1 00:00:00,000 --> 00:00:07,840 Basically what we do is we lend out our money to the bank and by signing a contract the money that 2 00:00:07,840 --> 00:00:12,800 you owned before right if it would have been cash in your hand you would have owned it the bank now 3 00:00:12,800 --> 00:00:18,960 actually owns it contractually and the number in your bank account you see on your app becomes 4 00:00:18,960 --> 00:00:24,400 a claim on a certain amount of money that you've basically lent out to the bank and now what the 5 00:00:24,400 --> 00:00:33,440 bank does with that is they use that as collateral for creating loans. And it's not like, you know, 6 00:00:33,500 --> 00:00:38,960 if you put a thousand dollars in the bank that they are able to lend out a thousand dollars more, 7 00:00:39,240 --> 00:00:42,860 right? So you put a thousand dollars in the bank, you maybe get, I don't know, one or two percent 8 00:00:42,860 --> 00:00:48,540 on your savings account. And the bank's business model is to lend out that same money for more than 9 00:00:48,540 --> 00:00:55,740 2% and the difference is how they make money. It's called fractional reserve banking, not full 10 00:00:55,740 --> 00:01:05,940 reserve banking, right? Because they can use your $1,000 and lend out $10,000 for 6% per 11 00:01:05,940 --> 00:01:16,880 loan. And it's all based on the assumption that not everyone wants all their money at the same 12 00:01:16,880 --> 00:01:22,540 time. And that assumption is based on the fact that they don't really tell anyone how banking 13 00:01:22,540 --> 00:01:29,060 works or don't really tell anyone what money should philosophically be, right? Like the 14 00:01:29,060 --> 00:01:34,960 characteristics it should have or the function that it fulfills. So it's all based on certain 15 00:01:34,960 --> 00:01:40,560 assumptions, but also lack of education or either misinformation, however you want to determine it. 16 00:01:40,560 --> 00:01:46,180 So like not fully understanding why any individual person would actually participate 17 00:01:46,180 --> 00:01:53,140 in the banking system. It is not to keep your money safe. It's to use your money that you 18 00:01:53,140 --> 00:01:56,880 earned by spending your time and energy to make more money for the bank. 19 00:02:07,580 --> 00:02:12,820 Hello guys, welcome once again to BitColor Podcast. Today, we're pivoting once again. I 20 00:02:12,820 --> 00:02:14,780 promise you this season is going to be like this. 21 00:02:14,920 --> 00:02:16,840 We're pivoting English to Spanish. So I promise 22 00:02:16,840 --> 00:02:18,540 more episodes in Spanish. Yeah. 23 00:02:18,820 --> 00:02:20,860 I hope that you have enjoyed the 24 00:02:20,860 --> 00:02:23,100 episode with Christian. We have learned a lot about 25 00:02:23,100 --> 00:02:24,940 the Arhuacos and how they 26 00:02:24,940 --> 00:02:26,840 have been orange-pilled in this community in 27 00:02:26,840 --> 00:02:28,960 Colombia. I mean, there's a lot 28 00:02:28,960 --> 00:02:30,940 of things to learn about 29 00:02:30,940 --> 00:02:32,960 these 30 00:02:32,960 --> 00:02:34,860 tribes. I actually learned that 31 00:02:34,860 --> 00:02:36,920 there's a lot of tribes in Colombia 32 00:02:36,920 --> 00:02:38,960 but also in Latin America and not just 33 00:02:38,960 --> 00:02:40,900 there, also in the global south, like 34 00:02:40,900 --> 00:02:42,580 in India and Nepal. So 35 00:02:42,580 --> 00:02:49,560 So there's communities in it and we have learned how Bitcoin is so powerful and how it can help them in daily basis. 36 00:02:50,020 --> 00:02:53,760 But today we will continue and today we pivot to English. 37 00:02:53,960 --> 00:02:55,960 And today is going to be an interesting episode. 38 00:02:56,560 --> 00:03:02,020 I don't want to make a long introduction because today we have someone that is also a millennium like me. 39 00:03:02,020 --> 00:03:04,380 And he also is a host of a podcast. 40 00:03:04,560 --> 00:03:06,220 Actually, it's called Bitcoin for Millennials. 41 00:03:06,440 --> 00:03:08,320 So Brian Kinstein, welcome to the podcast. 