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Hello, folks. Hope you're having a wonderful day out there. I am checking in here real quick to

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announce that we have a very special and different episode today. I will be bringing on Mr. Joe

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Brian, who made one of the most fantastic Bitcoin educational videos I've ever seen, and one of the

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most viral ones, too. It was getting hundreds of thousands of views on YouTube, millions of views

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on Twitter, and audio podcasts everywhere. It just completely blew up, and it's no mystery why.

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It's a beautiful explanation of why us Bitcoiners care so much about what this fiat system is,

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why it's the root of so many problems, and how Bitcoin fixes it all.

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And it's extremely good to send to beginners as well, so keep that in mind.

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And I will also note that he does an amazing job explaining everything in words,

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so audio listeners will get a ton of value out of it.

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However, he does have a slide presentation that goes along with it,

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so I do recommend watching it on video later if you can.

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you'll get even more out of it. So without further ado, here is Joe Bryan's video titled

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What's the Problem? And once that's done, I will see you in about 40 minutes when we

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get back together for an interview and talk about it. So I will see you then.

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Hey Joe.

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Hey.

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What's this all about?

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Well, we have a problem and it's a very big problem.

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And unfortunately, most people aren't aware of it.

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It doesn't matter what your personal views are, your politics, your religion, or where you are.

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And once you see the problem, you can't unsee it.

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It's like a one-way door.

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But thankfully, we also have the solution.

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And it's this solution that I'm so passionate about sharing.

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And it's what makes me just so optimistic for the future.

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The challenge I find, though, is how can anybody fully value a solution

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unless they understand what the problem is?

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And so I put this presentation together for some friends.

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and it assumes no knowledge other than just being human beings and life experience.

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And they encourage me then to make this presentation into video

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so I can share it with everyone.

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So I hope you enjoy.

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Welcome to What's the Problem?

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So what is the problem?

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Well, too many, unfortunately.

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I probably could have written twice as many things down on this slide.

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I think we all have that sense of unease.

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We all feel internally that things are not moving in the right direction in our lives, in the world.

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Things are becoming harder, not easier.

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And I think for most of us, we would recognize some elements of these things on the screen as touching our lives directly or indirectly.

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And what I'm here today to show you is that all these things may seem unconnected, but they're really not.

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The primary cause of all of these is the quality of our money.

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Now we're going to do this through a story.

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So imagine there's this far-off world where you have hundreds of smart people traveling on a ship.

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And this ship gets wrecked on a deserted island.

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This deserted island is so far from everywhere else they're effectively cut off.

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But the island is resource rich.

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It has everything they could possibly need to rebuild society.

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But because these people have come from an advanced civilization,

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they know exactly where they're ultimately going to get back to.

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But now they're starting again with nothing.

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What's also clear is that they need some way of trading with each other once they start to rebuild.

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So they prioritize deciding on what to use for their new money and suspend your disbelief slightly further in that they have, despite not having anything, the ability to create whatever monetary system they want with whatever characteristics.

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So the first question they need to answer is, what makes good money?

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And there are seven things.

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So these guys have the ability to create whatever they want.

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So instead of just creating good money, they create the perfect money.

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And the perfect money is scarce, which means it has a fixed supply forever, and is instantly

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and costlessly verifiable by everybody.

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So if everybody can check it whenever they want at no cost, then you can verify for yourself

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that nobody's creating any extra.

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It needs to be portable, so you can effortlessly move and store it with negligible costs.

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It needs to be divisible and the perfect money would be infinitely divisible.

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It needs to be durable.

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It can't rot or go off.

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It can't deteriorate.

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So the perfect money exists forever.

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It's fungible, which means every piece is forever the same as every other piece.

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It needs to be acceptable.

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So everyone, anywhere can both send and receive.

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And the really important one is it needs to be censorship resistant.

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You hold it yourself.

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Nobody can take it away from you without your permission.

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And no one can stop you sending or receiving it.

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So this is great.

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They decide on perfect money.

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But then there's a disagreement.

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Two leaders emerge from within the population.

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The first, Satoshi.

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he says well given these are the characteristics of perfect money that's going to be true today

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true tomorrow and true forever so we should lock them in you should never change whereas

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Fiatello he says well I get that I get this is the characteristics of perfect money and I totally

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agree but what if there's an emergency what if we need to change something what if the people we put

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in charge of our money feel like it's not working and need to make an adjustment I think we should

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have the perfect money but we should also have a big red button which allows someone to press it

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and change any of the characteristics if we need to. Of course no one ever will but just in case.

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This becomes an irreconcilable disagreement. So a fairly drastic solution but they build a huge wall

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right down the middle of this island and on one side they create the currency called satoshis

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which is perfect money always and on the other side are Fiatellos which is perfect

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money but with the options changing. Now this wall is so big it cuts off the

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communication and the trade between both sides on the island so effectively they're

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cut off from one another. So to begin with nobody has anything on either side of

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the island so everyone's starting from zero and initially people have to be

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self-sufficient. Each person is fishing for their food, cutting down trees for

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the wood to make fires and also for houses and then they're also building

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their own shelters. Now even though they have perfect money there's very limited

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trading here because people are working hard just to satisfy their day-to-day

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needs across all of these goods. But people are different. Some people are

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better at some things than others and so people quickly realise that if I spend

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my time focusing on the things I'm good at, I'm reducing the amount of time I spend on things that

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I'm poorer, then I can contribute more to society. I can increase the amount of goods I can provide

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to society in the same amount of time as the average person. So the woodcutter spends all his

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time now cutting down wood. He stops fishing. He stops building shutters. And because he's spending

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his time cutting down wood, he increases the quantity of wood available to everyone else

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versus three people spending a third of their time each,

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because he's good at it.

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And not only does the increase in the quantity of wood available

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reduce the price of wood for everybody on the island,

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the quality is also high.

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He's better at doing it.

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He produces a higher quality output.

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So prices fall and quality increases.

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And not only that, he's not the only woodcutter.

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There are multiple woodcutters.

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So they're all competing to supply wood to everybody else

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and they're competing at price and in terms of quality.

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And now what happens is because the woodcutter needs other goods to survive,

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he has to sell the wood to buy facials, sell the wood to pay for the services of their home builder.

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So now everybody is actively trading in this perfect money.

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Now, because processes continue to improve,

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the woodcutter can now satisfy the needs of the rest of the population for wood in a smaller amount of time.

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He can then take that time and think about his own processes, his own innovations.

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Maybe he can make cutting down wood even more efficient.

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And if he does that, it drives prices lower.

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It drives quality higher.

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Maybe he reaches the end of his innovation within his wood cutting

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and then uses the excess money and excess capital he has to invest in other people.

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Maybe he lends it to the fisherman who then builds a boat

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to increase the amount of fish the fisherman can catch for everybody.

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So what happens over time in a free market with perfect money, prices go down forever and quality goes up forever.

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So what people see on both sides of the island is that the purchasing power of their money starts to increase.

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Goods cost less tomorrow than they do today, so the price of tomorrow is lower.

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The purchasing power of both currencies is increasing at about 3% a year.

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And this lifts the quality of life. Life becomes cheaper and cheaper over time for everybody, not just those people who are most productive in society.

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But the key thing is the money itself is becoming more valuable over time.

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That is, until these guys come along.

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So now because the society is growing and the population is growing, both sides of the

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island elect a government.

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Now it doesn't matter if the government is left or right, big, small, up, down, doesn't

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matter.

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They are all the same when it comes to this.

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Now however well run the government is, inevitably it will hit a deficit at some point.

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And that means it's spending more than it's receiving.

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And that could be through mismanagement,

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but it could just be through external circumstance,

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like a natural disaster or something like this.

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The causes are not important but it will happen over the course of time inevitably But now we see a divergence across both sides of the island Satoshi he only has two choices here

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To balance the budget, he needs to either raise taxes or cut spending.

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Or maybe a combination of the two.

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Whereas Fiatello, he has exactly the same choices.

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But he also has a big red button.

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And the important thing here is they're both up for re-election.

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and Fiatello knows that if he raises taxes or he cuts spending it's going to cost him boats.

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So just this time he decides to press the big red button and print a little bit of extra money

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for the government. Okay so what are the consequences? Well for Satoshi not great.

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He cannot hide those changes from the population because they're paying more in taxes or they're

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getting less back from the government, from its spending.

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So he loses the election,

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but government reduces in size naturally.

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So now overall, the efficiency in the economy has increased,

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but not only this,

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the social balance is improved within the economy

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because people now realize there is no free money.

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Taxes need to balance spending.

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But the important thing is, prices continue to fall

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and quality continues to increase.

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Now for Fiatelo, great news, he gets re-elected.

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And to start with, it's consequence-free.

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He thinks this is the greatest thing ever.

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I get re-elected and there's no downside.

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But something's changed.

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So what's happened?

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Fiatelo has pressed the big red button,

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which has printed some money for the government,

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which has debased the currency.

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So what does that mean?

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He's increased the amount of money in the economy overnight.

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But he hasn't increased the amount of goods and services available in the economy overnight.

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So now there's more Fiatellos washing around compared to yesterday for each piece of the goods and services.

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And this has three major impacts.

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The first is a distortion of price signals.

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The second is that it increases input costs for businesses.

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And the third, it leads to asset inflation.

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And that first one, distorting price signals, well, prior to Fiatello pressing the big red

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button here, all price changes in the economy were purely a function of demand and supply

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because this was a free market with perfect money.

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But what's happened now is that money has entered the economy, not to everybody equally,

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or even in proportion to the amount of money everybody holds.

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The money has entered the economy via the government and it enters via the

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government into the accounts of companies and people connected directly

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or indirectly to the government. So what Fiatallo starts to see is price

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increases in certain parts of the economy. So the signal to everybody else

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in the economy is that there's an imbalance of supply and demand just in

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these sectors. So you see a misallocation of capital by the entrepreneurs in the market

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caused by the money printer. But not only that, it's human capital. It's smart people,

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it's active people who are trying to be productive, get sucked in closer to the government and

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not servicing the rest of the economy. The second is that business input costs increase.

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Now every single business in Fiatela's country has at least a human being and some raw material

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inputs like energy or even some harder raw materials. Now because the costs of

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these things have gone up, these businesses now need to try and change

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something about their product to maintain the small profit margins that

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ensure that they can continue in business. Now the first and most obvious

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one is just to pass on the price increase to the customer. The second is to keep

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the price the same and the quality the same, but just shrink the product. So instead of having 100

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grams, it's now 90 grams, but for the same price. Or the third one is to reduce the input costs.

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Now this is where consumer inflation comes from. This is the only source of consumer inflation,

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is the money printer, causing businesses to make these changes. But if a business

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passes on the price increase outright,

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or it shrinks the product

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and the customer now just needs to buy more of it

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to satisfy the fact that they needed 100 grams, not 90 grams.

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Both of those things reduce affordability.

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So the population is becoming poorer.

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They're going to have less disposable income

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despite buying the same as what they bought yesterday.

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If instead the business chooses to keep the price the same,

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the size the same, but just reduce the cost,

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The most obvious thing to do is just to fire people, which leads to unemployment.

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And now there are fewer people with jobs, which reduces the overall affordability for the population in Fiatelo's world.

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But not only that, now the government's got a second issue it needs to solve.

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How does it help support all these people who are recently unemployed?

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But the most insidious way is for companies to reduce their input quality.

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And so what Fiatallo starts to see is there's a rise in obesity across the population.

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Because the food that was previously fresh and had high quality ingredients

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is replaced with ever lower quality ingredients, a more industrialised sludge.

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So this leads to obesity, it also leads to a myriad of secondary health issues,

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which causes a health crisis. And now the government has to step in

229
00:17:19,659 --> 00:17:23,659
and figure out how it needs to support all these people who are now unhealthy.

230
00:17:25,659 --> 00:17:27,979
The third is asset inflation.

231
00:17:29,139 --> 00:17:31,039
Since Fiatello pressed the big red button,

232
00:17:31,819 --> 00:17:33,139
asset prices have been going up.

233
00:17:33,839 --> 00:17:36,139
The stock market goes higher and higher and higher.

234
00:17:36,659 --> 00:17:38,599
House prices go higher and higher and higher.

235
00:17:39,379 --> 00:17:41,219
He thinks I'm some sort of economic genius.

236
00:17:42,879 --> 00:17:44,339
But they're going up in price

237
00:17:44,339 --> 00:17:46,799
because he's just created more Fiatellos.

238
00:17:47,659 --> 00:17:50,719
So anybody who knows that there are more Fiatellos in the system

239
00:17:50,719 --> 00:17:52,799
of course wouldn't sell their asset

240
00:17:52,799 --> 00:17:54,879
for the same as they did yesterday.

241
00:17:54,879 --> 00:17:58,299
they would take into account the fact that there were just more field tellers in the system.

242
00:17:59,059 --> 00:18:01,599
So this is what is driving these prices up.

243
00:18:02,759 --> 00:18:06,119
But this asset increase is good for the people who own the assets,

244
00:18:06,659 --> 00:18:08,119
but not for the people who don't.

245
00:18:09,019 --> 00:18:12,159
So it has a wealth inequality begin to emerge across the economy.

246
00:18:12,719 --> 00:18:15,079
And not just that, because house prices are now more expensive.

247
00:18:15,539 --> 00:18:16,599
The rent is more expensive.

248
00:18:17,319 --> 00:18:18,879
So you see these increased levels of homelessness.

249
00:18:20,159 --> 00:18:22,399
And these increased levels of homelessness, guess what,

250
00:18:22,399 --> 00:18:25,119
require more government intervention to try and deal with.

251
00:18:26,279 --> 00:18:27,899
And now asset prices are flying.

252
00:18:28,219 --> 00:18:29,419
The stock market's on fire.

253
00:18:30,159 --> 00:18:32,359
The prevailing perception across the population is,

254
00:18:33,179 --> 00:18:35,059
why would I not invest?

255
00:18:35,559 --> 00:18:36,739
Why would I just keep the money?

256
00:18:37,279 --> 00:18:38,599
I should be buying the stock market.

257
00:18:38,679 --> 00:18:39,219
I should be invested.

258
00:18:39,359 --> 00:18:41,099
I should be buying a second home to rent out.

259
00:18:41,179 --> 00:18:42,539
I should be buying speculative assets

260
00:18:42,539 --> 00:18:44,139
because they never go down.

261
00:18:44,259 --> 00:18:44,879
They just go up.

262
00:18:45,099 --> 00:18:46,979
If I don't invest, I'm a fool.

263
00:18:48,059 --> 00:18:49,559
And because the assets are going up,

264
00:18:50,079 --> 00:18:52,299
the banks are pushing ever more leverage for people

265
00:18:52,299 --> 00:18:56,559
pushing bigger and bigger mortgages to individuals, to loans to companies.

266
00:18:57,139 --> 00:19:01,339
But now that house prices have gone up, and now that everyone has more debt,

267
00:19:02,239 --> 00:19:07,079
at the same time as families are struggling with affordability of day-to-day life,

268
00:19:07,839 --> 00:19:09,479
it's now much harder to buy a house.

269
00:19:10,939 --> 00:19:14,699
So families where previously they could have one main earner

270
00:19:14,699 --> 00:19:17,979
and afford to buy a house with a mortgage can't anymore.

271
00:19:18,939 --> 00:19:20,459
You now need both parents working.

272
00:19:20,459 --> 00:19:24,859
both parents working to afford the mortgage and afford to live.

273
00:19:25,859 --> 00:19:28,499
And when that happens, people spend less time together

274
00:19:28,499 --> 00:19:31,439
and you start to see the breakdown of the nuclear family.

275
00:19:31,659 --> 00:19:33,559
They spend less time with their children.

276
00:19:34,099 --> 00:19:35,879
They can afford to have fewer children.

277
00:19:38,139 --> 00:19:40,099
Now, because you have decline in birth rates,

278
00:19:40,219 --> 00:19:44,839
Fiatello starts to see a change in his demographics across the population.

279
00:19:45,419 --> 00:19:49,239
Fewer children are being born, whereas the older generations are living longer.

280
00:19:50,459 --> 00:20:03,259
And he now starts to realize that the promises he made to these older generations about being able to retire at a certain age or having a good quality of life or defined income in their retirement can be delivered upon.

281
00:20:03,899 --> 00:20:07,579
For those not lucky enough to be able to buy a house who are maybe stuck renting.

282
00:20:09,039 --> 00:20:16,519
Whereas before, they could think about renting the same place for three years or five years because the rent goes up too much every year.

283
00:20:16,579 --> 00:20:19,119
So now they're thinking about one year, maybe two years.

284
00:20:19,119 --> 00:20:21,459
you're planning less for the future.

285
00:20:22,019 --> 00:20:23,799
Maybe you're putting off getting married,

286
00:20:23,959 --> 00:20:25,399
putting off having children.

