.

871
00:55:13,244 --> 00:55:15,605
I was trading this shit coin, that shit coin, all this sort of stuff on Bittrex.

872
00:55:15,804 --> 00:55:18,905
And by the end of the year, I had made about 40%.

873
00:55:18,905 --> 00:55:20,325
I had like 25 or $30,000.

874
00:55:21,244 --> 00:55:22,424
But I had one and a half Bitcoin.

875
00:55:23,405 --> 00:55:23,725
Right?

876
00:55:23,804 --> 00:55:25,744
So that was the big dawning on me.

877
00:55:25,765 --> 00:55:28,044
Because at the end of 2017, remember, it was 20K for one Bitcoin.

878
00:55:28,044 --> 00:55:32,705
So I fucking spent so much time trading like a moron and I had less Bitcoin

879
00:55:32,705 --> 00:55:37,105
But I had more dollars and it dawned on me. I was like wait a minute. The hurdle rate is not dollars

880
00:55:37,105 --> 00:55:39,024
I'm not trying to make more dollars. I'm trying to make more Bitcoin

881
00:55:39,024 --> 00:55:43,565
So the way I measure my wealth personally is do I have more Bitcoin today than I had yesterday if I do?

882
00:55:44,044 --> 00:55:50,145
Good if I don't it's a bad thing and I just like eliminated everything else one by one by one by one and

883
00:55:50,505 --> 00:55:55,284
All I hold is one simple thing. Nobody can touch it. Nobody can take it. I can use it anywhere

884
00:55:55,284 --> 00:55:57,284
I can move it for payments

885
00:55:57,845 --> 00:56:01,924
or i can keep it for savings simplified everything okay it's important to remember too just when

886
00:56:01,924 --> 00:56:06,085
you're comparing it to the stock market remember how i was talking about earlier how all the big

887
00:56:06,085 --> 00:56:10,164
money in the world right now is shoving their money everywhere but the money so they're shoving

888
00:56:10,164 --> 00:56:24,159
into the real estate and the stock market that over inflating it a lot so the the prices we see in the stock market in the real estate isn real It not real It not the real value It just because all these managers are throwing their money into it

889
00:56:24,439 --> 00:56:27,279
Once they have a better alternative for savings, which is Bitcoin,

890
00:56:27,699 --> 00:56:30,339
which for the real estate folks out there, call your friends,

891
00:56:30,419 --> 00:56:32,559
hey, do you really like cleaning toilets all the time,

892
00:56:32,619 --> 00:56:33,639
dealing with the property managers,

893
00:56:33,739 --> 00:56:35,759
or do you really just want to store your wealth?

894
00:56:36,159 --> 00:56:37,079
They want to store their wealth.

895
00:56:37,159 --> 00:56:38,679
So Bitcoin is a better alternative for them.

896
00:56:38,979 --> 00:56:41,039
All those people will take their money out of those things,

897
00:56:41,039 --> 00:56:47,179
Put it into Bitcoin so those things will eventually go reprice very good reprice aggressively

898
00:56:52,919 --> 00:56:54,919
Not zero

899
00:56:55,939 --> 00:56:58,959
The best answer to this yeah, the best answer to this is

900
00:56:59,799 --> 00:57:06,199
You should do it at the percent you're comfortable with right so when I first started I wasn't a hundred percent

901
00:57:06,199 --> 00:57:08,399
So treat it like you would a certain stock.

902
00:57:08,399 --> 00:57:09,399
Yeah, exactly.

903
00:57:09,399 --> 00:57:15,799
The more you get comfortable with it, the more you will feel like, okay, I'm 100% comfortable

904
00:57:15,799 --> 00:57:16,799
with Bitcoin.

905
00:57:16,799 --> 00:57:17,799
I'll be 100% in it.

906
00:57:17,799 --> 00:57:18,799
I'm 80% comfortable.

907
00:57:18,799 --> 00:57:22,299
And you will find that the more research you do, the bigger that percentage becomes as

908
00:57:22,299 --> 00:57:24,599
you learn more and more, get more and more comfortable with it.

909
00:57:24,599 --> 00:57:25,599
So yeah.

910
00:57:25,599 --> 00:57:26,599
There we go.