42 00:03:08,460 --> 00:03:08,940 Thank you. 43 00:03:09,060 --> 00:03:09,200 Yeah. 44 00:03:09,200 --> 00:03:14,860 unfortunately my Spanish is very bad if it was good I would have loved to do it in Spanish but 45 00:03:14,860 --> 00:03:20,660 sorry it's uh it's it's English this time but I know that you want to go to a traveler so it's a 46 00:03:20,660 --> 00:03:30,880 good incentive to to learn for sure for sure yeah yeah uh all right so you know normally I'll do 47 00:03:30,880 --> 00:03:36,800 this thing that sometimes go straight to the point sometimes no but one time a few times this season 48 00:03:36,800 --> 00:03:41,360 people tell me you don't give much opportunity to your guests to introduce themselves so now i'm 49 00:03:41,360 --> 00:03:47,820 doing it by default so you can give a little bit about your background for people i don't know 50 00:03:47,820 --> 00:03:52,920 yeah that probably haven't seen your show yeah okay yeah this is it's always interesting because 51 00:03:52,920 --> 00:03:58,140 then i always think like okay what what should i tell right but uh i you know i've given myself 52 00:03:58,140 --> 00:04:05,460 the label of a creative entrepreneur and how i apply or have applied that in my life i think is 53 00:04:05,460 --> 00:04:07,720 is being in the digital world a lot. 54 00:04:07,760 --> 00:04:11,140 So I would say I'm a creative digital entrepreneur, 55 00:04:11,400 --> 00:04:13,520 but I've always really enjoyed, yeah, 56 00:04:13,540 --> 00:04:16,080 just being at the forefront of new technology, 57 00:04:16,400 --> 00:04:20,340 trying out new products, startups, apps, stuff like that. 58 00:04:20,420 --> 00:04:22,720 And I think by, yeah, 59 00:04:22,720 --> 00:04:25,280 just trying to be at that forefront constantly, 60 00:04:25,280 --> 00:04:28,100 I just, yeah, learned how to internet 61 00:04:28,100 --> 00:04:29,980 or something like that, right? 62 00:04:30,440 --> 00:04:33,760 And yeah, just find a lot of interesting, 63 00:04:33,760 --> 00:04:40,300 well not only opportunity but also knowledge and skills just through yeah using the internet what 64 00:04:40,300 --> 00:04:46,960 it's originally for in my opinion is the the democratization of knowledge right and and and 65 00:04:46,960 --> 00:04:52,220 information i've been doing that for i don't know over 20 years now right since i was younger and i 66 00:04:52,220 --> 00:04:59,020 got internet at home yeah just trying to learn every day basically and i've i've applied that 67 00:04:59,020 --> 00:05:03,300 interest and skill in many different ways. I've worked on many different ideas, 68 00:05:03,440 --> 00:05:11,140 failed at many different ideas, sold a few things along the way. I had some corporate experience in 69 00:05:11,140 --> 00:05:18,320 TradFi, had my own marketing agency. Now I'm building two apps with AI, for example. And yeah, 70 00:05:18,320 --> 00:05:25,520 like you said, in Claude, yeah, for sure. And I think along the way, you know, like 2013, 71 00:05:25,520 --> 00:05:27,360 in 2014 I found 72 00:05:27,360 --> 00:05:29,620 Bitcoin I always share 73 00:05:29,620 --> 00:05:31,640 you know I bought between $100 and $300 74 00:05:31,640 --> 00:05:33,740 so I sold it all at $4,000 75 00:05:33,740 --> 00:05:35,560 which was really great because 76 00:05:35,560 --> 00:05:37,240 I was a student but looking back 77 00:05:37,240 --> 00:05:38,860 you know dumb decision 78 00:05:38,860 --> 00:05:41,500 obviously also when I look back at 79 00:05:41,500 --> 00:05:43,480 old tweets where I say 80 00:05:43,480 --> 00:05:45,300 things like you know this is 81 00:05:45,300 --> 00:05:47,380 2014 I'm saying things like Bitcoin 82 00:05:47,380 --> 00:05:49,480 is a synthesized digital commodity that 83 00:05:49,480 --> 00:05:51,560 you can trade with anyone in the world it's decentralized 84 00:05:51,560 --> 00:05:53,260 blah blah blah you know all these things 85 00:05:53,260 --> 00:05:55,260 and I'm like you know I got it 86 00:05:55,260 --> 00:05:56,780 but I didn't get it. 87 00:05:57,280 --> 00:05:59,200 And it took me a lot of years 88 00:05:59,200 --> 00:06:02,940 and stupid ICOs and NFT and crypto nonsense 89 00:06:02,940 --> 00:06:05,480 to eventually just realize that Bitcoin 90 00:06:05,480 --> 00:06:10,060 is an incredibly special computer science discovery, 91 00:06:10,320 --> 00:06:12,220 which is extremely important for the world 92 00:06:12,220 --> 00:06:14,680 and that we should put our attention towards. 