287
00:20:26,219 --> 00:20:29,559
You start to prioritise today at the expense of tomorrow.

288
00:20:30,659 --> 00:20:32,799
People see that their saving their fiatellos

289
00:20:32,799 --> 00:20:33,619
never gets them anywhere

290
00:20:33,619 --> 00:20:35,299
because the asset prices are going up too quickly.

291
00:20:35,379 --> 00:20:36,599
They'll never be able to buy a house.

292
00:20:37,499 --> 00:20:38,719
So if you'll never be able to buy a house,

293
00:20:38,819 --> 00:20:40,659
then prioritise living your best life

294
00:20:40,659 --> 00:20:42,299
and go on a holiday and spending more,

295
00:20:42,819 --> 00:20:43,679
enjoying yourself.

296
00:20:45,919 --> 00:20:48,259
But for those not fortunate to be in this position,

297
00:20:48,259 --> 00:20:52,419
for those that every day is a struggle feeding themselves and their families,

298
00:20:52,739 --> 00:20:54,339
housing themselves and their families.

299
00:20:55,059 --> 00:20:57,919
They're stuck on a treadmill of decline.

300
00:20:59,539 --> 00:21:03,239
Now, every day is harder, which leads to a growth in addiction,

301
00:21:03,919 --> 00:21:07,879
various forms of addiction, including opioids across Fiatello's island,

302
00:21:08,159 --> 00:21:10,519
which leads to yet more of a health crisis

303
00:21:10,519 --> 00:21:12,779
and yet more intervention from the government.

304
00:21:12,779 --> 00:21:18,779
And all of this leads to a mental health crisis across the population.

305
00:21:18,779 --> 00:21:23,779
And now the government finds itself in a position where, because it's pressed the big red button,

306
00:21:23,779 --> 00:21:30,779
it's created a whole range of secondary issues that now it needs to step in and try and solve.

307
00:21:30,779 --> 00:21:33,779
And because it has to step in and try and solve these things,

308
00:21:33,779 --> 00:21:39,779
it means the government needs to divert more capital to these areas of the economy.

309
00:21:39,779 --> 00:21:42,139
which again is a greater misallocation of capital,

310
00:21:42,139 --> 00:21:45,339
which pulls more entrepreneurs into the wrong parts of the economy

311
00:21:45,339 --> 00:21:47,019
through the distortion of the price signals.

312
00:21:47,999 --> 00:21:50,779
And between the increased leverage in the economy driven by the banks

313
00:21:50,779 --> 00:21:55,179
and the misallocation of capital, it sows the seeds of the next emergency.

314
00:21:55,579 --> 00:22:00,059
And Fiatello has only one choice, and that's to press the big red button again.

315
00:22:01,339 --> 00:22:05,719
And now he's starting to realise that actually this wasn't consequence-free.

316
00:22:06,399 --> 00:22:09,679
But now he's lurching from crisis to ever bigger crisis.

317
00:22:09,779 --> 00:22:17,179
He presses the big red button, which debases the currency, which leads to bigger government and more involvement in everything.

318
00:22:18,199 --> 00:22:24,979
And now not only is the government bigger, but the government has spawned a series of parasitic industries attached to it.

319
00:22:25,659 --> 00:22:34,959
Big pharma, who are increasingly involved with the government, should try to deal with the symptoms, but not the causes, of the various health crises.

320
00:22:34,959 --> 00:22:38,399
never incentivized to actually cure a patient,

321
00:22:38,979 --> 00:22:40,579
just to treat them long term,

322
00:22:40,919 --> 00:22:43,219
because a healthy customer is a lost customer.

323
00:22:44,619 --> 00:22:48,439
Big food pushes for ever lower food standards across the economy.

324
00:22:48,959 --> 00:22:53,199
The military-industrial complex pushes for ever greater spending on defense

325
00:22:53,199 --> 00:22:56,099
both at home and on foreign shores.

326
00:22:56,839 --> 00:22:59,159
Wall Street are up to their eyeballs in debt

327
00:22:59,159 --> 00:23:12,217
and now so leveraged that the government wants to protect them they can be allowed to fail Because if the banks fail the population loses their money the government falls

328
00:23:12,217 --> 00:23:16,037
The government also continues to make unproductive investments.

329
00:23:16,037 --> 00:23:19,118
Investments trying to deal with the secondary issues

330
00:23:19,118 --> 00:23:21,358
it's created, but also investments

331
00:23:21,358 --> 00:23:26,158
driven from whatever political ideology the government has.

332
00:23:26,158 --> 00:23:28,638
And all of these things are effectively

333
00:23:28,638 --> 00:23:34,237
now crony corporatism. It's very hard to see where the government ends and these industries begin.

334
00:23:35,037 --> 00:23:39,998
The success of the government is deeply intertwined with the success of the industries.

335
00:23:39,998 --> 00:23:45,277
These industries start to ask the government to become regulators. You need to regulate us

336
00:23:45,277 --> 00:23:52,318
to protect the public. But this regulation, all it does is make competition harder. The one, two,

337
00:23:52,318 --> 00:23:56,638
three companies in each of these areas are now very, very close to the government. They supply

338
00:23:56,638 --> 00:24:00,358
the people for the regulator. When the regulators end their tenure they go back

339
00:24:00,358 --> 00:24:04,598
and work for these companies. It stops smaller companies coming in and

340
00:24:04,598 --> 00:24:08,998
competing with them to then supply the government on better terms with higher

341
00:24:08,998 --> 00:24:15,977
quality product. So quality starts to decline and prices start to rise, which

342
00:24:15,977 --> 00:24:20,717
of course is great news for these companies because profit margins go up.

343
00:24:20,717 --> 00:24:26,618
What happens then is the media gets captured. The government is teetering to

344
00:24:26,618 --> 00:24:33,098
maintain social stability. It's now protecting these industries at the expense of the population

345
00:24:33,098 --> 00:24:39,178
rather than the other way around. And because of this social balance that it needs to maintain,

346
00:24:40,217 --> 00:24:45,737
it can't allow free speech, dissent, alternative opinions or questioning of

347
00:24:46,378 --> 00:24:49,898
anything that undermines the legitimacy of the government in anywhere.

348
00:24:49,898 --> 00:24:54,858
Not only that, the biggest advertisers for the media companies are the companies connected to

349
00:24:54,858 --> 00:25:00,358
to the government. So the media companies increasingly don't want to upset their advertisers.

350
00:25:00,358 --> 00:25:05,737
And when you have a captured media and a military industrial complex fomenting strife on foreign

351
00:25:05,737 --> 00:25:12,898
shores, you get the creation of the forever wars. And the wars themselves are actively

352
00:25:12,898 --> 00:25:17,537
supported by the Fiatelo population because all they see in their media is that we have

353
00:25:17,537 --> 00:25:23,297
to do this because it's the right thing to do. And between the forever wars and the banking

354
00:25:23,297 --> 00:25:28,818
system bailouts and the excessive debt. It leads to the next emergency but this time it's just so

355
00:25:28,818 --> 00:25:35,457
much bigger and the only choice he has is to press the big red button again but this time it's

356
00:25:35,457 --> 00:25:42,418
different. It's a massive erosion of trust. Every time he presses the button more and more people

357
00:25:42,418 --> 00:25:48,098
become aware of what's happening and this goes round and round and round until something breaks.

358
00:25:48,098 --> 00:25:53,018
And now Fiatello's starting to get quite worried.

359
00:25:53,018 --> 00:25:55,197
So what's happening to the money?

360
00:25:55,197 --> 00:26:01,898
Well, instead of increasing 3% a year in purchasing power, he's now losing 7% a year because he's

361
00:26:01,898 --> 00:26:05,598
printing 10% a year of extra money.

362
00:26:05,598 --> 00:26:09,578
And not only that, he's undermining the productivity in the economy by distorting all the price

363
00:26:09,578 --> 00:26:11,777
signals.

364
00:26:11,777 --> 00:26:14,277
So what happens to the Fiatello island population?

365
00:26:14,277 --> 00:26:19,578
Well, the poor who are on fixed wages, have very low income security and no assets.

366
00:26:20,638 --> 00:26:21,477
They can't win.

367
00:26:22,098 --> 00:26:23,838
They just get poorer every single year.

368
00:26:25,277 --> 00:26:31,578
For the middle earners who have fixed salaries and mixed income security, they're not the

369
00:26:31,578 --> 00:26:32,418
first to be fired.

370
00:26:33,078 --> 00:26:33,898
They often have a home.

371
00:26:34,878 --> 00:26:38,078
They can never sell the home and realise any game because you've got to live somewhere.

372
00:26:38,078 --> 00:26:39,998
If you sell one home, you've got to buy another home.

373
00:26:39,998 --> 00:26:47,217
You might have some investments, but they are becoming the new poor.

374
00:26:47,217 --> 00:26:48,878
Surely the wealthy are doing well.

375
00:26:48,878 --> 00:26:55,477
Their income is largely from asset yields, from operating businesses or investing.

376
00:26:55,477 --> 00:26:59,138
Their income security is high because they can't get fired.

377
00:26:59,138 --> 00:27:01,977
But for them it's death by a thousand cuts.

378
00:27:01,977 --> 00:27:06,998
They see their wealth as a number continue to increase.

379
00:27:06,998 --> 00:27:09,838
but they feel like they're getting poorer.

380
00:27:09,838 --> 00:27:12,777
Life continues to get harder.

381
00:27:12,777 --> 00:27:15,277
And that's because the rate at which they're earning money,

382
00:27:15,277 --> 00:27:17,838
their yield on their assets is below the rate

383
00:27:17,838 --> 00:27:20,018
at which Fiat Lowe is printing money.

384
00:27:20,018 --> 00:27:24,118
So they're slowly having their wealth siphoned away

385
00:27:24,118 --> 00:27:26,057
by the politically connected.

386
00:27:26,057 --> 00:27:28,178
Those that are government funded

387
00:27:28,178 --> 00:27:30,998
and have fully insulated income security.

388
00:27:30,998 --> 00:27:33,957
And perversely, their income goes up

389
00:27:33,957 --> 00:27:36,237
and becomes even more valuable

390
00:27:36,237 --> 00:27:42,717
as society continues to decline because the government needs more and more intervention.

391
00:27:42,717 --> 00:27:49,358
And it's really just industrialised theft at this point from everyone else in society.

392
00:27:49,358 --> 00:27:54,778
But now so much time has passed that the wall down the middle of the island starts to crack.

393
00:27:54,778 --> 00:27:59,377
And it starts to crack in such a way that both people and money can start to flow from

394
00:27:59,377 --> 00:28:01,377
one side to the other.

395
00:28:01,377 --> 00:28:05,758
So on the one side you've got the Satoshis increasing their purchasing power at 3% a

396
00:28:05,758 --> 00:28:10,398
on the other side you've got the Fiatellos that are losing 7% perching power every year.

397
00:28:11,358 --> 00:28:19,598
So what happens? Why? What Fiatello starts to see is that money and people start to leave

398
00:28:20,717 --> 00:28:25,678
because they don't trust their ability to save using Fiatellos. They want Satoshis.

399
00:28:27,438 --> 00:28:32,638
Okay, so this sums it up. On a Fiatello standard, your money is stealing from you.

400
00:28:32,638 --> 00:28:39,918
Whereas on a Satoshi standard, the whole world is working 24-7 to increase your purchasing power.

401
00:28:42,797 --> 00:28:47,358
But now the escape valve is open, people realise they can't save in Fiatellos.

402
00:28:47,358 --> 00:28:52,557
So they start selling Fiatellos to buy Satoshis. So the Fiatellos decline further in value,

403
00:28:52,557 --> 00:28:57,118
triggering yet more budgetary and currency crises for Fiatello to deal with.

404
00:28:57,118 --> 00:28:59,278
And the only choice is to press the big red button again.

405
00:28:59,278 --> 00:29:08,838
But this time, printing money is not enough because value is leaking out of Fiatello's side of the island.

406
00:29:09,498 --> 00:29:17,217
He needs to change another characteristic of perfect money, which is to remove the censorship-resistant nature of it.

407
00:29:18,598 --> 00:29:22,438
So the Fiatello population used to be able to hold the money themselves.

408
00:29:23,717 --> 00:29:28,717
Now Fiatello says, no longer allowed to hold it yourselves, you have to put it in the banks.

409
00:29:29,278 --> 00:29:31,438
The banks are going to hold everybody's money.

410
00:29:32,498 --> 00:29:35,297
The population now feel that they are guilty

411
00:29:35,297 --> 00:29:37,658
until proven innocent for making any transaction.

412
00:29:38,377 --> 00:29:41,697
The banks will check every transaction to protect you.

413
00:29:43,717 --> 00:29:47,338
Which means when people are trying to buy certain things,

414
00:29:47,518 --> 00:29:49,877
including Satoshi's, the banks now say no.

415
00:29:50,778 --> 00:29:53,118
It's because of this, it's because of that, it's because of the other.

416
00:29:53,618 --> 00:29:58,078
He restricts the flow of capital out of Vitello's side of the island.

417
00:29:59,278 --> 00:30:01,717
He may even just create explicit capital controls.

418
00:30:02,018 --> 00:30:05,018
You're no longer allowed to buy Satoshis at all.

419
00:30:06,217 --> 00:30:08,018
But people always find a way,

420
00:30:08,098 --> 00:30:09,957
and more and more people are waking up to what's happening,

421
00:30:10,178 --> 00:30:11,217
and the cycle continues.

422
00:30:12,237 --> 00:30:15,158
But the important thing is the wealth and the people

423
00:30:15,158 --> 00:30:17,477
flee to the uncorrupted money.

424
00:30:18,998 --> 00:30:22,078
And now Fiatello's beginning to really panic.

425
00:30:23,457 --> 00:30:25,377
So where does it end for Fiatello?

426
00:30:26,098 --> 00:30:27,838
Well, if he's lucky,

427
00:30:27,838 --> 00:30:35,477
with sustained inflation, allowing the government to inflate away its debts and slowly siphon away

428
00:30:35,477 --> 00:30:43,778
the wealth of the public. This may even border on hyperinflation. I say lucky because it's very hard

429
00:30:43,778 --> 00:30:51,358
to do that and maintain social cohesion and something is likely to go wrong. It will definitely

430
00:30:51,358 --> 00:30:57,178
be asset seizures. Now that all the money is held in the banks, one day Vietela will

431
00:30:57,178 --> 00:31:04,477
decree that we're all in it together and the banks will hand over a proportion of that

432
00:31:04,477 --> 00:31:11,078
capital to the government. Just like in Cyprus in 2013, if you held over 100,000 euros in

433
00:31:11,078 --> 00:31:17,297
the bank overnight, 45% of that went to the government. The public was effectively bailed

434
00:31:17,297 --> 00:31:22,658
in to bail out the banks and the government from their own mismanagement.

435
00:31:24,178 --> 00:31:32,977
It also happened in the US in 1933. They made gold holdings for the individual illegal and this

436
00:31:32,977 --> 00:31:36,977
lasted for almost 40 years. If you held more than a hundred dollars of gold and you were caught,

437
00:31:37,938 --> 00:31:43,778
ten thousand dollar fine or ten years in prison. And this is when ten thousand dollars was a huge

438
00:31:43,778 --> 00:31:50,018
amount of money. Vitello sees a rise in political extremism on both ends of the spectrum.

439
00:31:51,217 --> 00:31:56,258
The government never explains to the population where these problems are coming from. They don't

440
00:31:56,258 --> 00:32:02,418
tell them it's because of the money printing via the big red button. They control the media.

441
00:32:03,457 --> 00:32:08,498
The government is protective of itself. They don't tell the population the truth. They don't help the

442
00:32:08,498 --> 00:32:14,438
the population join the dots. They don't explain the link from the big red button to the issues.

443
00:32:15,178 --> 00:32:20,457
They blame it on the greedy businessmen or the billionaires or that foreign dictator or this or

444
00:32:20,457 --> 00:32:26,297
that. And then what happens is people ask for more help and more support from the government

445
00:32:26,297 --> 00:32:31,557
to deal with all of these issues. And so the only solution is the government's involved in everything.

446
00:32:32,737 --> 00:32:37,758
So at every step of this journey, the solution to all the problems has always been

447
00:32:37,758 --> 00:32:44,658
more government involvement. And so the people see these problems and vote for

448
00:32:44,658 --> 00:32:53,838
more government involvement to solve them. Or something worse. But in all

449
00:32:53,838 --> 00:33:00,258
scenarios people want to hold Satoshi's and not Fiatello's. So if we go back to

450
00:33:00,258 --> 00:33:04,638
that list of seven characteristics of perfect money,

451
00:33:04,638 --> 00:33:09,237
Fiatello only changed two of them. The other five are still exactly the same.

452
00:33:10,117 --> 00:33:11,038
And look where he ended up.

453
00:33:12,697 --> 00:33:16,697
Now, the reveal. And some of you may be slightly ahead of me here.