911
00:57:26,599 --> 00:57:28,599
There's a question over here, sir.

912
00:57:28,599 --> 00:57:43,959
put your put your leg over and sit kind of sideways so yeah they're definitely moving into

913
00:57:43,959 --> 00:57:49,059
bitcoin we're seeing this is one of the big news happenings right now in the last couple of years

914
00:57:49,059 --> 00:57:53,039
is the big money is starting to figure it out they're saying okay we do need bitcoin so we see

915
00:57:53,039 --> 00:57:58,319
all these giant etfs coming out like you talked about yeah like the blackrock etf and all the big

916
00:57:58,319 --> 00:58:02,359
dogs are finally starting to get okay we need to have some bitcoin exposure here but it's still

917
00:58:02,359 --> 00:58:07,399
very early they're just nibbling at it so far because they have a lot to lose they make a lot

918
00:58:07,399 --> 00:58:11,639
of money in this fiat system where there's money printers that they can they can scratch their back

919
00:58:11,639 --> 00:58:16,699
and lobby for them and everything so they're only barely starting to get in there which is good

920
00:58:16,699 --> 00:58:21,699
opportunity for all the the peasants where we have much more agility we can just buy a bunch of it

921
00:58:21,699 --> 00:58:25,819
right now we don't have to wait for them to figure it out we can front run them but eventually

922
00:58:25,819 --> 00:58:30,179
everyone's going to be using bitcoin we have this saying bitcoin is for enemies because even all

923
00:58:30,179 --> 00:58:34,139
those giant banker entities that we hate are eventually going to be forced into it too so

924
00:58:34,139 --> 00:58:38,859
don't get fooled by the the headlines they're saying like oh like blackrock has bitcoin so it's

925
00:58:38,859 --> 00:58:44,919
like bitcoin is bad now because blackrock is bad eventually everyone will be on etf yeah they're

926
00:58:44,919 --> 00:58:49,339
doing etfs because i mean one of the beauties of bitcoin because of the way it is structured the

927
00:58:49,339 --> 00:58:54,119
nature of bitcoin is that it's much easier to custody as an individual not as an entity because

928
00:58:54,119 --> 00:58:59,359
it's the private key that implies ownership so if an entity holds Bitcoin

929
00:58:59,359 --> 00:59:04,139
somebody holds the private key and if that somebody decides to take the Bitcoin

930
00:59:04,139 --> 00:59:08,119
run the entity holds it no longer right so it's like Bitcoin isn't really

931
00:59:08,119 --> 00:59:15,619
designed for large-scale entities it's more designed for people

932
00:59:15,619 --> 00:59:16,619
Yeah, of course.

933
00:59:16,619 --> 00:59:21,619
What about how you split your key to own it yourself?

934
00:59:21,619 --> 00:59:22,619
It is.

935
00:59:22,619 --> 00:59:23,619
It is.

936
00:59:23,619 --> 00:59:25,619
So what kind of solution do you have?

937
00:59:25,619 --> 00:59:27,619
You can be anywhere on the spectrum, right?

938
00:59:27,619 --> 00:59:35,619
So like for example, I, if for my wife, I have some Bitcoin with her, for her, with a custodian

939
00:59:35,619 --> 00:59:41,619
called OnRamp and they have a bunch of protocols that are necessary in order for her to extract

940
00:59:41,619 --> 00:59:44,619
the money if something happens to me, if I die or something like that.

941
00:59:44,619 --> 00:59:46,619
What if something happens to a underground?

942
00:59:47,619 --> 00:59:48,779
It's a risk, exactly.

943
00:59:50,279 --> 00:59:52,519
You need to sort of balance these risks, right?

944
00:59:52,639 --> 00:59:54,899
So custody has been a problem from the beginning of time.

945
00:59:55,059 --> 00:59:58,519
Like when you have a bearer instrument like gold, how do you custody gold?

946
00:59:58,919 --> 01:00:00,959
You dig it up, you put in a vault, this, that, right?

947
01:00:01,019 --> 01:00:06,279
So all of these solutions will come up over time to kind of serve the needs of different people.

948
01:00:06,699 --> 01:00:09,139
So you've got kind of custody solutions on one side of the spectrum.