93 00:06:14,880 --> 00:06:17,980 And that's eventually what I decided to do. 94 00:06:18,120 --> 00:06:20,500 So I started the Bitcoin for Millennials podcast 95 00:06:20,500 --> 00:06:22,520 now two and a half years ago, 96 00:06:22,760 --> 00:06:24,660 almost at 250 episodes. 97 00:06:24,660 --> 00:06:28,280 and yeah, basically talk to almost everyone 98 00:06:28,280 --> 00:06:30,780 who's inspired me along the way, 99 00:06:30,900 --> 00:06:33,360 which is just really fun to do 100 00:06:33,360 --> 00:06:36,340 and something that I've learned a lot from 101 00:06:36,340 --> 00:06:39,580 and also happy to see that, yeah, 102 00:06:39,580 --> 00:06:41,680 it's helping other people to discover 103 00:06:41,680 --> 00:06:43,520 and understand Bitcoin 104 00:06:43,520 --> 00:06:46,660 and maybe even more importantly, why it exists. 105 00:06:47,280 --> 00:06:49,700 So I hope that's a good summary, a quick summary. 106 00:06:50,020 --> 00:06:50,620 Yeah, absolutely. 107 00:06:50,820 --> 00:06:53,920 Actually, we have basically almost the same background, 108 00:06:53,920 --> 00:06:56,160 I also started with cryptos. 109 00:06:56,360 --> 00:06:58,520 I started a little bit later than you in 2017. 110 00:06:59,140 --> 00:07:01,040 But yeah, it's like you. 111 00:07:01,160 --> 00:07:03,440 I got it, but I understand the concept. 112 00:07:03,740 --> 00:07:11,080 But until I truly start orange peeling myself, you know, the COVID pandemic, because basically we were in lockdown. 113 00:07:11,240 --> 00:07:12,940 So there was not much to do. 114 00:07:13,620 --> 00:07:15,460 Siphoning was releasing his book. 115 00:07:16,640 --> 00:07:18,940 You know, Max and Stacey had their show in RT. 116 00:07:19,220 --> 00:07:21,020 So I learned a lot with them. 117 00:07:21,020 --> 00:07:26,920 yeah and actually i came to the same conclusion as you so but i i want to ask you also about 118 00:07:26,920 --> 00:07:32,660 your show so maybe i think my question will be like when when you started the show first what is 119 00:07:32,660 --> 00:07:39,440 the purpose of the show what is your like your goal and what was your aha moment or do you have 120 00:07:39,440 --> 00:07:44,840 like a process of how moments in this way oh wow um well so i think the purpose of the podcast is 121 00:07:44,840 --> 00:07:51,200 you know it's Bitcoin for millennials and it's because I realized that a few things I think 122 00:07:51,200 --> 00:07:57,680 there are a this was in a period where I was talking to some Bitcoin people that I knew from 123 00:07:57,680 --> 00:08:03,620 online like from X or whatever we would have like calls like this and just you know talk with each 124 00:08:03,620 --> 00:08:09,660 other explore talk about Bitcoin whatever and quite a few times where I we thought like oh this 125 00:08:09,660 --> 00:08:13,780 was actually a really nice conversation like we should have recorded this and then we can share 126 00:08:13,780 --> 00:08:18,420 with others. So that's kind of how a seed was planted. But at the same time, in the same period, 127 00:08:18,420 --> 00:08:23,060 I was talking to a lot of millennial friends and people I've known for a long time. Some people 128 00:08:23,060 --> 00:08:28,720 that have been very successful in business and don't have to work again at, you know, in mid 129 00:08:28,720 --> 00:08:35,420 30s and people that I admire or look up to, love, think are intelligent and whatnot. And they totally 130 00:08:35,420 --> 00:08:39,320 don't understand it. They don't understand Bitcoin. They don't understand the problem they have. 131 00:08:39,320 --> 00:08:42,520 They're totally oblivious, even though they are intelligent. 132 00:08:43,140 --> 00:08:52,840 They are totally oblivious to the debasement of money, what the consequences are, you know, fiat money system, fractional reserve banking, stuff like that. 133 00:08:52,900 --> 00:08:58,620 They just have no clue and or are not really even interested to learn about it. 134 00:08:58,860 --> 00:09:07,600 And I think those moments together kind of motivated me to do something for my generation because I do think we need Bitcoin, right? 