454
00:33:18,498 --> 00:33:23,078
The US dollar is just a terrible version of the Fiatello.

455
00:33:25,258 --> 00:33:31,737
So the US dollar is corrupted on the same two key issues that the Fiatellos were.

456
00:33:31,737 --> 00:33:38,758
but on the other five it's materially worse as well. In terms of portability it's easy to carry,

457
00:33:39,237 --> 00:33:44,898
easy to pay but it's not great for merchants. You pay instantly but the merchant doesn't get

458
00:33:44,898 --> 00:33:51,438
the money for multiple days and that's if there was no fraud or chargebacks. It's divisible but

459
00:33:51,438 --> 00:33:57,237
only to a point and removes the ability to do microtransactions which will unlock potentially

460
00:33:57,237 --> 00:34:04,377
completely different economic models. It's durable in digital form but we have

461
00:34:04,377 --> 00:34:10,918
cash component and that cash component is constantly undermined. The notes are

462
00:34:10,918 --> 00:34:15,898
reprinted in terms of design every 15 or 20 years so there's no ability for an

463
00:34:15,898 --> 00:34:20,357
individual to save outside the banking system. If you put notes under your bed

464
00:34:20,357 --> 00:34:26,117
or under the floorboards and leave them 25 years they're worthless. Those types

465
00:34:26,117 --> 00:34:28,617
of notes have gone out of circulation.

466
00:34:28,617 --> 00:34:31,297
So you need to take the notes every 15 or 20 years

467
00:34:31,297 --> 00:34:45,336
to the bank hand them in and get new notes They re everything periodically out of choice They fungible which means every dollar is the same as every other dollar until it

468
00:34:45,336 --> 00:34:50,976
not. Some countries around the world have already introduced what are known as CBDCs,

469
00:34:50,976 --> 00:34:56,416
which are central bank digital currency. But effectively it's programmable money. A specific

470
00:34:56,416 --> 00:35:01,236
dollar may have an expiration date. You need to spend it before this period of time elapses

471
00:35:01,236 --> 00:35:02,616
or else it disappears.

472
00:35:02,616 --> 00:35:05,916
Or a dollar may have only specific use cases.

473
00:35:05,916 --> 00:35:09,236
You must spend this dollar on X or Y,

474
00:35:09,236 --> 00:35:11,916
or you must not spend this dollar on ABC.

475
00:35:13,236 --> 00:35:17,176
The dollar is very acceptable around the world,

476
00:35:17,176 --> 00:35:18,636
but you can't pay for it everywhere.

477
00:35:19,576 --> 00:35:22,056
And typically, most national currencies

478
00:35:22,056 --> 00:35:24,516
are only acceptable in their own country.

479
00:35:25,656 --> 00:35:28,436
And the US has a major Fiatelo problem.

480
00:35:28,436 --> 00:35:30,316
This is the budget for 2024,

481
00:35:30,316 --> 00:35:33,316
The budget, not the actuals, which of course were worse.

482
00:35:34,556 --> 00:35:38,876
But deficit of almost two trillion on a spend of just over six trillion.

483
00:35:40,516 --> 00:35:42,916
That's a loss in one year.

484
00:35:42,916 --> 00:35:49,676
And to put that in context, they'd have doubled the amount of individual income taxes for everybody in the US just to balance that.

485
00:35:50,636 --> 00:35:58,116
And on the cost side, they can make some improvements, but there are some key things there you just cannot remove, like the debt interest.

486
00:36:00,316 --> 00:36:07,636
And the consequences, well, this is a chart of the amount of money in the system in dollars

487
00:36:07,636 --> 00:36:11,356
and the amount of debt issued by the US government over time.

488
00:36:12,456 --> 00:36:17,576
Now, I've labelled 1971 on here because that's when the US came unilaterally off the gold standard.

489
00:36:19,096 --> 00:36:25,216
Prior to 1971, you could give your dollars back and receive gold in return.

490
00:36:26,156 --> 00:36:29,876
Nixon took the US off the gold standard and every currency in the world.

491
00:36:30,316 --> 00:36:36,956
followed. And since then, it's allowed the US to print unlimited amounts of money to satisfy its own

492
00:36:36,956 --> 00:36:44,156
needs. And the red chart on the left-hand axis shows that amount of money is now 22 trillion.

493
00:36:44,956 --> 00:36:50,076
And on the right-hand side, you've got the US government debt, which even a month later,

494
00:36:50,076 --> 00:36:55,836
this chart is now out of date. It's now 36 trillion. And this doesn't include the unfunded

495
00:36:55,836 --> 00:37:00,636
liabilities, the amount of money the US government has committed to pay at some

496
00:37:00,636 --> 00:37:05,316
point in the future through Social Security, Medicare, Medicaid. But it

497
00:37:05,316 --> 00:37:09,896
hasn't had to write the cheque yet. Now depending on how you calculate that, it's

498
00:37:09,896 --> 00:37:15,696
between 50 and 200 trillion on top of 36 trillion of debt. The only way to

499
00:37:15,696 --> 00:37:20,616
solve that is more money printing. So the money printer is systematically

500
00:37:20,616 --> 00:37:26,896
destroying the purchasing power of the dollar. Now you may think I have something against the

501
00:37:26,896 --> 00:37:32,036
dollar. I absolutely don't. The dollar is the best that we have. I would love to be able to use the

502
00:37:32,036 --> 00:37:38,176
dollar as would the vast majority of people around the world. But unfortunately, most people just

503
00:37:38,176 --> 00:37:43,236
aren't as lucky. This is the performance of all the other currencies versus the dollar over the

504
00:37:43,236 --> 00:37:48,636
last 10 years. Some have near enough disappeared completely and some absolutely have. They've

505
00:37:48,636 --> 00:37:54,636
ceased to exist. The people who saved their economic energy in those currencies have seen

506
00:37:54,636 --> 00:38:03,516
them vanish. The unfortunate reality here, as the wonderful Lynn Alden repeatedly says,

507
00:38:03,676 --> 00:38:11,916
is nothing stops this train. There is no way out for governments. The only solution is to keep

508
00:38:11,916 --> 00:38:14,036
pressing the big red button.

509
00:38:15,636 --> 00:38:17,956
And so the conclusion is a quote from Hayek,

510
00:38:18,816 --> 00:38:22,856
who was an economist of the Austrian school,

511
00:38:23,776 --> 00:38:26,836
is that the history of government management of money

512
00:38:26,836 --> 00:38:29,656
has, except for a few short happy periods,

513
00:38:29,656 --> 00:38:33,176
been one of incessant fraud and deception.

514
00:38:34,356 --> 00:38:35,716
And he said this in 1988.

515
00:38:37,856 --> 00:38:40,076
Now, that would all be pretty depressing

516
00:38:40,076 --> 00:38:41,136
if there wasn't a solution.

517
00:38:41,916 --> 00:38:42,996
But thankfully there is.

518
00:38:46,396 --> 00:38:51,376
The only solution here is the separation of money and state.

519
00:38:52,536 --> 00:38:56,256
The government cannot be allowed access to a big red button.

520
00:38:58,816 --> 00:39:01,216
And Hayek again, and this time the quote from 1984.

521
00:39:02,816 --> 00:39:07,616
I don't believe we shall ever have good money again until we take it out of the hands of government.

522
00:39:08,236 --> 00:39:10,676
We can't take it violently out of their hands.

523
00:39:10,676 --> 00:39:17,056
All we can do is, by some sly roundabout way, introduce something they just can't stop.

524
00:39:18,596 --> 00:39:19,476
Brilliant quote.

525
00:39:20,456 --> 00:39:27,276
So I hope now, with these links between the big red button and the money printer,

526
00:39:28,236 --> 00:39:31,236
and all of these issues that we see in our lives today,

527
00:39:32,056 --> 00:39:37,216
that it's now much clearer that if we can fix the money, we'll fix the world.

528
00:39:37,216 --> 00:39:43,776
And the good news here, and this is the best news, is that Satoshis are real.

529
00:39:45,256 --> 00:39:47,596
And even Fiatelo is now a convert.

530
00:39:50,356 --> 00:39:53,096
The solution is Bitcoin.

531
00:39:54,996 --> 00:40:02,416
One Bitcoin is 100 million Satoshis in the same way that $1 is 100 cents.

532
00:40:02,416 --> 00:40:08,996
Now you may feel you know about Bitcoin already because of something you've been told by friends

533
00:40:08,996 --> 00:40:13,556
or you read in the media, I would encourage you to start again.

534
00:40:14,896 --> 00:40:22,536
When we derive our information from media or people who have derived their information from

535
00:40:22,536 --> 00:40:28,516
the media and that media is connected to the people who own and benefit from the money printer,

536
00:40:28,516 --> 00:40:32,296
it tends not to be necessarily the most accurate information.

537
00:40:33,036 --> 00:40:35,916
So don't trust, verify.

538
00:40:36,836 --> 00:40:37,936
Thank you for watching.

539
00:40:38,716 --> 00:40:39,756
I hope you enjoyed it.

540
00:40:40,356 --> 00:40:44,176
Please share this with anyone you care about.

541
00:40:45,176 --> 00:40:48,176
And if there's one thing that you take away from this

542
00:40:48,176 --> 00:40:49,936
it's I hope you will remember

543
00:40:49,936 --> 00:40:53,816
that if we fix the money, we'll fix the world.

544
00:40:55,236 --> 00:40:55,876
Thank you.

545
00:40:58,516 --> 00:41:11,676
cool just hit the recording button we're live wonderful so as joe and i were just discussing

546
00:41:11,676 --> 00:41:18,356
the possibility of having the entire episode in the beginning of the the podcast which i think is

547
00:41:18,356 --> 00:41:22,656
a new thing for both of us like we'll see how people like it but so people just hearing this

548
00:41:22,656 --> 00:41:26,276
now just heard a full episode and i think that they're probably having their minds blown

549
00:41:26,276 --> 00:41:30,516
by this beautiful explanation,

550
00:41:30,736 --> 00:41:32,936
which I was surprised actually going back.

551
00:41:33,276 --> 00:41:34,856
It has a lot of visuals in it,

552
00:41:34,956 --> 00:41:38,536
but you also explain everything very in detail.

553
00:41:38,636 --> 00:41:40,396
So I think people listening just on audio

554
00:41:40,396 --> 00:41:41,656
will also get a ton out of it.

555
00:41:41,656 --> 00:41:44,976
So super, just happy to have you here, Joe, Brian.

556
00:41:45,056 --> 00:41:45,656
Thank you for coming.

557
00:41:46,516 --> 00:41:47,096
Well, thank you.

558
00:41:47,196 --> 00:41:48,256
Thank you for having me on, Ben.

559
00:41:48,756 --> 00:41:51,796
And I think if you're listening to the audio only,

560
00:41:52,156 --> 00:41:53,976
you're going to be much more aware

561
00:41:53,976 --> 00:41:55,536
of the spa music in the background

562
00:41:55,536 --> 00:41:58,716
than if you're watching it on the video.

563
00:41:59,656 --> 00:42:01,376
So if you have listened to it on audio only,

564
00:42:01,516 --> 00:42:02,676
go back and watch the video

565
00:42:02,676 --> 00:42:04,976
because the slides are very helpful

566
00:42:04,976 --> 00:42:07,716
and makes the spa music less prominent.

567
00:42:08,616 --> 00:42:11,776
So is that the most controversial part of the video,

568
00:42:11,896 --> 00:42:13,056
the spa music in the background?

569
00:42:13,056 --> 00:42:14,076
Because I love it.

570
00:42:14,196 --> 00:42:17,376
I think it puts your brain in an absorbent state

571
00:42:17,376 --> 00:42:19,076
that it wants to gain new information.

572
00:42:19,776 --> 00:42:21,676
I feel like I'm getting a massage

573
00:42:21,676 --> 00:42:24,076
and I'm just in full absorption mode.

574
00:42:24,076 --> 00:42:28,956
yeah well i'm i'm trying to get it in as many spa places as possible to be honest

575
00:42:28,956 --> 00:42:38,976
don't tell them anything else say hey no start with like a 30 second of only the music and then

576
00:42:38,976 --> 00:42:45,356
it just cuts in to to the fiatelo story brilliant do whatever you can to help as many people as

577
00:42:45,356 --> 00:42:51,136
possible see it exactly that's amazing hey we need to have a big we have like bitcoin winemakers we

578
00:42:51,136 --> 00:42:58,256
have bitcoin farmers we need bitcoin spa creators people have spas and they just drop that on their

579
00:42:58,256 --> 00:43:02,236
clients i don't know where that is basically i've made the business for you already so

580
00:43:02,236 --> 00:43:12,216
amazing so joe i want to hear your backstory sir i know in the intro of the video it basically just

581
00:43:12,216 --> 00:43:17,776
gives the quick introduction of you studied physics at oxford you had a decade in investment

582
00:43:17,776 --> 00:43:24,216
in banking and a decade as an entrepreneur. So could you just give me a walkthrough of these

583
00:43:24,216 --> 00:43:29,616
important life phases that you had and how it led you to being so passionate about Bitcoin?

584
00:43:31,036 --> 00:43:39,636
Oh, yeah. Well, it was only 2020 when I properly found Bitcoin. You know, like many people have had

585
00:43:39,636 --> 00:43:47,376
multiple touch points before then, but I consider it relatively late. So it's been

586
00:43:47,376 --> 00:43:48,896
just over five years

587
00:43:48,896 --> 00:43:51,836
I kick myself for not

588
00:43:51,836 --> 00:43:53,176
taking it more seriously

589
00:43:53,176 --> 00:43:54,816
sooner and doing

590
00:43:54,816 --> 00:43:57,756
that small amount of work required

591
00:43:57,756 --> 00:43:59,796
to sort of

592
00:43:59,796 --> 00:44:01,756
get the ball rolling

593
00:44:01,756 --> 00:44:03,696
down the hill because once you start

594
00:44:03,696 --> 00:44:05,296
it you don't step off that track

595
00:44:05,296 --> 00:44:07,476
but you've got to get the ball moving

596
00:44:07,476 --> 00:44:10,556
but

597
00:44:10,556 --> 00:44:11,756
yeah

598
00:44:11,756 --> 00:44:12,336
it's

599
00:44:12,336 --> 00:44:17,156
it should have come sooner because

600
00:44:17,156 --> 00:44:23,156
had i engaged i would have got it because it's right it's right up my street my whole my whole

601
00:44:23,156 --> 00:44:30,436
career has been maths and non-linear non-linear thinking so bitcoin was perfect bitcoin was perfect

602
00:44:30,436 --> 00:44:35,976
i just never let it in so yeah it's just physics oxford and then from there i went to join goldman

603
00:44:35,976 --> 00:44:42,616
sacks as an equity derivatives trader which was a tremendous tremendously tough start to a career

604
00:44:42,616 --> 00:44:53,436
in terms of the content, but also the pace, the intensity.

605
00:44:54,456 --> 00:44:58,396
It's being thrown in at the deep end from a career perspective.

606
00:45:01,136 --> 00:45:03,616
But then after a couple of years, you sort of get used to it.

607
00:45:03,676 --> 00:45:06,616
And I think it sets you up very well for moving on to other things.

608
00:45:06,616 --> 00:45:09,356
So I spent five years there and another five years across Morgas,

609
00:45:09,396 --> 00:45:11,016
Sandy and UBS, all doing the same thing.

610
00:45:11,016 --> 00:45:16,676
and then I started modeling football from a mathematical perspective so soccer sorry for a

611
00:45:16,676 --> 00:45:24,516
mathematical perspective and then left the city to move into sports so I was modeling the probability

612
00:45:24,516 --> 00:45:28,476
of events happening in a soccer match initially it's a bit of fun but then it evolved into

613
00:45:28,476 --> 00:45:33,836
into something where you could monetize it and then I met with we'll let you call it football

614
00:45:33,836 --> 00:45:39,496
here we'll allow it for our international audience if I don't if I at least call it soccer people are

615
00:45:39,496 --> 00:45:45,156
gonna have the wrong idea i visualize like have you seen the movie money ball have you seen that

616
00:45:45,156 --> 00:45:50,096
that's like i have not seen i've not seen i'm aware of it that's exactly like i feel like you

617
00:45:50,096 --> 00:45:54,636
just explained exactly what that movie is about it's it's about these guys who come in they're

618
00:45:54,636 --> 00:46:00,376
hired on to basically really run the super math these statistics to figure out which players add

619
00:46:00,376 --> 00:46:04,596
to this team that that's exactly i feel like what you're doing you should totally watch that out to

620
00:46:04,596 --> 00:46:10,136
your list. Yeah, it is on my list. I've just never got around to watching it, but I'm aware

621
00:46:10,155 --> 00:46:26,155
I think the difference is, Ben, I never cared about the statistics, which is going to sound super weird when you say, like, how can you be modelling sports if you don't care about the statistics?