949
01:00:09,139 --> 01:00:14,039
You have extreme solutions on the other side of the spectrum, which is you could be like,

950
01:00:14,039 --> 01:00:29,099
There's a thing called multi signature in Bitcoin, which you can take a key and you can split it into parts and you could require two of the three keys in order to sign a transaction or four of the five or nine of the 12, whatever.

951
01:00:29,319 --> 01:00:32,139
You can create a schema and you get very complex with these things.

952
01:00:32,139 --> 01:00:34,399
So larger entities do stuff like this, right?

953
01:00:34,799 --> 01:00:43,099
So you can create some complexity and you can increase the security of those keys being found.

954
01:00:43,099 --> 01:00:46,339
Like for example me, I have my keys split up and I have it in three different countries.

955
01:00:46,339 --> 01:00:50,559
For me to move my Bitcoin, I have to fly it to three different countries and to unlock

956
01:00:50,559 --> 01:00:52,099
my cold storage in order to move it.

957
01:00:52,099 --> 01:00:53,739
So my cold storage, I never touch it.

958
01:00:53,739 --> 01:01:01,659
I spread it between two people, my mom and someone else and deleted it from my Telegram.

959
01:01:01,659 --> 01:01:18,433
So I have to ask these two and if I tired they can combine it But in practical terms what I will do is I transfer to the exchange to make a very big trade and then I transfer it back to the cold storage from time to time

960
01:01:18,613 --> 01:01:25,573
But yeah, I'm still looking for that balance as you say and because I have to do it quite often for my needs.

961
01:01:25,993 --> 01:01:28,373
So if I do it too complicated...

962
01:01:28,893 --> 01:01:32,793
Yeah, the friction level has to change depending on your needs, right?

963
01:01:32,793 --> 01:01:35,313
And you may have different modes of custody.

964
01:01:35,313 --> 01:01:38,713
It's all trade-offs.

965
01:01:38,833 --> 01:01:40,913
Trade-offs from convenience to ultimate security.

966
01:01:41,033 --> 01:01:42,613
You figure out where we work best in the middle.

967
01:01:42,853 --> 01:01:43,393
I want both.

968
01:01:43,633 --> 01:01:43,793
Yeah.

969
01:01:43,793 --> 01:01:44,233
Yeah.

970
01:02:05,313 --> 01:02:07,313
What kind of trader? What do you mean?

971
01:02:07,313 --> 01:02:09,313
Normal trading in English.

972
01:02:09,313 --> 01:02:11,313
Option.

973
01:02:11,313 --> 01:02:13,313
For example, I have two questions in one.

974
01:02:13,313 --> 01:02:17,313
One is, if I have normal money and I want to buy Bitcoin,

975
01:02:17,313 --> 01:02:21,313
how can I not say the system that I'm buying Bitcoin in a country?

976
01:02:21,313 --> 01:02:23,313
Because I want to store some.

977
01:02:23,313 --> 01:02:25,313
So I want to store that money and that.

978
01:02:25,313 --> 01:02:27,313
You come and ask me, for example.

979
01:02:27,313 --> 01:02:31,313
So you find someone who is in need of dollars or cash,

980
01:02:31,313 --> 01:02:33,313
and you do a direct trade, peer to peer.

981
01:02:33,313 --> 01:02:38,313
I don't want to say to anybody this.

982
01:03:03,313 --> 01:03:10,033
and it'd be completely exactly exactly you can go both ways so there's many mechanisms to buy

983
01:03:10,033 --> 01:03:16,193
bitcoin privately in the old days no not through the bank like you could do cash so you could meet

984
01:03:16,193 --> 01:03:21,553
with someone you could do it that way so again it depends on the level of privacy so similar to

985
01:03:21,553 --> 01:03:27,393
custody there's a spectrum exactly the first time i bought bitcoin in like 2015 2016 i had a brown

986
01:03:27,393 --> 01:03:32,593
paper bag full of cash that i met some guy at a cafe i didn't know if he was going to stab me i

987
01:03:32,593 --> 01:03:33,873
I didn't know if I was going to stab him.

988
01:03:34,013 --> 01:03:35,193
Like, it was this whole, like, sketchy.

989
01:03:35,433 --> 01:03:37,473
I remember we were both, like, looking at each other, like, who is this guy?