135 00:09:07,600 --> 00:09:15,340 I mean, just the idea that, you know, if you're mid-30s and you want to retire in 30 years, how much money units do you need? 136 00:09:15,640 --> 00:09:23,400 And if in 30 years at 2% inflation, half of the purchasing power disappears, this question becomes even more difficult to answer. 137 00:09:23,660 --> 00:09:29,680 And it becomes even more difficult to answer when you know that it's not 2% a year, it's even more and it's increasing, etc. 138 00:09:29,680 --> 00:09:42,420 So I think understanding that there is a certain problem in your future is one, but then also getting to a point where you want to act upon it today and actually try to figure out how you can do that. 139 00:09:42,420 --> 00:09:56,580 I mean, my answer is Bitcoin, obviously, but I do think that everyone goes through their own journey of gathering knowledge and reflecting and accepting and denying and all these things along the way that you cannot understand it for someone else. 140 00:09:56,640 --> 00:09:57,360 They have to do it themselves. 141 00:09:57,360 --> 00:10:07,500 So that and that also combined with, you know, every generation has had a certain asset that has helped them propel forward that other people didn't really see or had the opportunity to. 142 00:10:07,640 --> 00:10:12,400 Right. So like the boomers had real estate and Gen X, like index funds, S&P 500, stuff like that. 143 00:10:12,740 --> 00:10:14,340 And I think millennials have Bitcoin. 144 00:10:14,480 --> 00:10:15,480 That's just what I think. 145 00:10:15,660 --> 00:10:18,640 Should millennial, should Bitcoin exist for millennials? 146 00:10:18,900 --> 00:10:24,000 You know, someone told me once I met him and he said, you know, I think the name of your podcast is brilliant. 147 00:10:24,000 --> 00:10:24,940 And I said, why? 148 00:10:25,160 --> 00:10:26,800 Because I'm just trying to niche down. 149 00:10:26,800 --> 00:10:30,520 right like i want to help my generation he's like yeah because it shouldn't exist like bitcoin for 150 00:10:30,520 --> 00:10:35,880 millennials should exist you know millennials shouldn't even need bitcoin in order to prepare 151 00:10:35,880 --> 00:10:40,340 for and have hope for their future and i just thought it was very interesting like i never 152 00:10:40,340 --> 00:10:45,260 thought about it like that but i do agree with it it's kind of crazy that everything that has 153 00:10:45,260 --> 00:10:52,000 kind of been taught or sold to us right as to how your path of life goes you kind of get stuck 154 00:10:52,000 --> 00:10:53,320 in your mid-30s, right? 155 00:10:53,360 --> 00:10:55,520 Or earlier mid-30s when you realize, 156 00:10:55,660 --> 00:10:57,400 okay, maybe I can't buy a home 157 00:10:57,400 --> 00:10:58,660 or I can't start a family, 158 00:10:58,800 --> 00:10:59,760 although I want to. 159 00:10:59,940 --> 00:11:01,440 It's all these things you thought 160 00:11:01,440 --> 00:11:02,680 you would achieve in the future 161 00:11:02,680 --> 00:11:04,340 that you might not achieve. 162 00:11:04,500 --> 00:11:06,500 Okay, so what do you do about that, right? 163 00:11:06,560 --> 00:11:09,320 Like how can you take on a certain agency 164 00:11:09,320 --> 00:11:11,280 to try to figure out what is going on 165 00:11:11,280 --> 00:11:13,960 and then how to mitigate that for yourself? 166 00:11:13,960 --> 00:11:17,260 So that's the motivation behind the podcast. 167 00:11:17,460 --> 00:11:20,140 And I think I've had several aha moments 168 00:11:20,140 --> 00:11:20,840 along the way. 169 00:11:20,840 --> 00:11:26,060 it's hard to pinpoint them or like how they work together. I think one of the biggest, I'll share 170 00:11:26,060 --> 00:11:30,960 two of the biggest moments. One was when I was 30 and I had a mortgage and I was already into 171 00:11:30,960 --> 00:11:35,100 Bitcoin and I was working at a bank, like the biggest bank of my country. I used to be in 172 00:11:35,100 --> 00:11:39,660 Amsterdam going into the skyscraper every day with my little Bitcoin pin on my backpack and 173 00:11:39,660 --> 00:11:44,460 feeling like an intruder. But it took me a conversation with a colleague who told me, 174 00:11:44,560 --> 00:11:48,520 did you know the money in the bank is not yours? And I was like, what are you talking about? And 175 00:11:48,520 --> 00:11:51,560 And we had lunch for an hour and he like fully explained it to me. 176 00:11:51,860 --> 00:11:55,140 And I just remember walking away from that conversation, just feeling like an idiot. 