622
00:46:26,455 --> 00:46:27,775
Isn't that the first thing you need?

623
00:46:27,775 --> 00:46:34,595
And the reason is because we just cared about prices.

624
00:46:34,595 --> 00:46:36,555
we cared about expectations

625
00:46:36,555 --> 00:46:40,535
not about what happened in the past

626
00:46:40,535 --> 00:46:42,635
just expectations about the future

627
00:46:42,635 --> 00:46:46,635
and so when you've got the whole world looking at statistics

628
00:46:46,635 --> 00:46:50,615
and then passing that through whatever mental

629
00:46:50,615 --> 00:46:54,335
filter they have, be it hunch or be it a model

630
00:46:54,335 --> 00:46:58,535
or something like that, they then express those

631
00:46:58,535 --> 00:47:02,555
views in a betting market and the betting markets move

632
00:47:02,555 --> 00:47:06,635
around and the betting market is the best proxy for what the world on average thinks

633
00:47:06,635 --> 00:47:10,695
about something. It's like prediction markets. They're basically prediction markets that settle

634
00:47:10,695 --> 00:47:14,695
very quickly with an observable outcome one way or the other.

635
00:47:15,135 --> 00:47:16,355
The bet either wins or loses.

636
00:47:18,175 --> 00:47:21,975
If you're able to view

637
00:47:21,975 --> 00:47:26,095
lots of these betting markets that all move in real time,

638
00:47:26,575 --> 00:47:30,695
you can infer what the world must think about

639
00:47:30,695 --> 00:47:37,475
certain things without having to care about the statistics because you're standing on the

640
00:47:37,475 --> 00:47:43,775
shoulders of everybody else right and so that's that's really that's really what we did and then

641
00:47:43,775 --> 00:47:50,775
we you know automated that and built models and things like this so build real-time scalable

642
00:47:50,775 --> 00:47:57,315
pricing engines and trading systems where you didn't have to care who was playing what country

643
00:47:57,315 --> 00:48:02,615
at walls or any of this any of this stuff you just it would be through inference

644
00:48:02,615 --> 00:48:09,755
interesting yeah the whole betting market thing is so interesting to me because that's such a

645
00:48:09,755 --> 00:48:14,395
it's a good example of like a free market mechanism and i'm sure you've heard of poly

646
00:48:14,395 --> 00:48:20,315
market that's that's really blown up in the last few years people pulling up screenshots of the

647
00:48:20,315 --> 00:48:26,215
betting odds of all these sorts of random things from the elections to sports to is some war going

648
00:48:26,215 --> 00:48:30,775
to start over in this other country like all sorts of different things and it seems like that's the

649
00:48:30,775 --> 00:48:38,175
true free market deciding what's going to happen and it tends to be really accurate because there's

650
00:48:38,175 --> 00:48:44,055
no third parties manipulating things it's been very fascinating to see that that become sort of a thing

651
00:48:44,055 --> 00:48:52,375
polymarket polymarket is great it's um you know gambling is a regulated industry

652
00:48:52,375 --> 00:48:56,175
and in most parts of the world, not everywhere,

653
00:48:56,575 --> 00:48:58,015
but it is a global market.

654
00:48:58,495 --> 00:49:01,515
So lots of people bet in Asia, for example,

655
00:49:01,675 --> 00:49:03,135
where it's not regulated,

656
00:49:03,275 --> 00:49:05,235
not even legal in some countries,

657
00:49:05,455 --> 00:49:08,375
but it's one of the things which is global,

658
00:49:08,375 --> 00:49:11,135
but it's also accessible to most people.

659
00:49:12,615 --> 00:49:13,275
Whereas it's not,

660
00:49:14,695 --> 00:49:15,855
when you think about finance,

661
00:49:16,655 --> 00:49:19,095
you've got to have certain privileged access

662
00:49:19,095 --> 00:49:21,135
really to express a view in those markets.

663
00:49:22,375 --> 00:49:36,975
Whereas even if you're betting on Liverpool versus Man United in a backstreet bookmaker in China, for example, that bet to some small degree does impact the global price.

664
00:49:37,815 --> 00:49:47,195
Arguably, it's a fairly free market system, much more so than the financial markets.

665
00:49:48,275 --> 00:49:49,515
Less so than Bitcoin.

666
00:49:49,515 --> 00:49:49,735
Yeah.

667
00:49:49,735 --> 00:49:54,355
Yeah. So, okay. So we got physics at Oxford,

668
00:49:54,355 --> 00:50:00,455
you went into investment banking and then you went into this numerical world of

669
00:50:00,455 --> 00:50:04,855
sports stuff. And then it was, was entrepreneur after that. What'd you do there?

670
00:50:05,075 --> 00:50:07,375
No, that was, that was, that was it. Okay.

671
00:50:07,555 --> 00:50:11,535
Yes. I left the city and built a business with a colleague.

672
00:50:12,455 --> 00:50:16,835
He was CTO. I was CEO. And then we wrote out goes,

673
00:50:16,835 --> 00:50:21,135
produce new trading, pricing and trading systems

674
00:50:21,135 --> 00:50:24,595
and new products for people to bet on.

675
00:50:25,815 --> 00:50:28,955
So new maths combined with real-time engineering

676
00:50:28,955 --> 00:50:32,935
to unlock a greater surface area of interesting higher margin

677
00:50:32,935 --> 00:50:36,815
products for bookmakers. Essentially, and then we were acquired and then

678
00:50:36,815 --> 00:50:41,055
spent the last five years up to last year, up to about 12 months ago

679
00:50:41,055 --> 00:50:43,615
helping to scale that business. And now,

680
00:50:43,615 --> 00:50:50,695
along the way found bitcoin and yeah that's what i was going to ask is like were you picking up on

681
00:50:50,695 --> 00:50:55,635
the problems with fiat money during this experience how did that trickle into these

682
00:50:55,635 --> 00:51:00,795
different phases or were you purely just a physics mindset you didn't really understand the money side

683
00:51:00,795 --> 00:51:05,655
at all but you just had such a mathematical brain that as soon as bitcoin came in you just figured

684
00:51:05,655 --> 00:51:13,475
it out didn't really have that preliminary steps like most of us do um i was aware of it i mean

685
00:51:13,475 --> 00:51:20,915
It can't be a derivative straight for 10 years and not think about the bigger picture.

686
00:51:22,315 --> 00:51:23,315
But you don't.

687
00:51:25,315 --> 00:51:27,435
You gradually do piece it together.

688
00:51:28,275 --> 00:51:30,235
But you're also inside the system.

689
00:51:32,755 --> 00:51:42,475
And so, you know, the Krosis, Jesse's article about, you know, why the Yuppie Elite don't get Bitcoin is so on.

690
00:51:42,475 --> 00:51:44,375
it's just so accurate

691
00:51:44,375 --> 00:51:47,395
but there was a point in time where I would have been in that

692
00:51:47,395 --> 00:51:48,135
UP Elite

693
00:51:48,135 --> 00:51:51,555
and when you're surrounded

694
00:51:51,555 --> 00:51:52,755
by people who are in the UP Elite

695
00:51:52,755 --> 00:51:55,575
it takes lots of knocks on the door

696
00:51:55,575 --> 00:51:56,915
for you to answer it

697
00:51:56,915 --> 00:51:58,415
it was

698
00:51:58,415 --> 00:51:59,955
when I'd moved

699
00:51:59,955 --> 00:52:01,995
into the entrepreneurial

700
00:52:01,995 --> 00:52:05,115
moved out of the bank, started my own business

701
00:52:05,115 --> 00:52:07,315
scaling that and then you are much more

702
00:52:07,315 --> 00:52:08,655
exposed to

703
00:52:08,655 --> 00:52:11,055
all these downstream issues

704
00:52:11,055 --> 00:52:11,895
of the big red button

705
00:52:11,895 --> 00:52:18,155
you see them you know you're not insulated in an investment bank which is

706
00:52:18,155 --> 00:52:27,235
you know in that politically connected class of the beneficiaries and so your sort of layers of

707
00:52:27,235 --> 00:52:36,155
protection or separation from that aha moment with bitcoin are you know materially reduced

708
00:52:36,155 --> 00:52:39,295
and then eventually you do answer the knock at the door

709
00:52:39,295 --> 00:52:42,595
and then it all makes sense fairly quickly

710
00:52:42,595 --> 00:52:48,595
because it makes sense fairly quickly

711
00:52:48,595 --> 00:52:55,155
from a financial risk-reward perspective initially,

712
00:52:55,355 --> 00:52:56,595
which is how I came in.

713
00:52:57,215 --> 00:53:02,035
But then Bitcoin is a multi-headed hydra

714
00:53:02,035 --> 00:53:06,695
and you just keep finding new heads, don't you?

715
00:53:06,695 --> 00:53:09,755
The longer you spend looking at it.

716
00:53:11,335 --> 00:53:18,235
And so over that, from 2020 through to 2024,

717
00:53:19,055 --> 00:53:23,415
I just went further and further down the Bitcoin rabbit hole

718
00:53:23,415 --> 00:53:29,135
and it's very clear there's just nothing more important

719
00:53:29,135 --> 00:53:30,495
I could be spending time on.

720
00:53:32,035 --> 00:53:33,435
And I felt that way for a little while.

721
00:53:34,395 --> 00:53:40,575
And I was just fortunate last year to be able to have that route to take a step out of the business

722
00:53:40,575 --> 00:53:46,535
and then just focus now entirely on this, which is great.

723
00:53:46,715 --> 00:53:47,335
Absolutely great.

724
00:53:47,335 --> 00:53:53,015
You know, if you told me 12 months ago that I'd be, you know, having podcasts with you

725
00:53:53,015 --> 00:53:56,275
and, you know, get to talk to Bitcoin all the time

726
00:53:56,275 --> 00:54:01,295
and have contributed something that people find useful to the cause,

727
00:54:01,295 --> 00:54:05,375
then i'd have been i'd have been absolutely delighted so you're very pleased to be where

728
00:54:05,375 --> 00:54:10,935
we are today and i think useful contribution would be an understatement i'm just going through the

729
00:54:10,935 --> 00:54:16,315
different people posting it i mean michael saylor posted it got like 14 000 likes i don't even know

730
00:54:16,315 --> 00:54:21,775
how many views do you have an idea of how many views this video has gotten across all the different

731
00:54:21,775 --> 00:54:29,515
places i mean it's super viral well north of a million i mean we yeah um

732
00:54:29,515 --> 00:54:39,055
there's about 250 000 now on youtube but youtube was just the link under the x video when i posted

733
00:54:39,055 --> 00:54:46,175
it and so you know the x you can't track it on x because people repost it but they also then

734
00:54:46,175 --> 00:54:51,515
like sailor did copy the video repost it and then you know you've you've lost you don't get

735
00:54:51,515 --> 00:54:57,275
to see all the stats and things like that so yeah it's just amazing it's really amazing and

736
00:54:57,275 --> 00:55:04,815
we have lots of other videos now but on the youtube channel we've got six seven other languages

737
00:55:04,815 --> 00:55:12,195
already full videos so somebody's you know someone's speaking thai and all the slides are in thai

738
00:55:12,195 --> 00:55:17,335
there's far music still there thankfully but the rest of it the rest of it with the thai culture

739
00:55:17,335 --> 00:55:23,095
yeah so you know we'll be dropping a couple more in the next in the next week as well

740
00:55:23,095 --> 00:55:31,775
and that's on top of 25 sets of full materials in languages so people can then take the slides

741
00:55:31,775 --> 00:55:37,475
and go and present to their family friends with the speaker notes in their native language and

742
00:55:37,475 --> 00:55:44,875
then the youtube channel with this 40 must be 45 native subtitled translations there now and these

743
00:55:44,875 --> 00:55:49,575
are all done by bitcoiners around the world who just got in touch saying you know please can i

744
00:55:49,575 --> 00:55:56,375
translate it to tie it's just just amazing but it just shows you made it is when people start

745
00:55:56,375 --> 00:56:01,255
wanting to translate into other languages like i know that safe dean always talks about how many

746
00:56:01,255 --> 00:56:05,855
languages the bitcoin standard has been translated to which is just all of them because that is the

747
00:56:05,855 --> 00:56:11,595
bitcoin book so this is sort of reaching that level too i'd love to see it and i just pulled

748
00:56:11,595 --> 00:56:17,195
up on x i think you're way off on your prediction here because i just pulled up michael saylor's

749
00:56:17,195 --> 00:56:22,015
posting of the video and that has 7 million views on twitter i think it's probably over 2 million

750
00:56:22,015 --> 00:56:29,055
wonderful but i could not have expected that when i released the video to two men and a dog

751
00:56:29,055 --> 00:56:37,315
on x and zero subscribers on youtube so what was the inspiration yeah i think you talked i listed

752
00:56:37,315 --> 00:56:41,915
one of your other podcasts yesterday and you you basically just wanted to have a presentation for

753
00:56:41,915 --> 00:56:47,875
some friends right and that's that was the impetus yeah i was invited to a weekend away with some

754
00:56:47,875 --> 00:56:53,175
with some friends of a friend who i'd never met and he asked everyone to bring something to talk

755
00:56:53,175 --> 00:56:58,475
about for half an hour and so you sort of co-create the weekend it was a lot of fun

756
00:56:58,475 --> 00:57:04,615
meeting sort of like-minded entrepreneurs but i wanted to go and talk about bitcoin so i had to

757
00:57:04,615 --> 00:57:10,635
figure out what to talk about but i didn't know anyone else was go who was going and so i couldn't

758
00:57:10,635 --> 00:57:14,995
assume any knowledge so i sort of just stripped it all back and said well if i've only got 30

759
00:57:14,995 --> 00:57:20,895
minutes my target should be after 30 minutes i want them to learn i want to learn about bitcoin

760
00:57:20,895 --> 00:57:27,615
and so you know they didn't even know it was a bitcoin presentation it was just called what's

761
00:57:27,615 --> 00:57:34,095
the problem and so everyone's guards were down and even if someone previously didn't like bitcoin

762
00:57:34,095 --> 00:57:47,367
or had decided they didn like bitcoin they were sat there sort of open to start with which is really important and yeah it just went so well So I couldn have asked for it to go better

763
00:57:48,507 --> 00:57:51,407
And they encouraged me to just share this with other people.

764
00:57:52,767 --> 00:57:56,667
So this is, you know, so I went away and spent probably a month

765
00:57:56,667 --> 00:58:00,207
making the video with a local production company

766
00:58:00,207 --> 00:58:02,687
in a really amateurish way.

767
00:58:04,227 --> 00:58:06,007
I think it was really professional looking,

768
00:58:06,007 --> 00:58:10,467
just the way that you had your little studio there and you had like a mix of you just sitting

769
00:58:10,467 --> 00:58:15,427
and looking very smart and talking through the slides i think it's great but it's turned out

770
00:58:15,427 --> 00:58:20,887
really well and i'm really really impressed by the production company they they support me a lot

771
00:58:20,887 --> 00:58:27,507
and they made a really nice quality output it was more my approach to it was amateurish but

772
00:58:27,507 --> 00:58:32,827
i just turned up i just turned up and i didn't have a script

773
00:58:32,827 --> 00:58:36,087
I've got these slides

774
00:58:36,087 --> 00:58:38,127
we're going to talk through them

775
00:58:38,127 --> 00:58:40,187
so we filmed it a couple of times

776
00:58:40,187 --> 00:58:40,867
and I said of course

777
00:58:40,867 --> 00:58:42,567
something different both times

778
00:58:42,567 --> 00:58:46,587
and so trying to edit it together afterwards

779
00:58:46,587 --> 00:58:47,907
is sort of

780
00:58:47,907 --> 00:58:49,787
slightly challenging

781
00:58:49,787 --> 00:58:50,987
if I was making another one

782
00:58:50,987 --> 00:58:54,007
I'd know some of the obvious things

783
00:58:54,007 --> 00:58:55,607
not to do wrong

784
00:58:55,607 --> 00:58:57,247
make your life difficult

785
00:58:57,247 --> 00:59:00,307
but I'm so happy with how it's come out

786
00:59:00,307 --> 00:59:00,987
yeah it's great

787
00:59:00,987 --> 00:59:05,827
it's great so thank you for having me on and thank you for sharing it with with your viewers as well

788
00:59:05,827 --> 00:59:12,667
um yeah of course i think this is what i mean this is what the the podcast fear can do this

789
00:59:12,667 --> 00:59:18,507
is what we can help with is just distributing cool shit everywhere in a more decentralized way

790
00:59:18,507 --> 00:59:25,087
you know well yeah bitcoiners are the distribution for this video so the video is not for bitcoiners

791
00:59:25,087 --> 00:59:27,787
the video is for

792
00:59:27,787 --> 00:59:30,627
the people Bitcoiners want to bring along.