990
01:03:37,793 --> 01:03:38,653
We both sat down.

991
01:03:39,013 --> 01:03:40,313
You know, he's like, where's the money?

992
01:03:40,353 --> 01:03:40,953
I'm like, in the bag.

993
01:03:41,453 --> 01:03:42,013
I'm like, where's the Bitcoin?

994
01:03:42,113 --> 01:03:43,533
He's like, on the computer.

995
01:03:43,633 --> 01:03:44,033
I'll send it to you.

996
01:03:44,093 --> 01:03:44,453
I was like, okay.

997
01:03:44,493 --> 01:03:45,193
He sent it to me.

998
01:03:45,533 --> 01:03:46,273
I gave him the bag.

999
01:03:46,333 --> 01:03:47,693
It was like this sketchy-ass show.

1000
01:03:48,113 --> 01:03:51,753
And we walked out later, and we're both, like, looking around, waiting to get tackled.

1001
01:03:51,833 --> 01:03:53,473
So it's like, but it was completely private.

1002
01:03:53,873 --> 01:03:54,693
No one ever knew I bought that.

1003
01:03:55,053 --> 01:03:57,513
So, like, you know, and I bought Bitcoin on an exchange.

1004
01:03:57,513 --> 01:04:02,133
and on exchange it's associated to my name unfortunately so you got to do you got to do

1005
01:04:02,133 --> 01:04:07,373
both you can also clean your coins if they've been on exchange you can go through a coin join

1006
01:04:07,373 --> 01:04:13,933
software which mixes your coins up with a bunch of other people um you know it depends on the

1007
01:04:13,933 --> 01:04:20,733
advanced level you can follow the direction of my money yeah you can do chain analysis like this

1008
01:04:20,733 --> 01:04:26,973
the system can follow my money go there also if after from a crypto wallet i make them disappear

1009
01:04:28,333 --> 01:04:35,533
maybe i'm trading with some good money in an account of crypto then maybe i make money with

1010
01:04:35,533 --> 01:04:39,773
trading with this and then i take back in my account that money so it would like just like

1011
01:04:41,453 --> 01:04:47,533
but then these three thousand there become more and but if i bring them to a good wallet

1012
01:04:47,533 --> 01:04:51,293
they can see this movement of course they can yeah of course you can see that movement so then

1013
01:04:53,853 --> 01:04:58,813
no because the because no no no because the exchange if you signed up to the exchange the

1014
01:04:58,813 --> 01:05:04,173
exchange will have your details because they kyc'd you so they got your name everything and

1015
01:05:04,813 --> 01:05:10,413
that relationship between that wallet and the exchange is visible on the public blockchain and

1016
01:05:10,413 --> 01:05:16,573
then they can infer that you own this wallet you could say well that wasn't me someone took my

1017
01:05:16,573 --> 01:05:17,573
account and stole my money.

1018
01:05:17,573 --> 01:05:22,573
During that declaration they can say because it's already happened to me and they say,

1019
01:05:22,573 --> 01:05:24,573
oh yes, I put in another wallet and I lost it.

1020
01:05:24,573 --> 01:05:26,573
You can say that, of course, yeah, exactly.

1021
01:05:26,573 --> 01:05:30,573
So you've got some level of plausible deniability, yes.

1022
01:05:30,573 --> 01:05:36,573
Also then they cannot know because, oh, I promise to write the code or give money to

1023
01:05:36,573 --> 01:05:37,573
some friends.

1024
01:05:37,573 --> 01:05:39,573
Exactly, yes, yes.

1025
01:05:39,573 --> 01:05:41,573
You can easily say that.

1026
01:05:41,573 --> 01:05:43,573
But it's like...

1027
01:05:43,573 --> 01:05:45,573
Thanks for coming, appreciate it.

1028
01:05:45,573 --> 01:05:52,073
Yeah, all they can do is they can assert that you own that wallet. They can't prove that you own the wallet.

1029
01:05:53,073 --> 01:05:56,893
Yeah, but they can assert that which is in many countries strong enough.

1030
01:05:58,333 --> 01:06:03,573
Let's do as people are leaving if they want more help or more resources like I mentioned earlier just tap me on the shoulder.