177 00:11:55,460 --> 00:12:03,160 Like just realizing that I wasn't an actor, that I was a subject in a system that I just had no clue about how it worked. 178 00:12:03,160 --> 00:12:05,040 Even though, again, I was working at a bank. 179 00:12:05,440 --> 00:12:06,140 I was participating. 180 00:12:06,300 --> 00:12:06,820 I had a mortgage. 181 00:12:07,020 --> 00:12:07,960 You know, I was into Bitcoin. 182 00:12:08,120 --> 00:12:11,160 I thought like, oh, I'm a knowledgeable person, but I wasn't. 183 00:12:11,160 --> 00:12:18,680 I need to pause on this because your people and my people are millennials. 184 00:12:18,680 --> 00:12:29,608 So probably as you had this question for the first time that someone told you that their money the money you put in the bank is not yours If you can summarize like why actually that true 185 00:12:30,268 --> 00:12:33,628 Well, it's also not money and it's also not in a bank, right? 186 00:12:33,968 --> 00:12:34,328 Yeah. 187 00:12:35,328 --> 00:12:38,668 Well, this whole idea of fractional reserve banking is like, 188 00:12:38,668 --> 00:12:43,308 I think a lot of people have this idea that the bank is like a big vault 189 00:12:43,308 --> 00:12:46,188 and there is money that is stored in this vault 190 00:12:46,188 --> 00:12:49,528 and you're paying the bank to safeguard it or something, right? 191 00:12:49,528 --> 00:12:51,548 Like they just think it's like a giant vault. 192 00:12:52,028 --> 00:12:57,288 So the cash money like 100 years ago isn't under your bed or something like that. 193 00:12:57,288 --> 00:12:59,488 That's kind of the idea that we have. 194 00:12:59,488 --> 00:13:04,848 But basically what we do is we lend out our money to the bank. 195 00:13:05,288 --> 00:13:11,628 And by signing a contract, the money that you owned before, right, if it would have been cash in your hand, you would have owned it. 196 00:13:11,808 --> 00:13:14,428 The bank now actually owns it contractually. 197 00:13:14,428 --> 00:13:23,648 And the number in your bank account you see on your app becomes a claim on a certain amount of money that you've basically lent out to the bank. 198 00:13:23,728 --> 00:13:31,648 And now what the bank does with that is they use that as collateral for creating loans. 199 00:13:31,768 --> 00:13:39,148 And it's not like, you know, if you put $1,000 in the bank that they are able to lend out $1,000 more, right? 200 00:13:39,148 --> 00:13:43,728 So you put $1,000 in the bank, you maybe get, I don't know, 1% or 2% on your savings account. 201 00:13:44,028 --> 00:13:48,668 And the bank's business model is to lend out that same money for more than 2%. 202 00:13:48,668 --> 00:13:52,228 And the difference is how they make money. 203 00:13:52,708 --> 00:13:56,988 It's called fractional reserve banking, not full reserve banking, right? 204 00:13:56,988 --> 00:14:09,208 Because they can use your $1,000 and lend out $10,000 for 6% per loan. 205 00:14:09,448 --> 00:14:16,988 And it's all based on the assumption that not everyone wants all their money at the same time. 206 00:14:17,548 --> 00:14:19,408 And it's funny because that assumption... 207 00:14:19,408 --> 00:14:20,468 Except in crisis time. 208 00:14:21,048 --> 00:14:22,168 Exactly, right? 209 00:14:22,248 --> 00:14:24,308 So that's why this time is also interesting. 210 00:14:25,168 --> 00:14:25,388 Yeah. 211 00:14:25,388 --> 00:14:36,628 And that assumption is based on the fact that they don't really tell anyone how banking works or don't really tell anyone what money should philosophically be, right? 212 00:14:36,668 --> 00:14:40,408 Like what the characteristics it should have or the function that it fulfills. 