793
00:59:31,887 --> 00:59:33,747
Because you watch that video,

794
00:59:34,047 --> 00:59:35,567
there's going to be nothing new in it.

795
00:59:37,807 --> 00:59:40,407
But it's just far more accessible

796
00:59:40,407 --> 00:59:44,087
for the people that you want to help understand

797
00:59:44,087 --> 00:59:46,147
why you're so passionate about this thing.

798
00:59:47,427 --> 00:59:49,327
And so I have so many messages

799
00:59:49,327 --> 00:59:50,727
from people around the world.

800
00:59:50,947 --> 00:59:53,807
Like, I've been working on my sister for three years

801
00:59:53,807 --> 00:59:55,847
to try to get her to understand this.

802
00:59:55,927 --> 00:59:57,447
I send her the video and she's like,

803
00:59:57,507 --> 00:59:59,207
how can I buy some Satoshis?

804
01:00:00,107 --> 01:00:00,927
It's brilliant.

805
01:00:01,867 --> 01:00:04,807
Literally every day, every day I get a message from somebody

806
01:00:04,807 --> 01:00:07,407
with some, you know, little unlock or, you know.

807
01:00:08,907 --> 01:00:09,767
It's wonderful.

808
01:00:10,707 --> 01:00:11,347
That's so awesome.

809
01:00:11,747 --> 01:00:11,947
Yeah.

810
01:00:12,067 --> 01:00:13,107
And so well-deserved too.

811
01:00:13,107 --> 01:00:19,847
And this is why I focus this podcast primarily on the zero-to-one crowd.

812
01:00:19,847 --> 01:00:25,867
I try to start every episode with super beginner and walk people through the steps.

813
01:00:26,107 --> 01:00:27,927
And that's always been the goal.

814
01:00:28,167 --> 01:00:32,407
And that's why stuff like yours, I never get tired of the beginner level stuff.

815
01:00:32,547 --> 01:00:37,507
I just continuously love it and get passionate about sharing that stuff and boosting it out

816
01:00:37,507 --> 01:00:40,887
there because I think that's the most important segment we can work on right now is people

817
01:00:40,887 --> 01:00:45,527
who are on the fence or they just haven't gotten any yet.

818
01:00:45,547 --> 01:00:46,847
The people that need to get off zero.

819
01:00:46,847 --> 01:00:51,247
Would you agree that those are the most important people we can focus on helping understand us right now?

820
01:00:51,407 --> 01:00:51,847
Yeah, absolutely.

821
01:00:51,967 --> 01:00:54,327
Because they're in the vast, vast, vast majority.

822
01:00:56,747 --> 01:01:01,867
And so even if we can convert 1% of those people, it massively expands Bitcoin.

823
01:01:04,467 --> 01:01:09,907
And this is my hope for the video is just want everyone in the world to watch it.

824
01:01:11,547 --> 01:01:15,327
If everyone in the world watched it, then we can make a big step forward.

825
01:01:15,327 --> 01:01:19,187
You still get people pushing back and it doesn't resonate with some people and that's fine.

826
01:01:19,327 --> 01:01:24,107
People have their own starting points and no single piece of content is going to make everybody happy.

827
01:01:25,947 --> 01:01:29,027
But it can bring a large chunk of people to the starting line.

828
01:01:30,607 --> 01:01:39,907
And then it's, you know, they read the Bitcoin standard or they watch Lynn's Broken Money or Jeff's The Price of Tomorrow or, you know,

829
01:01:39,907 --> 01:01:50,307
100 other pieces of introductory content, depending on which of the heads of the hydra they're most interested in exploring to start with.

830
01:01:50,727 --> 01:01:57,847
Yeah, that's the thing is anyone can find their passion, whatever it may be, connects to the money because it's so important.

831
01:01:57,847 --> 01:02:03,307
And I'm curious, how do you give people that summary of it?

832
01:02:03,447 --> 01:02:05,347
Like, it doesn't matter what you're interested in.

833
01:02:05,447 --> 01:02:06,407
Money matters here.

834
01:02:06,527 --> 01:02:08,727
How do you explain the significance to it?

835
01:02:08,727 --> 01:02:21,347
I point you back to the video because there's interests, but there's interest in the things that motivate you and then there's interest in the things that affect you.

836
01:02:23,647 --> 01:02:30,527
And the things that affect you tend to be broader than the things that you're motivated to learn about.

837
01:02:32,887 --> 01:02:35,947
Because you don't necessarily get to choose the things that affect you.

838
01:02:36,067 --> 01:02:37,947
You're like a cork popping on the water.

839
01:02:38,727 --> 01:02:51,927
And so at the start of the video, when I go through that list of issues, everyone resonates to a greater or lesser degree with all of them, or at least is aware of them, even if they don't feel like they necessarily impact you.

840
01:02:52,487 --> 01:02:55,127
And so you make the top of the funnel really wide.

841
01:02:55,127 --> 01:03:07,927
It's like everybody can watch that slide and be like, yeah, OK, there's something here where I can be like, OK, I've got now motivation to find out what's the solution to this thing.

842
01:03:08,727 --> 01:03:12,367
You have a small motivation or a large motivation, but you have a motivation.

843
01:03:13,527 --> 01:03:15,227
And then so you can get to the starting line.

844
01:03:15,307 --> 01:03:24,267
Then once you're at the starting line, we do have a broad set of content across the Bitcoin space.

845
01:03:24,347 --> 01:03:32,447
It's not as broad as it will ultimately be because it's not super specialized in really niche areas.

846
01:03:32,447 --> 01:03:38,727
because the people who have passed through the door yet haven't been able to produce it.

847
01:03:38,847 --> 01:03:45,527
There aren't the specialities of people who've passed through the door to create content about some particular aspect of Bitcoin

848
01:03:45,527 --> 01:03:50,207
that would appeal to some small segment of the population.

849
01:03:50,527 --> 01:03:51,927
But that will happen in time.

850
01:03:51,927 --> 01:04:08,107
But I think whether you're interested in finance or technology or freedom or politics, philosophy, economic.

851
01:04:08,467 --> 01:04:12,127
I've named about five there before I've even mentioned economics.

852
01:04:12,987 --> 01:04:14,787
And then, you know, a whole bunch more.

853
01:04:15,387 --> 01:04:17,927
Then you can find some link back to Bitcoin.

854
01:04:17,927 --> 01:04:21,907
to Bitcoin. But to more specifically answer your question,

855
01:04:23,567 --> 01:04:24,307
I say to

856
01:04:24,307 --> 01:04:29,967
people that there's almost no decision you make in your life

857
01:04:29,967 --> 01:04:33,307
which isn't in some way related to the money.

858
01:04:38,247 --> 01:04:39,527
And so if the money's

859
01:04:39,527 --> 01:04:42,747
corrupted, every decision is corrupted.

860
01:04:45,747 --> 01:04:46,987
It doesn't matter who you are.

861
01:04:47,927 --> 01:04:50,307
All your decisions have been corrupted.

862
01:04:51,347 --> 01:04:59,387
You may choose a certain area of study because you think you needed to follow a certain career path.

863
01:05:00,767 --> 01:05:03,827
But you maybe wouldn't have done that if the money wasn't corrupted.

864
01:05:05,587 --> 01:05:10,707
Or you've decided to wait an extra five years to have children.

865
01:05:11,927 --> 01:05:13,167
Then you would have done.

866
01:05:14,407 --> 01:05:15,847
It's because the money's corrupted.

867
01:05:15,847 --> 01:05:22,187
everything's related to the money and when you see video it's like okay when i understand everything's

868
01:05:22,187 --> 01:05:28,967
related to the money and so now anybody on the spectrum any on the anybody who's a human being

869
01:05:28,967 --> 01:05:36,347
is going to have some motivation above zero to try to understand that and improve their lives so

870
01:05:36,347 --> 01:05:41,447
yeah sorry man what were you going to say no no you're good that was that's a perfect elaboration

871
01:05:41,447 --> 01:05:46,427
on what I basically use as my super simple answer to the question I asked, which is money

872
01:05:46,427 --> 01:05:48,347
is half of every single transaction.

873
01:05:48,607 --> 01:05:53,407
So if you don't, you don't think that if that gets screwed up and is being manipulated behind

874
01:05:53,407 --> 01:05:54,567
the scenes, it's going to cause problems.

875
01:05:54,687 --> 01:05:55,407
Of course it is.

876
01:05:55,527 --> 01:05:56,747
It's going to cause problems everywhere.

877
01:05:57,327 --> 01:06:02,087
And to the few people who will say, oh, we can just go back to a bartering system of trading

878
01:06:02,087 --> 01:06:05,147
the goods that we produce for other goods that other people produce.

879
01:06:05,867 --> 01:06:10,407
They just haven't done their homework on the efficiency of markets, I would say, because

880
01:06:10,407 --> 01:06:16,287
that isn't a good long-term solution for a fluid economy with lots of people who produce lots of

881
01:06:16,287 --> 01:06:22,127
different things of different sizes and values yeah it's if people suggest that they haven't

882
01:06:22,767 --> 01:06:29,967
they haven't thought about what comes next because you can remove these things but some systems

883
01:06:29,967 --> 01:06:37,427
reform naturally and they always will they always will with human behavior

884
01:06:37,427 --> 01:06:41,467
so some medium of exchange

885
01:06:41,467 --> 01:06:45,967
some governance structure of some form

886
01:06:45,967 --> 01:06:50,027
will naturally, these things will naturally occur in any

887
01:06:50,027 --> 01:06:53,087
society and so

888
01:06:53,087 --> 01:06:57,107
you can say I want to live in a society where

889
01:06:57,107 --> 01:07:01,807
those things don't exist but they only won't exist temporarily

890
01:07:01,807 --> 01:07:03,587
before they reform

891
01:07:03,587 --> 01:07:12,507
yeah and one of the things i found very interesting about the video is the way that i usually

892
01:07:12,507 --> 01:07:18,467
do a similar how do i say this the way that i help people get to the starting line like you said

893
01:07:18,467 --> 01:07:24,727
is i usually talk about gold first as a foundational sound money that we've seen already in the past

894
01:07:24,727 --> 01:07:29,507
and how i talk about how it worked better than fiat and then i work into bitcoin but the thing

895
01:07:29,507 --> 01:07:34,407
about your video, you don't even talk about gold at all. You go straight into Bitcoin, which I think

896
01:07:34,407 --> 01:07:40,647
is very difficult to do. And you do it beautifully. And so I just heard on a podcast a couple of days

897
01:07:40,647 --> 01:07:49,027
ago, someone say that Bitcoin is the first real money we've had, because gold has lots of other

898
01:07:49,027 --> 01:07:55,727
jobs. It does it's jewelry and coins, and it can be diluted by different metals, and it's never

899
01:07:55,727 --> 01:08:01,127
going to be actual pure hard money bitcoin really is the first one would you agree with that statement

900
01:08:01,127 --> 01:08:06,127
yeah absolutely it's also it's also super inefficient

901
01:08:06,127 --> 01:08:11,507
gold was just the best thing available

902
01:08:11,507 --> 01:08:18,467
it wasn't i want to hear your elaboration on why it's inefficient from a physics mathematical

903
01:08:18,467 --> 01:08:24,867
perspective like you have well it was just the best of a bad set of choices it was not

904
01:08:24,867 --> 01:08:31,287
engineered perfection there's a mass there's a massive gulf between between the two and

905
01:08:31,287 --> 01:08:38,507
i don't talk about i don't explain bitcoin in the video i give you this i give you the structure

906
01:08:38,507 --> 01:08:44,387
of what perfect money is right and then you understand you have that mental framework that's

907
01:08:44,387 --> 01:08:51,327
structured around it gold is not perfect money and it fails on a bunch of those on a bunch of

908
01:08:51,327 --> 01:09:01,087
But when you start with perfect money, you then see the shortcomings of gold rather than thinking gold is great and then trying to justify why Bitcoin is better.

909
01:09:01,587 --> 01:09:02,927
It's a start with perfect money.

910
01:09:03,247 --> 01:09:04,467
Doesn't matter what the money is.

911
01:09:04,807 --> 01:09:06,227
What characteristics does it need?

912
01:09:06,347 --> 01:09:07,147
Does it need to have?

913
01:09:07,587 --> 01:09:21,380
But I also say it really inefficient because even outside of its core properties like you can send it on the internet You can easily verify that verify the total supply

914
01:09:21,520 --> 01:09:24,360
You can't verify whether any individual piece of gold is real.

915
01:09:26,240 --> 01:09:26,380
Yeah.

916
01:09:26,620 --> 01:09:29,360
You've got all of these things, which where gold is,

917
01:09:30,500 --> 01:09:32,540
I mean, it's really only durability.

918
01:09:35,100 --> 01:09:38,800
Really only durability where you could argue gold does all right.

919
01:09:40,220 --> 01:09:49,060
everything else is compromised oh i think you're on mute ben oh my bad i was on mute i just wanted

920
01:09:49,060 --> 01:09:54,780
to clarify for people who are listening on audio i just pulled up a a list of all the different

921
01:09:54,780 --> 01:10:02,060
characteristics of money that make it a good money so could i just have you joe walk through

922
01:10:02,060 --> 01:10:09,760
these here and just to as an overview we have scarce portable divisible durable fungible acceptable

923
01:10:09,760 --> 01:10:13,780
could you walk us through each of these and just elaborate a little bit

924
01:10:13,780 --> 01:10:16,660
I think this would be a good 101 for what makes a good money

925
01:10:16,660 --> 01:10:21,920
sure we can contrast gold versus bitcoin here on each of these

926
01:10:21,920 --> 01:10:25,160
on each of these measures so firstly scarcity

927
01:10:25,160 --> 01:10:28,680
the bitcoin is sorry gold is

928
01:10:28,680 --> 01:10:31,960
is considered hard money

929
01:10:31,960 --> 01:10:35,280
but it's hard money with soft edges

930
01:10:35,280 --> 01:10:38,060
it's

931
01:10:38,060 --> 01:10:45,360
there's a lot more gold that exists in the planet than we have above the surface

932
01:10:45,360 --> 01:10:48,240
and there's an infinite amount of gold in the universe

933
01:10:48,240 --> 01:10:52,480
so gold is absolutely not scarce

934
01:10:52,480 --> 01:10:58,520
it's just scarce where it's currently economically accessible to us

935
01:11:01,200 --> 01:11:01,840
and

936
01:11:01,840 --> 01:11:14,320
If the price of gold goes up when measured in fiat currency, the supply then goes up above the ground because gold companies raise equity because gold is now more valuable.

937
01:11:14,660 --> 01:11:20,680
Some deposits that were previously inaccessible from an economic economically inaccessible.

938
01:11:20,680 --> 01:11:26,580
The cost of getting them out the ground would be more than the value of the gold and how economically viable.

939
01:11:27,380 --> 01:11:30,620
And so the supply goes up when the price goes up.

940
01:11:30,620 --> 01:11:36,620
and so you have elastic scarcity with gold with no cap

941
01:11:36,620 --> 01:11:42,920
whereas with bitcoin you have programmatic absolute scarcity

942
01:11:42,920 --> 01:11:49,120
and doesn't matter whether it's you talking about planet earth or the universe there is only ever

943
01:11:49,120 --> 01:11:55,600
going to be 21 million and everyone knows the rate at which they will be coming to existence

944
01:11:55,600 --> 01:11:58,340
or you could argue they already exist.

945
01:11:58,480 --> 01:12:02,560
They just, nobody is able to access on the ledger.

946
01:12:02,660 --> 01:12:04,320
I mean, depending on which way you want to take it,

947
01:12:04,360 --> 01:12:06,320
but there's not going to be more than 21 million.

948
01:12:07,720 --> 01:12:12,240
Now, I'll probably also touch on within scarcity

949
01:12:12,240 --> 01:12:14,780
on the inefficiency question.

950
01:12:15,460 --> 01:12:17,700
What I find helpful,

951
01:12:18,380 --> 01:12:19,660
what I think is helpful for people

952
01:12:19,660 --> 01:12:22,440
is linking gold to energy

953
01:12:22,440 --> 01:12:26,820
because people don't really think about money in terms of energy.

954
01:12:29,520 --> 01:12:31,920
But that's what gold is.

955
01:12:31,980 --> 01:12:34,140
It's just really inefficient energy money.

956
01:12:36,820 --> 01:12:38,340
Because in order to

957
01:12:38,340 --> 01:12:43,680
bring more gold into circulation,

958
01:12:43,680 --> 01:12:45,300
you have to expend energy,

959
01:12:46,380 --> 01:12:50,360
economic and literal energy, getting it out of the ground.

960
01:12:52,440 --> 01:12:54,460
It's an arduous process.

961
01:12:56,140 --> 01:13:02,480
But you're translating real energy for economic energy.

962
01:13:02,620 --> 01:13:06,860
There's a proof of work that goes into extracting more gold.