213 00:14:40,408 --> 00:14:48,768 So it's all based on certain assumptions, but also lack of education or either misinformation, however you want to determine it. 214 00:14:48,768 --> 00:14:55,328 So like not fully understanding why any individual person would actually participate in the banking 215 00:14:55,328 --> 00:14:55,888 system. 216 00:14:56,328 --> 00:14:58,368 It is not to keep your money safe. 217 00:14:58,628 --> 00:15:04,448 It's to use your money that you earned by spending your time and energy to make more 218 00:15:04,448 --> 00:15:05,528 money for the bank, right? 219 00:15:06,048 --> 00:15:11,288 And if the bank messes up or well, if it goes well, you never hear anything, right? 220 00:15:11,328 --> 00:15:12,468 Because they are making money. 221 00:15:12,908 --> 00:15:18,728 If it goes wrong and the bank blows up or goes bust, whatever, what happens is, you know, 222 00:15:18,728 --> 00:15:20,368 So they privatize the gains. 223 00:15:20,468 --> 00:15:21,408 That's what it's called, right? 224 00:15:21,428 --> 00:15:22,588 And they socialize the losses. 225 00:15:22,688 --> 00:15:26,568 So if it goes bad, you are still, you're not an owner of that money. 226 00:15:26,628 --> 00:15:28,668 You become a creditor of that money, right? 227 00:15:29,208 --> 00:15:35,848 And there are certain things like insurance deposits from a state, for example, that say 228 00:15:35,848 --> 00:15:40,768 like, you know, each bank account has up to $250,000 of insurance backed by the state, 229 00:15:40,888 --> 00:15:41,088 whatever. 230 00:15:41,088 --> 00:15:45,228 But the state can just print in, they can create infinite money units, right? 231 00:15:45,228 --> 00:15:53,748 So in a nominal way, it is true that you are covered, but eventually when a government has to step in, there's two options. 232 00:15:53,908 --> 00:16:00,668 They either create more money units, they inflate the supply of money, which eventually creates inflation of prices. 233 00:16:01,308 --> 00:16:03,348 So that hurts, that hurts citizens. 234 00:16:03,608 --> 00:16:10,248 Or the other way is, you know, how does a state get money is by raising taxes or get more taxes. 235 00:16:10,248 --> 00:16:12,188 So that also touches the citizens. 236 00:16:12,188 --> 00:16:19,128 I have, I cannot find it quickly, but I have a really cool like thread on X with Grok where we talk through this. 237 00:16:19,528 --> 00:16:25,688 And I asked Grok like, okay, but how, what label would you put on citizens that put their money in a bank? 238 00:16:25,708 --> 00:16:28,428 Like what are they technically in this scheme? 239 00:16:28,548 --> 00:16:28,748 Right. 240 00:16:29,148 --> 00:16:34,608 And it said something like they are something like they're not covered. 241 00:16:34,828 --> 00:16:37,048 So they are debtors, but they're not covered. 242 00:16:37,408 --> 00:16:38,448 Or creditors. 243 00:16:38,648 --> 00:16:39,568 But they are not covered. 244 00:16:39,568 --> 00:16:44,728 So then I said, okay, that kind of sounds like a scam or a Ponzi, right? 245 00:16:44,888 --> 00:16:47,908 Because the conditions are not clear. 246 00:16:48,228 --> 00:16:52,048 And then it said, you know, well, it has all the characteristics of a Ponzi. 247 00:16:52,428 --> 00:16:53,228 It is legal. 248 00:16:53,548 --> 00:16:54,428 That was the reply. 249 00:16:54,848 --> 00:16:55,868 It is legal. 250 00:16:56,348 --> 00:16:58,528 So I think there's no difference. 251 00:16:58,848 --> 00:16:59,968 No, no, there's no difference. 252 00:17:01,888 --> 00:17:03,248 I'll share two other things. 253 00:17:03,248 --> 00:17:13,208 In fact, the legal coverage for what a bank should have of all the deposits in America is zero. 254 00:17:13,568 --> 00:17:15,208 And in Europe, it's 1%. 255 00:17:15,208 --> 00:17:20,808 So even if this entire scheme wouldn't even exist, if 100 people want to get their money, 256 00:17:21,228 --> 00:17:25,328 legally, the bank can give zero people their money in the US. 257 00:17:25,328 --> 00:17:28,248 And in Europe, it can be 1%. 258 00:17:28,248 --> 00:17:35,468 know how much what they actually have, but they never have the 100%, right? So I think, 259 00:17:35,948 --> 00:17:41,208 and this would be my main thing is the first thing you need to realize in your entire Bitcoin journey. 260 00:17:41,208 --> 00:17:46,648 And again, this was one of my big aha moments is that this is how it works and that you have to 261 00:17:46,648 --> 00:17:52,868 make a decision if you want to participate in something like this or not. With all the 262 00:17:52,868 --> 00:17:58,988 contingencies and all the dependencies and the outsourcing of responsibility that all come with 263 00:17:58,988 --> 00:18:07,128 it and your perceived risk or assurance by participating in this system, right? And I think 264 00:18:07,128 --> 00:18:13,288 if you really sit with that question, even though the other direction, right, where the answer is, 265 00:18:13,288 --> 00:18:18,268 no, I don't want to participate in it, but I have no clue what to do because everyone is 266 00:18:18,268 --> 00:18:25,588 participating in this, right? That may sound more scary until you find Bitcoin, I would say, 267 00:18:25,828 --> 00:18:32,548 because once you realize that you can, if you try to add value and you earn money as a reward, 268 00:18:32,548 --> 00:18:38,168 and you are able to live in a certain way that you can save an excess of money, right? That is 269 00:18:38,168 --> 00:18:43,788 your capital, your pooled money. You have one system where you can park that, that works like 270 00:18:43,788 --> 00:18:50,368 I just described and you are literally a subject to whatever happens or you can move it into a 271 00:18:50,368 --> 00:18:55,248 system which is Bitcoin right it's just a parallel system just just visualize it as like a thing that 272 00:18:55,248 --> 00:19:02,308 you can take and move basically once once you realize that there is a form of digital money 273 00:19:02,308 --> 00:19:08,588 that anyone can adopt anyone can verify for themselves there is no third party that you 274 00:19:08,588 --> 00:19:14,548 This is what I asked one of my rich friends at Soltair Company. 275 00:19:14,708 --> 00:19:19,628 I'm like, okay, if you call the bank and you send $200,000 from the bank, cash, 276 00:19:20,148 --> 00:19:21,928 what do you think happens? 277 00:19:22,008 --> 00:19:23,288 And he's like, yeah, I don't know. 278 00:19:23,408 --> 00:19:25,748 Maybe they ask when I need it or whatever. 279 00:19:25,868 --> 00:19:26,648 I don't think they have it. 280 00:19:26,648 --> 00:19:32,308 I said, no, the first question by random phone person number one is going to be, 281 00:19:32,368 --> 00:19:33,168 oh, $200,000. 282 00:19:33,308 --> 00:19:35,368 It's a bit more than, let me see, oh, $10,000. 283 00:19:35,888 --> 00:19:38,068 What are you going to use it for? 284 00:19:38,588 --> 00:19:39,568 It's going to be the first question. 285 00:19:39,928 --> 00:19:45,028 And they don't even know why they're asking because they have to do that, you know, because their central bank tells them. 286 00:19:45,408 --> 00:19:49,068 And I said this to my friend and he was looking at me like, yeah, okay, I don't know. 287 00:19:49,148 --> 00:19:49,948 Like, I don't really care. 288 00:19:49,968 --> 00:19:53,988 And I'm like, dude, there is, you do not own what you think you own, right? 289 00:19:53,988 --> 00:19:54,988 This is not your property. 290 00:19:55,788 --> 00:19:59,848 There's a random person on the other side of the phone that is asking you why you need it. 291 00:20:00,748 --> 00:20:01,508 Like, what? 292 00:20:01,748 --> 00:20:02,268 It's my money. 293 00:20:02,808 --> 00:20:03,448 What do you care? 294 00:20:03,668 --> 00:20:04,748 Well, yeah, it's not. 295 00:20:05,348 --> 00:20:06,368 Yeah, I mean, obviously. 296 00:20:06,368 --> 00:20:11,088 so conceptually you would think it's your money but it's not exactly right and this is the first 297 00:20:11,088 --> 00:20:15,848 path this is the first decision you have to make we're not even at bitcoin yet right yeah you have 298 00:20:15,848 --> 00:20:21,408 to really think about okay do i want to keep participating in a system that i can never truly 299 00:20:21,408 --> 00:20:26,808 understand but i know it's not designed for my individual prosperity or am i going to try to 300 00:20:26,808 --> 00:20:33,608 figure out what else i need to do yeah absolutely that's that's something that i think you also 301 00:20:33,608 --> 00:20:34,868 approach in your podcast. 