963
01:13:09,300 --> 01:13:10,980
But that's just really inefficient.

964
01:13:11,780 --> 01:13:16,1000
So what you really want is a money that also requires proof of work.

965
01:13:17,700 --> 01:13:20,460
You can't create without doing work.

966
01:13:20,460 --> 01:13:26,700
but where the proof of work is absolutely efficient.

967
01:13:27,100 --> 01:13:29,820
You're not wasting a load of energy by doing it.

968
01:13:32,160 --> 01:13:33,300
And that's Bitcoin.

969
01:13:34,640 --> 01:13:36,600
It's pure work.

970
01:13:37,420 --> 01:13:39,780
It's electrical energy all over the world

971
01:13:39,780 --> 01:13:43,520
and everyone competing to secure the network

972
01:13:43,520 --> 01:13:45,080
to bring Bitcoin into existence.

973
01:13:45,220 --> 01:13:47,940
So Bitcoin is just apex energy money.

974
01:13:47,940 --> 01:13:56,260
the free market and energy money which when framed like that is is just is a much closer

975
01:13:56,260 --> 01:14:01,1000
step from gold so if if you are comfortable that gold represents value

976
01:14:01,1000 --> 01:14:09,460
then thinking about gold is really inefficient energy money that's compromised on this list of

977
01:14:09,460 --> 01:14:17,580
characteristics to move to bitcoin which is 100 efficient energy money that is perfect on each

978
01:14:17,580 --> 01:14:23,020
these characteristics. That's a much smaller mental leap to make and just feels logical.

979
01:14:25,580 --> 01:14:34,380
So that's scarcity. On the portability, effortless to store and move. Gold is not effortless to

980
01:14:34,380 --> 01:14:42,640
store and move. That's why we ended up in a fiat era. If you have gold, you tend to secure it

981
01:14:42,640 --> 01:14:50,460
somewhere because you can't move it over the internet you can't stick it it can't move very

982
01:14:50,460 --> 01:14:57,440
quickly it needs to be protected secured you end up just keeping it in one place because it's cheaper

983
01:14:57,440 --> 01:15:03,960
to build security infrastructure around something that doesn't move than secure things that move all

984
01:15:03,960 --> 01:15:10,340
the time because the cost of securing them would be would far outweigh the benefit of moving the

985
01:15:10,340 --> 01:15:15,420
gold around that's why you put the gold in the vaults and that's why you then issue paper on top

986
01:15:15,420 --> 01:15:20,280
of it initially convertible into gold and then people never ask for the gold and therefore you

987
01:15:20,280 --> 01:15:25,080
break the convertibility for just printing more money and that's why we've ended up in the world

988
01:15:25,080 --> 01:15:30,660
we are to where we live in today and so when people think about what the future may hold

989
01:15:30,660 --> 01:15:38,020
going back to the gold standard while an option would only be temporary

990
01:15:38,020 --> 01:15:41,160
because the same thing would happen again.

991
01:15:42,220 --> 01:15:45,420
There is nothing to stop the same thing happening again.

992
01:15:45,600 --> 01:15:47,380
So the same thing would happen again.

993
01:15:47,380 --> 01:15:52,220
So going back to the gold standard is temporary only.

994
01:15:54,440 --> 01:15:56,500
The big thing is you can't send it on the internet.

995
01:15:57,040 --> 01:16:03,440
I mean, Bitcoin is, by contrast, you secure it with your security setup.

996
01:16:04,200 --> 01:16:06,240
You're securing it cryptographically.

997
01:16:06,240 --> 01:16:13,840
you don't need armed guards around your bitcoin it's knowledge

998
01:16:13,840 --> 01:16:19,600
you can secure knowledge far more cheaply than you can secure physical

999
01:16:19,600 --> 01:16:28,360
physical infrastructure and anyone can do it it's not only a few people at the top who have

1000
01:16:28,360 --> 01:16:36,160
the control knob that can tell you what it is which can obviously introduce lies and different

1001
01:16:36,160 --> 01:16:40,240
incentives for why they would manipulate certain information, which we see right now.

1002
01:16:40,760 --> 01:16:46,320
You know, just looking up any auditing of the Fed is going to be total BS numbers.

1003
01:16:46,440 --> 01:16:46,960
We know this.

1004
01:16:47,040 --> 01:16:48,260
It's common knowledge.

1005
01:16:48,960 --> 01:16:52,400
And Bitcoin allows anybody to verify for themselves.

1006
01:16:53,820 --> 01:16:53,920
Yeah.

1007
01:16:54,040 --> 01:16:59,140
And it's actually zero cost to secure Bitcoin.

1008
01:16:59,820 --> 01:17:02,360
It's just 12 words.

1009
01:17:03,940 --> 01:17:04,060
Right.

1010
01:17:06,160 --> 01:17:09,420
You can put those 12 words wherever, separate them.

1011
01:17:09,660 --> 01:17:11,180
You own Bitcoin.

1012
01:17:12,140 --> 01:17:15,600
No armed guards, no internet, nothing.

1013
01:17:18,600 --> 01:17:22,140
Nobody is excluded when it comes to Bitcoin.

1014
01:17:24,440 --> 01:17:27,660
And then the negligible cost, I just covered that bit as well.

1015
01:17:28,720 --> 01:17:32,160
Some of the pushback with Bitcoin is it's slow, it's expensive.

1016
01:17:32,160 --> 01:17:37,400
it's because the blocks are every 10 minutes on the base layer.

1017
01:17:40,340 --> 01:17:41,620
And that's fine.

1018
01:17:42,040 --> 01:17:48,040
But also the costs can be, you know, a dollar, $10, you know, $50

1019
01:17:48,040 --> 01:17:51,080
if it's getting stuff full of JPEGs at any given point in time

1020
01:17:51,080 --> 01:17:51,760
or something like that.

1021
01:17:51,760 --> 01:17:55,020
But, you know, that's very rare.

1022
01:17:55,800 --> 01:17:59,120
Quite often now the blocks are empty because it's very efficient

1023
01:17:59,120 --> 01:18:01,540
at clearing this stuff, but it's still slow.

1024
01:18:02,160 --> 01:18:04,860
But then people don't think about the Lightning Network.

1025
01:18:06,080 --> 01:18:08,180
And the Lightning Network is amazing.

1026
01:18:08,740 --> 01:18:10,780
It is absolutely amazing.

1027
01:18:12,480 --> 01:18:18,400
You can send value to anybody in the world instantly at virtually zero cost.

1028
01:18:18,860 --> 01:18:20,020
Virtually zero cost.

1029
01:18:21,240 --> 01:18:23,420
And you just keep a channel open between you.

1030
01:18:23,420 --> 01:18:33,800
that's still slightly is inaccessible or has a high learning,

1031
01:18:33,800 --> 01:18:39,640
steep learning curve for many people because the infrastructure is still being built out.

1032
01:18:40,300 --> 01:18:47,920
I would equate Bitcoin and the Lightning Network now to like being,

1033
01:18:48,320 --> 01:18:49,720
getting online in the 90s.

1034
01:18:49,840 --> 01:18:50,760
Like you can do it.

1035
01:18:50,760 --> 01:18:54,980
it's not super easy from a UX perspective.

1036
01:18:56,480 --> 01:19:01,240
But in 2025, going online, everything's online.

1037
01:19:01,780 --> 01:19:02,800
Everything's super easy.

1038
01:19:03,680 --> 01:19:09,960
We're in that technological adoption and development cycle

1039
01:19:09,960 --> 01:19:12,900
when it comes to making user experience more accessible,

1040
01:19:13,080 --> 01:19:14,920
more secure at the same time.

1041
01:19:15,840 --> 01:19:18,520
And so the combination of Bitcoin and the Lightning Network,

1042
01:19:18,520 --> 01:19:23,840
which is native to it, solves medium of exchange as well.

1043
01:19:24,060 --> 01:19:25,760
It's just that just hasn't played out.

1044
01:19:25,1000 --> 01:19:26,880
It's already solved.

1045
01:19:27,140 --> 01:19:30,240
It just hasn't played out yet, but it will.

1046
01:19:31,340 --> 01:19:33,240
Just people haven't woke up to it.

1047
01:19:34,180 --> 01:19:35,640
The third one, divisibility.

1048
01:19:37,340 --> 01:19:38,520
I mean, gold is divisible.

1049
01:19:40,800 --> 01:19:44,700
But if you think about trying to pay for something which doesn't cost very much,

1050
01:19:44,760 --> 01:19:45,480
how are you going to pay?

1051
01:19:45,480 --> 01:19:48,940
a grain of gold

1052
01:19:48,940 --> 01:19:50,940
or a speck of gold.

1053
01:19:52,380 --> 01:19:53,140
How do you give change?

1054
01:19:53,280 --> 01:19:55,240
You put that in your pocket, you're never going to see it again.

1055
01:19:56,280 --> 01:19:57,160
It just doesn't work.

1056
01:19:57,240 --> 01:19:59,240
Just some flakes out of a little fish food

1057
01:19:59,240 --> 01:19:59,620
bottle.

1058
01:20:01,140 --> 01:20:02,340
It just doesn't work.

1059
01:20:05,820 --> 01:20:07,280
Whereas Bitcoin, you've got

1060
01:20:07,280 --> 01:20:09,180
100 million Bitcoin

1061
01:20:09,180 --> 01:20:10,800
per

1062
01:20:10,800 --> 01:20:13,280
100 million Satoshis per

1063
01:20:13,280 --> 01:20:15,280
Bitcoin. And each of the

1064
01:20:15,280 --> 01:20:16,920
satoshis on lightning can be further

1065
01:20:16,920 --> 01:20:19,300
broken down when you have channels

1066
01:20:19,300 --> 01:20:21,300
open and just because you're tracking a net

1067
01:20:21,300 --> 01:20:23,240
balance between you, which then gets settled

1068
01:20:23,240 --> 01:20:25,320
on a base layer. So you effectively have

1069
01:20:25,320 --> 01:20:27,320
infinite divisibility but it's also

1070
01:20:27,320 --> 01:20:29,240
programmatic and so if you ever reached a point

1071
01:20:29,240 --> 01:20:29,560
where

1072
01:20:29,560 --> 01:20:33,320
the lack of sats

1073
01:20:33,320 --> 01:20:35,400
was becoming a problem or the lack

1074
01:20:35,400 --> 01:20:37,380
of fractions of a sats was becoming

1075
01:20:37,380 --> 01:20:39,320
a problem, which is sort of a long

1076
01:20:39,320 --> 01:20:40,460
long way into the future then

1077
01:20:40,460 --> 01:20:42,640
that could be resolved

1078
01:20:42,640 --> 01:20:52,712
programmatically So But it is infinitely divisible People struggle with that though Ben because it the infinite pizza dilemma

1079
01:20:53,432 --> 01:20:57,772
But how can something, if it's infinitely divisible, be scarce?

1080
01:21:00,332 --> 01:21:01,412
Because it's infinite.

1081
01:21:02,692 --> 01:21:05,392
But then the obvious thing is, if I give you a single pizza,

1082
01:21:06,272 --> 01:21:08,112
you can cut it up as much as you like.

1083
01:21:08,212 --> 01:21:09,012
Can you feed the world?

1084
01:21:10,112 --> 01:21:11,572
No, you can't.

1085
01:21:11,572 --> 01:21:14,972
so we sort of put that to bed

1086
01:21:14,972 --> 01:21:17,792
the next one is durable

1087
01:21:17,792 --> 01:21:21,552
gold is extremely durable

1088
01:21:21,552 --> 01:21:24,032
all the gold that's ever been mined is still in existence

1089
01:21:24,032 --> 01:21:29,372
so from that perspective

1090
01:21:29,372 --> 01:21:32,052
it ticks the box

1091
01:21:32,052 --> 01:21:36,632
it doesn't necessarily survive in

1092
01:21:36,632 --> 01:21:39,052
recognisable form

1093
01:21:39,052 --> 01:21:46,832
or consistent form, but it survives without deterioration.

1094
01:21:48,032 --> 01:21:51,952
Bitcoin is obviously the same on that measure.

1095
01:21:53,512 --> 01:21:57,552
Fungible, gold is absolutely not fungible.

1096
01:21:57,552 --> 01:22:03,652
I mean, technically, chemically fungible, practically not fungible.

1097
01:22:03,652 --> 01:22:08,912
because you can have gold coins

1098
01:22:08,912 --> 01:22:14,092
and you can have them all cut to the same size, same shape,

1099
01:22:14,912 --> 01:22:16,852
same design,

1100
01:22:17,972 --> 01:22:21,192
but you can't verify them.

1101
01:22:22,652 --> 01:22:25,132
They might look the same, but are they really the same?

1102
01:22:26,592 --> 01:22:27,312
Are they really the same?

1103
01:22:27,312 --> 01:22:30,952
How do you know it's not something like some zinc compound

1104
01:22:30,952 --> 01:22:33,372
or something in the middle and it's just painted gold?

1105
01:22:33,652 --> 01:22:40,652
because you know the people who control the money system and those with power to do so will always

1106
01:22:40,652 --> 01:22:46,132
want to dilute it to put cheaper metal in there so they feel like they have more money and this

1107
01:22:46,132 --> 01:22:50,412
was done in history when you when you go back and i think it was with the roman times or something

1108
01:22:50,412 --> 01:22:58,312
always been done it's always been done but typically in the past you were constrained by

1109
01:22:58,312 --> 01:23:00,992
physical process.

1110
01:23:03,092 --> 01:23:04,972
So fungibility was

1111
01:23:04,972 --> 01:23:09,992
dilution and it comes into scarcity as well.

1112
01:23:11,552 --> 01:23:13,012
Undermining the

1113
01:23:13,012 --> 01:23:17,892
100% fungible nature of money, of coinage

1114
01:23:17,892 --> 01:23:21,452
was something you had to do gradually.

1115
01:23:22,032 --> 01:23:26,372
You couldn't just command it. You had to actually take the coins, melt the coins

1116
01:23:26,372 --> 01:23:36,312
down, reform them either 10% smaller or with 20% less gold and more alloy.

1117
01:23:37,092 --> 01:23:40,952
Gradually, they get debased, but they get debased by accepting them, smelting them,

1118
01:23:41,032 --> 01:23:42,792
and then reissuing them again.

1119
01:23:43,172 --> 01:23:44,872
So it's a slow process.

1120
01:23:45,692 --> 01:23:46,792
It's a slow process.

1121
01:23:46,792 --> 01:23:52,152
Whereas today, we can do it with the click of a button and just issue more currency or

1122
01:23:52,152 --> 01:23:55,612
change what it means, which is what will happen in CBN.

1123
01:23:56,372 --> 01:23:59,312
so once CBDC's come in

1124
01:23:59,312 --> 01:24:02,592
and they're already available in some parts of the world

1125
01:24:02,592 --> 01:24:05,752
I think you guys will be okay, the jury's out for us

1126
01:24:05,752 --> 01:24:08,172
whether we'll go down that route or not

1127
01:24:08,172 --> 01:24:11,332
but once you have this, all fungibility goes out the window

1128
01:24:11,332 --> 01:24:16,732
but fungibility requires trust

1129
01:24:16,732 --> 01:24:19,992
in a fiat world anyway, and on a gold standard

1130
01:24:19,992 --> 01:24:21,772
or with gold it requires trust

1131
01:24:21,772 --> 01:24:24,952
because whoever has access to their money can just change it

1132
01:24:24,952 --> 01:24:29,912
whereas with bitcoin you can't everything is always fungible forever

1133
01:24:29,912 --> 01:24:37,092
implicitly so there's no no one gets to control what a sat is or what bitcoin is

1134
01:24:37,092 --> 01:24:44,112
and i think that a lot of people the first time they heard the word fungible at least

1135
01:24:44,112 --> 01:24:49,652
in the last handful of years is with nfts non-fungible tokens that's kind of the word

1136
01:24:49,652 --> 01:24:56,712
where they've heard this and so just to be totally clear you you want your money to be

1137
01:24:56,712 --> 01:25:02,932
fungible not non-fungible you absolutely it all needs to be the exact same across the board

1138
01:25:02,932 --> 01:25:06,952
to keep things stable because all these things are talking about like we're talking about stability

1139
01:25:06,952 --> 01:25:12,712
here you want to have the most stable brick house of a monetary system where things can't

1140
01:25:12,712 --> 01:25:18,512
be manipulated anywhere fungibility is a good thing absolutely absolutely absolutely

1141
01:25:19,652 --> 01:25:22,152
And then last one is acceptability.

1142
01:25:22,912 --> 01:25:25,852
Everyone everywhere can both send and receive.

1143
01:25:26,472 --> 01:25:27,912
Is it absolutely not the case with gold?

1144
01:25:30,212 --> 01:25:33,852
Because of a function of all of the other things.

1145
01:25:36,772 --> 01:25:40,152
You can't send it to anybody in the world.

1146
01:25:41,632 --> 01:25:43,892
You're not allowed to own it in some countries.

1147
01:25:44,532 --> 01:25:48,532
You weren't allowed to own it in your country for quite a period of time.

1148
01:25:48,532 --> 01:25:54,652
Okay, so everyone everywhere can both send and receive just doesn't work with gold.

1149
01:25:56,192 --> 01:25:57,732
Absolutely works with Bitcoin.

1150
01:25:58,812 --> 01:25:59,732
Nobody can stop you.

1151
01:26:02,452 --> 01:26:12,892
And so gold fails on or falls short on every single measure with potentially the exception being durability.

1152
01:26:12,892 --> 01:26:21,692
i would say the only other thing that maybe isn't one of these hard checkbox items but i

1153
01:26:21,692 --> 01:26:29,472
the gold does do well on is just historical precedence you know history in long-term

1154
01:26:29,472 --> 01:26:34,452
sustainability i think i've seen some other charts that sort of lay that out there like

1155
01:26:34,452 --> 01:26:39,272
that is the one thing gold does have is it i mean thousands of years it worked you know so it has

1156
01:26:39,272 --> 01:26:41,832
proof of work that it's done a good job

1157
01:26:41,832 --> 01:26:43,432
relatively to the other options

1158
01:26:43,432 --> 01:26:44,432
but

1159
01:26:44,432 --> 01:26:47,812
now that we have a better one, that sort of isn't

1160
01:26:47,812 --> 01:26:49,332
even relevant anymore because

1161
01:26:49,332 --> 01:26:51,812
it should be used as

1162
01:26:51,812 --> 01:26:53,792
an example for what can happen and we have

1163
01:26:53,792 --> 01:26:56,012
an even better one so we know that things will happen better.

1164
01:26:56,992 --> 01:26:57,692
I think that's

1165
01:26:57,692 --> 01:26:59,812
right. I think there is also one missing from

1166
01:26:59,812 --> 01:27:00,272
the table.

1167
01:27:02,532 --> 01:27:03,292
Which one?

1168
01:27:03,532 --> 01:27:04,492
Censorship resistant.

1169
01:27:05,252 --> 01:27:07,492
Maybe I took a screenshot from your video.

1170
01:27:07,492 --> 01:27:09,372
I think you took a screenshot before the end of the slide.

1171
01:27:10,232 --> 01:27:12,492
And the last one is the censorship resistant,

1172
01:27:13,412 --> 01:27:15,932
which I've sort of lumped in my explanation

1173
01:27:15,932 --> 01:27:17,312
because there's only six on the screen.

1174
01:27:17,432 --> 01:27:18,952
I've sort of lumped into acceptability

1175
01:27:18,952 --> 01:27:21,292
because if you can stop someone accepting it,

1176
01:27:21,352 --> 01:27:22,632
then it's not acceptable.

1177
01:27:22,752 --> 01:27:24,072
If you stop someone sending it, it's not.

1178
01:27:25,092 --> 01:27:28,412
You sort of break the acceptable link as well.

1179
01:27:28,412 --> 01:27:32,792
I think when people describe the characteristics of perfect money,

1180
01:27:33,892 --> 01:27:35,312
you'd have lots of different lists,

1181
01:27:35,312 --> 01:27:39,072
five, six, seven, eight characteristics.

1182
01:27:40,012 --> 01:27:45,732
Because you could argue some aspects fall inside some of these things.

1183
01:27:47,272 --> 01:27:54,032
You know, a particular aspect could both be considered linked to portability

1184
01:27:54,032 --> 01:27:55,592
and acceptability, for example.

1185
01:27:56,212 --> 01:28:00,372
It's never, they're not quite explicit boundaries between the two.

1186
01:28:00,372 --> 01:28:03,072
But I think you get the sense.

1187
01:28:03,072 --> 01:28:08,652
so i hope that's i hope that's helpful for people amazing thank you so much for walking

1188
01:28:08,652 --> 01:28:13,192
through each one of those i know it's it takes a lot of explaining but this is so important i think

1189
01:28:13,192 --> 01:28:21,892
this is an excellent next step after people watch the video which sort of skims through these really

1190
01:28:21,892 --> 01:28:27,192
digging into each one a little bit more because this is what it all comes down to is what we

1191
01:28:27,192 --> 01:28:33,272
already established earlier money is important having a good source of money in the world is

1192
01:28:33,272 --> 01:28:38,632
extremely important and these are the characteristics that make up a good money so those two things are

1193
01:28:38,632 --> 01:28:44,592
the most important things you can talk about and i got a couple i think i got three screenshots from

1194
01:28:44,592 --> 01:28:49,972
your videos i was watching it this morning okay but we'll go to this one next this one is talking

1195
01:28:49,972 --> 01:28:56,692
about we talked about earlier how the importance of money affects everything in society

1196
01:28:56,692 --> 01:29:00,572
And we have here this picture for people listening on audio.

1197
01:29:01,652 --> 01:29:05,632
The quality of your money, if it deteriorates, it caused all these problems.

1198
01:29:05,812 --> 01:29:14,212
Cost of living crisis, forever wars, mental health crisis, social instability, declining birth rates, addiction crisis, political instability, and tons more.

1199
01:29:14,592 --> 01:29:18,712
As you mentioned, anyone can find something here that they care about.

1200
01:29:19,772 --> 01:29:23,652
Ideally, everyone should care about all of them because this is what makes a good society work well.

1201
01:29:23,652 --> 01:29:31,132
and all these things happen when you have a bad source of money could you maybe add a little bit

1202
01:29:31,132 --> 01:29:35,752
of elaboration i know this is exactly what your video does in super depth but what's your

1203
01:29:35,752 --> 01:29:43,972
elevator pitch for why fiat money is what causes all these negative outcomes and bitcoin fixes them

1204
01:29:43,972 --> 01:29:50,912
but i think it comes down to um it's the consequences of a lot of loss of

1205
01:29:50,912 --> 01:29:54,152
the consequences of having to trust.

1206
01:29:56,752 --> 01:29:58,852
If you have to trust anybody,

1207
01:30:00,392 --> 01:30:05,172
eventually that trust will be broken.

1208
01:30:07,432 --> 01:30:11,732
And if you have to work for something,

1209
01:30:11,732 --> 01:30:13,512
somebody else can print for free.

1210
01:30:17,072 --> 01:30:20,332
That's at the core of the core of this.

1211
01:30:20,912 --> 01:30:24,272
because if you think about what that means,

1212
01:30:25,272 --> 01:30:27,592
it means that you are devalued.

1213
01:30:28,452 --> 01:30:33,012
You as the person are devalued.

1214
01:30:33,492 --> 01:30:36,152
You are less valuable than somebody else.

1215
01:30:37,072 --> 01:30:42,192
They have privilege in a system over and above you,

1216
01:30:42,992 --> 01:30:46,152
which is wrong.

1217
01:30:46,152 --> 01:30:54,872
and so how can you expect good things to come for you in that system you can't

1218
01:30:55,592 --> 01:31:03,252
you can't you are you are fighting a structurally losing battle

1219
01:31:03,252 --> 01:31:12,952
and this these are the manifestations of what comes downstream of that but even those simple

1220
01:31:12,952 --> 01:31:19,352
statements are just so obviously true nobody should have the ability to print what you have

1221
01:31:19,352 --> 01:31:26,392
to work for i mean that's just theft theft theft of your life

1222
01:31:26,392 --> 01:31:34,792
yeah and and one of the things i would add on to that is just

1223
01:31:34,792 --> 01:31:43,672
any of the societal problems people care about are at least worse and if not

1224
01:31:43,672 --> 01:31:52,212
root cause by people just being under stress and unable to think clearly and have some bandwidth to

1225
01:31:52,212 --> 01:31:58,652
prioritize themselves and their families and people around them and in their communities and

1226
01:31:58,652 --> 01:32:03,372
just be a happy person in general.

1227
01:32:04,032 --> 01:32:06,052
You know, people are all stressed right now.

1228
01:32:06,612 --> 01:32:07,392
Everyone's stressed out.

1229
01:32:07,512 --> 01:32:09,052
No, no problems are going to be solved.

1230
01:32:09,132 --> 01:32:11,572
And everything is going to be made worse when people are stressed.

1231
01:32:11,572 --> 01:32:12,052
Yes.

1232
01:32:12,152 --> 01:32:17,292
Financially and mentally and physically, they don't have time to, you know, eat healthy

1233
01:32:17,292 --> 01:32:18,292
food or go to the gym.

1234
01:32:18,352 --> 01:32:19,772
They can't afford healthy food.

1235
01:32:20,284 --> 01:32:21,344
Everything gets more difficult.

1236
01:32:21,404 --> 01:32:29,544
And you talked about this in the video, how the people on the fiat side of the island all got obese and sick because their food is lowering in quality.

1237
01:32:30,364 --> 01:32:36,984
And as a result of that, the government comes and says, oh, we'll fix this problem by making a big food arm.

1238
01:32:37,204 --> 01:32:41,364
And we'll solve it by printing more money for more regulation.

1239
01:32:41,684 --> 01:32:43,464
And it just makes everything worse.

1240
01:32:43,704 --> 01:32:48,464
And I think this is one of the big themes I've tried to push throughout the show.

1241
01:32:48,464 --> 01:32:53,064
I had an episode with Matthew Leschak who wrote that book, Fiat Food, who really ties it in super

1242
01:32:53,064 --> 01:32:59,924
well. But I mean, talk about everyone should care about health and public health. And the fact that

1243
01:32:59,924 --> 01:33:05,304
you can walk around and you see so many sick people everywhere, and you can just feel the stress

1244
01:33:05,304 --> 01:33:11,084
exuding off of people, even if they're not physically looking bad. This is such an enormous

1245
01:33:11,084 --> 01:33:17,624
problem. And it all comes down to the money, really does. It does. I would, I'd probably frame

1246
01:33:17,624 --> 01:33:24,084
as it compromises all your decision-making on everything.

1247
01:33:27,404 --> 01:33:30,824
Everything downstream, you are making a poorer decision

1248
01:33:30,824 --> 01:33:33,984
because of the money printer.

1249
01:33:35,724 --> 01:33:38,324
And it's poorer decisions about your health,

1250
01:33:38,624 --> 01:33:40,004
physical or mental health,

1251
01:33:40,144 --> 01:33:43,924
poorer decisions about your family and your work,

1252
01:33:43,924 --> 01:33:45,304
your actions.

1253
01:33:45,304 --> 01:33:48,304
in part because you're stressed

1254
01:33:48,304 --> 01:33:51,924
because you're always on the losing side

1255
01:33:51,924 --> 01:33:55,184
you're on the losing side structurally

1256
01:33:55,184 --> 01:33:58,784
not because of anything you've done

1257
01:33:58,784 --> 01:34:05,584
that's definitely not going to be a positive thing for your decision making

1258
01:34:05,584 --> 01:34:07,664
definitely going to be a negative thing

1259
01:34:07,664 --> 01:34:12,864
yeah and speaking of the stressful state that people get into

1260
01:34:12,864 --> 01:34:17,744
And this worriedness people just have about everything.

1261
01:34:17,924 --> 01:34:24,484
People are scared about the future and they're not having kids because they're scared the future is going to suck.

1262
01:34:25,004 --> 01:34:41,224
A lot of that also comes down to this other chart I just pulled up here, which is how this big red button that you use, the beautiful analogy of just the money printer, is the cause for all of these different government institutions to come in.

1263
01:34:41,224 --> 01:34:47,504
who, as we explained, they are created in the illusion that they're going to help fix these problems,

1264
01:34:47,504 --> 01:34:48,844
but they really just make them all worse.

1265
01:34:49,184 --> 01:34:54,884
And it leads to the incentive of manufacturing more emergencies

1266
01:34:54,884 --> 01:34:59,244
so the government can create more and more of these institutions

1267
01:34:59,244 --> 01:35:02,904
and create more power for themselves, take more and more freedom away from people.

1268
01:35:03,444 --> 01:35:10,204
And you just see this vicious cycle of these more and more extreme outcomes,

1269
01:35:10,204 --> 01:35:19,264
which is the last box there is because when a government benefits from crisis because it gives

1270
01:35:19,264 --> 01:35:23,604
them more power they're going to manufacture more and more of them and you're just you're never going

1271
01:35:23,604 --> 01:35:28,764
to get out of this hole until you you have a form of money that can't be printed because the beginning

1272
01:35:28,764 --> 01:35:35,004
of that cycle is the big red button you know that's right and and but quite often it isn't

1273
01:35:35,004 --> 01:35:39,204
I think we're at the point where it's not necessarily just the government.

1274
01:35:41,244 --> 01:35:54,664
Because of the issues that the government has created through printing the money, they've exposed themselves to needing or have feeling a natural alignment with certain industries.

1275
01:35:54,664 --> 01:35:58,944
and then when you have the natural alignment

1276
01:35:58,944 --> 01:36:03,024
with certain industries and those industries spend a lot

1277
01:36:03,024 --> 01:36:07,084
of money on lobbying, then you tend to

1278
01:36:07,084 --> 01:36:11,184
get preferential treatment for the participants

1279
01:36:11,184 --> 01:36:12,144
in those industries.

1280
01:36:14,284 --> 01:36:19,204
They get regulated, which stifles competition.

1281
01:36:20,744 --> 01:36:23,344
They become more profitable, more central

1282
01:36:23,344 --> 01:36:25,304
to supporting the government.

1283
01:36:26,524 --> 01:36:29,624
And then they end up inside that dotted red box,

1284
01:36:30,384 --> 01:36:35,164
sort of proxy extensions of the government in some way.

1285
01:36:35,584 --> 01:36:39,464
And it becomes very clear whether they're really independent

1286
01:36:39,464 --> 01:36:43,224
or they're not, but the population feels like the government

1287
01:36:43,224 --> 01:36:44,984
protects them more than the population.

1288
01:36:47,184 --> 01:36:48,784
But this is because of humans.

1289
01:36:49,924 --> 01:36:52,524
It's how humans behave when there's a big red button.

1290
01:36:53,344 --> 01:37:01,044
Because the government, no, very, very few politicians want less power.

1291
01:37:04,204 --> 01:37:05,044
Some may.

1292
01:37:07,064 --> 01:37:14,584
Some may, but they, you know, often met with unfortunate accidents along the way, I suspect.

1293
01:37:15,184 --> 01:37:15,624
Yep.

1294
01:37:15,964 --> 01:37:16,184
Yeah.

1295
01:37:18,424 --> 01:37:21,244
Much more true in some countries than others.

1296
01:37:21,244 --> 01:37:32,555
And so the alignment of incentives within that big red dotted box is just to maximize the extraction from the money printer

1297
01:37:34,235 --> 01:37:35,135
That's it.

1298
01:37:36,055 --> 01:37:48,535
So anything which enables them to deliver on that incentive or actions that move them in that direction are considered fair game.

1299
01:37:48,535 --> 01:37:53,355
And the population is on the losing side of that trade.

1300
01:37:54,035 --> 01:37:55,255
They're on the losing.

1301
01:37:55,575 --> 01:37:58,035
They're on the receiving end of the impact of the big red button.

1302
01:37:58,895 --> 01:38:06,015
So the people on the winning side are incentivized to maximize their advantage.

1303
01:38:07,995 --> 01:38:11,955
The population outcome is maximal disadvantage.

1304
01:38:14,415 --> 01:38:15,215
That's it.

1305
01:38:16,335 --> 01:38:17,395
It's just structural.

1306
01:38:18,535 --> 01:38:32,055
And this is one of the things that your video goes into very well is that everyone on earth, no matter where they're at on a political spectrum, can understand there's a wealth disparity, a wealth inequality problem.

1307
01:38:32,055 --> 01:38:39,695
but most people have the wrong idea of who the real perpetrators of this problem are

1308
01:38:39,695 --> 01:38:47,635
because those with the money printer control the whole media and education and the the movies and

1309
01:38:47,635 --> 01:38:53,575
the the news you see on tv and the books because they have unlimited money so they know that in

1310
01:38:53,575 --> 01:38:57,295
order to keep the game going they need to keep people fooled and under this illusion

1311
01:38:57,295 --> 01:39:17,355
So it makes it really relatively easy for them to just continue feeding people garbage and saying, oh, it's the rich people's fault because they have more money than you and get people stuck in these battles below the true problem here, which is the very top of the money printing machine.

1312
01:39:17,595 --> 01:39:18,275
Would you agree with that?

1313
01:39:18,335 --> 01:39:19,895
How would you elaborate on that?

1314
01:39:20,775 --> 01:39:21,255
Absolutely.

1315
01:39:21,255 --> 01:39:22,415
I mean, they have two things.

1316
01:39:22,415 --> 01:39:26,275
they have access to the big red button.

1317
01:39:28,615 --> 01:39:30,835
And you could argue this as a consequence,

1318
01:39:31,055 --> 01:39:32,395
they have the monopoly on violence.

1319
01:39:33,535 --> 01:39:35,975
And so, you know, the combination of those two things

1320
01:39:35,975 --> 01:39:37,975
is very hard.

1321
01:39:38,575 --> 01:39:40,415
It's very hard to...

1322
01:39:40,415 --> 01:39:45,455
It's very hard for the population to remove themselves

1323
01:39:45,455 --> 01:39:47,555
from the influence of those two things

1324
01:39:47,555 --> 01:39:51,275
when you have a lifetime of propaganda.

1325
01:39:52,415 --> 01:39:55,575
The whole education system, everything you hear on

1326
01:39:55,575 --> 01:39:59,755
mainstream media is all pushing you in one direction from birth.

1327
01:40:02,015 --> 01:40:04,075
And it's all...

1328
01:40:04,075 --> 01:40:06,195
What I like to say...

1329
01:40:06,195 --> 01:40:11,795
Let me reframe that. I intentionally made the video to be as politically

1330
01:40:11,795 --> 01:40:15,775
neutral as possible. Because it's not

1331
01:40:15,775 --> 01:40:16,875
red versus blue.

1332
01:40:16,875 --> 01:40:26,215
it's not it's it's absolutely everybody against the central bank

1333
01:40:26,215 --> 01:40:34,475
which like to even try to think of a percentage of the population that is it's like 0.00001

1334
01:40:34,475 --> 01:40:40,875
what is it like yeah maybe a couple dozen to a couple hundred total people that are winning from

1335
01:40:40,875 --> 01:40:42,615
this system only and everyone else is suffering?

1336
01:40:43,235 --> 01:40:52,555
Well, I would sort of, I would just qualify it slightly in that it's the existence of

1337
01:40:52,555 --> 01:40:54,515
the central bank that precipitates all of this.

1338
01:40:57,115 --> 01:41:02,675
And the central bank exists because we don't use Bitcoin as our money.

1339
01:41:04,535 --> 01:41:10,635
And we don't use Bitcoin as your money because Bitcoin is the first time we've ever had the

1340
01:41:10,635 --> 01:41:12,175
option to separate money and state.

1341
01:41:14,395 --> 01:41:18,795
You just couldn't do it before. Even when you say, oh, we're on a gold standard, the state doesn't control the money.

1342
01:41:19,355 --> 01:41:22,595
The state has the big red button. They're just choosing not to

1343
01:41:22,595 --> 01:41:25,875
press it. It's very different from not having the big red button.

1344
01:41:27,895 --> 01:41:28,915
Okay. And so

1345
01:41:28,915 --> 01:41:34,615
the people who control the big red button are very, very,

1346
01:41:34,675 --> 01:41:37,275
very small percentage, probably in line with what you've just said.

1347
01:41:37,275 --> 01:41:45,855
the percentage of people who are benefiting at least economically because you could argue

1348
01:41:45,855 --> 01:41:52,015
society is not and therefore they are not but economically better benefiting from the bigger

1349
01:41:52,015 --> 01:41:59,335
is a much bigger percentage net benefiting but it's still very small who own lots of assets and

1350
01:41:59,335 --> 01:42:05,195
you know they're like the upper echelon and you have a good graph in the video about that how they

1351
01:42:05,195 --> 01:42:10,595
are benefiting for now but they're also being cut out by inflation so they're only relatively better

1352
01:42:10,595 --> 01:42:15,935
than everyone else who's much poorer there they are and in the video i have to sort of i present

1353
01:42:15,935 --> 01:42:23,235
it as four boxes four segments as opposed to a spectrum and everything in life is is you know

1354
01:42:23,235 --> 01:42:29,035
when it comes to economics is a spectrum and so you know it's an extremely extremely small

1355
01:42:29,035 --> 01:42:40,806
percentage of people actually control the central banks a much bigger percentage but still small those who are net benefiting Now those people who are net benefiting don necessarily know why

1356
01:42:40,806 --> 01:42:51,026
they're net benefiting. And so they may have been fortunate. They may realize they may have

1357
01:42:51,026 --> 01:42:58,486
done a good trade. They've borrowed lots of money to buy assets a long time ago, and they've gone

1358
01:42:58,486 --> 01:43:04,566
up and they think they're a genius, they don't necessarily connect it back to the money printer.

1359
01:43:05,086 --> 01:43:11,466
They're not necessarily politically connected. They just have done well out of the rules of the

1360
01:43:11,466 --> 01:43:21,626
game. That doesn't make them responsible for this. And so when I say it's not red versus blue,

1361
01:43:21,786 --> 01:43:25,886
it's everyone versus the central bank, it absolutely is. You have some people who are

1362
01:43:25,886 --> 01:43:27,946
winning in the system. The vast majority

1363
01:43:27,946 --> 01:43:29,386
are losing and some are losing

1364
01:43:29,386 --> 01:43:30,706
horribly.

1365
01:43:31,986 --> 01:43:33,846
But no one should be forced to play the game.

1366
01:43:39,386 --> 01:43:39,966
That's what it

1367
01:43:39,966 --> 01:43:41,286
comes down to. So trying to be

1368
01:43:41,286 --> 01:43:43,486
as politically neutral as possible here.

1369
01:43:44,426 --> 01:43:45,886
I think it's only probably

1370
01:43:45,886 --> 01:43:46,766
Christine Lagarde

1371
01:43:46,766 --> 01:43:49,546
and Jay Powell. If you'd watch this,

1372
01:43:49,686 --> 01:43:51,746
if they take on Bridget, the framing

1373
01:43:51,746 --> 01:43:52,186
of it.

1374
01:43:53,346 --> 01:43:55,786
And I think that's so important.

1375
01:43:55,886 --> 01:44:08,946
Because this is a pattern I'm seeing more and more people agree with, which is very promising news that people's brains are starting to expand outside of the very narrow red versus blue story they've been told.

1376
01:44:09,066 --> 01:44:10,546
More people are just saying, screw it.

1377
01:44:10,566 --> 01:44:12,746
I don't agree with either of these sides anymore.

1378
01:44:12,846 --> 01:44:19,466
They're just getting too extreme, too rigid in the policies they have to believe in order to be part of the tribe.

1379
01:44:19,466 --> 01:44:25,086
people are just becoming more independent minded. And they're realizing that these two sides are

1380
01:44:25,086 --> 01:44:31,946
really just a uniparty that support more debt, more money printing, more wars, more negative

1381
01:44:31,946 --> 01:44:37,986
outcomes, when people really do the digging past the propaganda they see on TV. And I feel so lucky,

1382
01:44:37,986 --> 01:44:43,806
so thankful that we have a real solution out there, which is Bitcoin to fixing the real root

1383
01:44:43,806 --> 01:44:49,366
problems that people care about. It's just about connecting the dots to getting their understanding

1384
01:44:49,366 --> 01:44:53,686
Bitcoin is the most important vote we have and the form of money that you have.

1385
01:44:54,506 --> 01:44:59,986
And maybe this is how we could start wrapping this up because tack on your video as well.

1386
01:45:00,066 --> 01:45:01,526
We're at an hour and 40 minutes right now.

1387
01:45:01,606 --> 01:45:02,606
And I think this is what I want.

1388
01:45:02,746 --> 01:45:04,586
Thank you for being with us.

1389
01:45:05,326 --> 01:45:06,166
Yeah, yeah, exactly.

1390
01:45:06,306 --> 01:45:11,106
I think that some people will, when they see a super long number, they don't want to listen.

1391
01:45:11,226 --> 01:45:13,106
So we'll keep it relatively brief.

1392
01:45:13,106 --> 01:45:21,326
but what would be your message out there to the people who maybe heard to the people who

1393
01:45:21,326 --> 01:45:26,246
listen to your whole video listen to this extra elaboration and are starting to realize that

1394
01:45:26,246 --> 01:45:32,146
this could be a really important thing and that getting out of that political squabbling

1395
01:45:32,146 --> 01:45:37,566
left versus right is not the way we're going to create a better future and a better future is in

1396
01:45:37,566 --> 01:45:45,166
fact fixing the money how do you give people that next crumb of curiosity to keep learning more

1397
01:45:45,166 --> 01:45:50,366
well the first thing i would say is don't trust verify don't take take our word for any of this

1398
01:45:50,366 --> 01:45:55,886
just reflect on things and make your own mind up you know you can watch the video and agree

1399
01:45:55,886 --> 01:46:03,106
with everything and sort of you get there but if you hold any preconceptions about things you've

1400
01:46:03,106 --> 01:46:08,446
just put them aside and start again and just do a small amount of work.

1401
01:46:09,426 --> 01:46:15,306
The return on a small amount of work to get started with Bitcoin is absolutely enormous.

1402
01:46:16,206 --> 01:46:18,986
And that's not from a, you know, you buy something that goes up perspective.

1403
01:46:19,486 --> 01:46:25,386
Just the way it's like a personal upgrade.

1404
01:46:28,206 --> 01:46:30,826
It is a better way to describe it.

1405
01:46:30,826 --> 01:46:31,846
It is a personal upgrade.

1406
01:46:31,846 --> 01:46:42,666
Once you start thinking about Bitcoin, once you start trying to connect the dots as to why it's important, it's going to click.

1407
01:46:43,666 --> 01:46:45,686
And when it clicks, it changes everything.

1408
01:46:47,346 --> 01:46:49,206
Because then you question everything.

1409
01:46:50,706 --> 01:47:00,646
You can't have the penny drop with Bitcoin and not develop critical thinking, not improve your critical thinking capability.

1410
01:47:01,846 --> 01:47:15,806
And so an improved critical thinking capability and a greater level of feeling like you're back in control of your own life because you understand the rules of the game now.

1411
01:47:16,486 --> 01:47:19,766
And if you understand, then you don't have to play anymore.

1412
01:47:22,726 --> 01:47:27,706
And so the combination of those two things is incredibly empowering, incredibly empowering.

1413
01:47:27,706 --> 01:47:30,966
And you'll see it like filter out into other areas of your life.

1414
01:47:30,966 --> 01:47:33,506
And it's a great journey to go down.

1415
01:47:33,506 --> 01:47:45,637
And so if you want to learn more if you want to watch more videos then you can go to the website that was mentioned at the end of the video which is satsvsfiat

1416
01:47:47,937 --> 01:47:51,537
And you'll find half a dozen other videos there now and half a dozen bucks.

1417
01:47:52,097 --> 01:47:54,877
And there'll be something, it's like that multi-headed hydra.

1418
01:47:54,877 --> 01:48:01,097
There's an economics one, there's how the Bitcoin time chain works.

1419
01:48:01,097 --> 01:48:09,117
there's um there's one from alex gladstein about uh humanitarian stuff and

1420
01:48:09,117 --> 01:48:16,337
commerce and energy around the world there's a you know a michael saylor one for people who are

1421
01:48:16,337 --> 01:48:20,977
interested in business there's there's something there that you'll go and you'll find at least one

1422
01:48:20,977 --> 01:48:27,737
video regardless if you are but it will pique your interest and just watch that one and then

1423
01:48:27,737 --> 01:48:30,597
when you've watched that one, watch another one.

1424
01:48:31,217 --> 01:48:35,077
And it doesn't take a lot of effort, but it will start to sink in.

1425
01:48:35,157 --> 01:48:36,537
It will start to make more sense.

1426
01:48:39,477 --> 01:48:40,697
Yeah, just talk to people.

1427
01:48:40,777 --> 01:48:42,357
Listen to as many podcasts as possible.

1428
01:48:42,737 --> 01:48:44,957
When you're walking or you're commuting on the train

1429
01:48:44,957 --> 01:48:47,437
or you're driving in the car, just put a podcast on.

1430
01:48:50,997 --> 01:48:54,597
Don't expect to wake up tomorrow and be a maximalist.

1431
01:48:54,757 --> 01:48:55,737
It doesn't work like that.

1432
01:48:55,737 --> 01:48:58,177
it's a process

1433
01:48:58,177 --> 01:49:00,917
it's a process but once you start

1434
01:49:00,917 --> 01:49:05,077
I'm very clear in my mind where you're going to end up

1435
01:49:05,077 --> 01:49:05,997
if you do the work

1436
01:49:05,997 --> 01:49:08,517
and the thing is everyone's going to end up there

1437
01:49:08,517 --> 01:49:10,357
absolutely everybody

1438
01:49:10,357 --> 01:49:13,457
we're just really really early

1439
01:49:13,457 --> 01:49:16,857
and so even if you

1440
01:49:16,857 --> 01:49:21,237
don't feel motivated to do it

1441
01:49:21,237 --> 01:49:23,617
based on the content

1442
01:49:23,617 --> 01:49:28,837
maybe you're motivated to do it for the competitive advantage

1443
01:49:28,837 --> 01:49:37,677
amazing and i couldn't agree more with that how just switching i mean everyone out there right now

1444
01:49:37,677 --> 01:49:43,397
is consuming some sort of digital media whether it be just listening to music as they're walking

1445
01:49:43,397 --> 01:49:49,017
to work or watching youtube when they're on their lunch break or with dinner or whatever watching

1446
01:49:49,017 --> 01:49:55,137
Netflix at night. All you have to do to dramatically change your life, I would say it's a certainty

1447
01:49:55,137 --> 01:50:00,997
from the amount of people I've heard have done this, is just switch even just one of those with

1448
01:50:00,997 --> 01:50:11,137
some Bitcoin content. Switch the music to Bitcoin podcast or the lunch break video to going to pull

1449
01:50:11,137 --> 01:50:16,117
up a tab of your channel of Sats vs. Fiat and just start watching those videos one a day.

1450
01:50:16,117 --> 01:50:24,537
you're going to completely blow your mind to pieces on how simple it can be to drastically

1451
01:50:24,537 --> 01:50:29,597
improve your life and your future and i i'm just so excited there's just more and more content like

1452
01:50:29,597 --> 01:50:35,037
this coming out at an exponential rate it's just blowing up this is the ultimate white pill of the

1453
01:50:35,037 --> 01:50:39,977
future looking much better than as we mentioned earlier people are just scared of the future

1454
01:50:39,977 --> 01:50:43,957
right now which is sad they really shouldn't be because there's a lot of hope if we just

1455
01:50:43,957 --> 01:50:49,177
fix a few core components of society we can make a beautiful future it's going to be awesome

1456
01:50:49,177 --> 01:50:57,077
you're absolutely right and i would i would think that bitcoin is probably represent the

1457
01:50:57,077 --> 01:51:01,197
most hopeful segment of the population and that should tell you something

1458
01:51:01,197 --> 01:51:06,697
and also really smart people these aren't people just blindly hopeful like

1459
01:51:06,697 --> 01:51:15,297
when you go to a meetup these people are sharp you know well i think that's true but i think it's a

1460
01:51:15,297 --> 01:51:20,997
consequence of where we are in the site in the adoption cycle because it's it's not easy or it

1461
01:51:20,997 --> 01:51:26,057
hasn't been easy it's getting easier as we create more content we make it more accessible for people

1462
01:51:26,057 --> 01:51:33,057
but it's been you've had to really have an engineering or a finance background or

1463
01:51:33,057 --> 01:51:40,937
some structural hyper critical thinking capability to sort of

1464
01:51:42,577 --> 01:51:46,577
or look or look to be able to be in the right place the right time with the right message

1465
01:51:46,577 --> 01:51:55,017
and to be able to connect the dots but now it's getting easier and so please just put some put

1466
01:51:55,017 --> 01:52:02,837
some time in you won't you absolutely will not regret it amen couldn't agree more joe brian

1467
01:52:02,837 --> 01:52:09,377
I appreciate you so much for joining me today for this conversation and for letting me use your video in this podcast.

1468
01:52:09,597 --> 01:52:14,477
I just love having as much signal as I can in my little walled garden of content here.

1469
01:52:14,717 --> 01:52:16,857
So it's amazing that we can share that with more people.

1470
01:52:17,197 --> 01:52:21,597
And looking forward to just seeing more of your content because I love how you created it.

1471
01:52:21,637 --> 01:52:23,757
It's really going to resonate with a lot of people.

1472
01:52:24,297 --> 01:52:25,677
So keep doing your good work, man.

1473
01:52:25,757 --> 01:52:27,237
I'm excited to keep sharing it out there.

1474
01:52:27,777 --> 01:52:28,497
Oh, well, thank you, Ben.

1475
01:52:28,497 --> 01:52:36,717
And I would welcome everybody and anybody to share it, to watch it, share it, iterate it, create more materials.

1476
01:52:36,877 --> 01:52:38,157
It's something for the community.

1477
01:52:39,037 --> 01:52:42,517
And let's just try and bring as many people with us as we can.

1478
01:52:44,417 --> 01:52:44,877
All right.

1479
01:52:44,897 --> 01:52:46,037
Well, thanks very much for having me then.