302 00:20:35,088 --> 00:20:36,668 I mean, I'll focus a lot 303 00:20:36,668 --> 00:20:37,648 on what is the problem 304 00:20:37,648 --> 00:20:39,708 because if people can understand 305 00:20:39,708 --> 00:20:40,408 what is the problem, 306 00:20:40,628 --> 00:20:41,308 like broken money, 307 00:20:41,568 --> 00:20:42,168 broken system, 308 00:20:42,428 --> 00:20:44,008 then they can start understanding 309 00:20:44,008 --> 00:20:45,088 and asking more questions 310 00:20:45,088 --> 00:20:46,768 and eventually they will go to Bitcoin. 311 00:20:47,108 --> 00:20:48,288 Another thing that I want to ask you 312 00:20:48,288 --> 00:20:49,368 is that you have done 313 00:20:49,368 --> 00:20:50,628 a lot of episodes just like me. 314 00:20:50,988 --> 00:20:51,668 And I'm just thinking 315 00:20:51,668 --> 00:20:52,648 that this week, 316 00:20:52,868 --> 00:20:53,488 just by chance, 317 00:20:53,688 --> 00:20:54,768 I had someone that is a boomer. 318 00:20:54,948 --> 00:20:55,728 Actually, I have a, 319 00:20:55,968 --> 00:20:57,028 Bob Burnett, probably you know him, 320 00:20:57,188 --> 00:20:58,428 that he has the Bitcoin boomers. 321 00:20:58,428 --> 00:20:59,388 He was my inspiration 322 00:20:59,388 --> 00:21:00,888 to start the podcast, actually. 323 00:21:01,408 --> 00:21:01,848 Really? 324 00:21:02,568 --> 00:21:03,528 Yes, yes. 325 00:21:03,608 --> 00:21:04,128 Wow. 326 00:21:04,408 --> 00:21:07,688 So when, well, before it became a podcast, 327 00:21:08,188 --> 00:21:12,088 like the calling, the call or the motivation to do something 328 00:21:12,088 --> 00:21:13,028 came from Bob Burnett. 329 00:21:13,068 --> 00:21:14,088 This is more well, man. 330 00:21:15,188 --> 00:21:15,348 Yeah. 331 00:21:15,948 --> 00:21:16,468 Yeah. 332 00:21:16,708 --> 00:21:17,108 Yeah. 333 00:21:17,108 --> 00:21:21,728 So he was on a podcast and he shared something like, 334 00:21:21,728 --> 00:21:25,408 you know, I think Bitcoin is probably the most important 335 00:21:25,408 --> 00:21:32,928 like technological development or thing that you could spend 336 00:21:32,928 --> 00:21:40,268 your time and energy on because even if you don't think well like this is this is going to be 337 00:21:40,268 --> 00:21:44,248 something you're going to think about for the rest of your life and i agreed when i heard that 338 00:21:44,248 --> 00:21:50,168 yeah so i want to see how this plays out i want to see how this plays out so if i think this should 339 00:21:50,168 --> 00:21:55,768 truly exist and more people should understand it then uh that that was basically my call to action 340 00:21:55,768 --> 00:22:01,228 by bob and i was like oh okay yeah i do want to contribute to this i didn't know how but yeah like 341 00:22:01,228 --> 00:22:08,868 i explained like later yeah yeah yeah no so my question was that just by chance uh it seems this 342 00:22:08,868 --> 00:22:13,288 week i have been recording one episode with a boomer one episode with a millennial that is you 343 00:22:13,288 --> 00:22:18,688 yeah the next one is gonna be someone from gen z so it's like the perfect combination to do this 344 00:22:18,688 --> 00:22:24,408 so my question is like uh because you also have done a lot of episodes that what do you think that 345 00:22:24,408 --> 00:22:31,068 our generation makes the big difference between gen z and boomers but in terms that what we're 346 00:22:31,068 --> 00:22:37,448 fighting for while we're struggling. I think the things that they were struggling, our parents, 347 00:22:37,588 --> 00:22:42,348 is not the same as us. And of course the solution could be the same Bitcoin, right? But what do 348 00:22:42,348 --> 00:22:46,668 you think is the biggest, one of the biggest challenges for us as millennials in our daily 349 00:22:46,668 --> 00:22:47,008 basis? 350 00:22:53,108 --> 00:22:58,708 Cuando dejas tus activos digitales en una exchange o en custodia de alguien más, te expones a riesgos 351 00:22:58,708 --> 00:22:59,708 of the third-year-old. 352 00:22:59,708 --> 00:23:04,708 At the same time, the traditional system, Bitcoin allows you to take control total of your 353 00:23:04,708 --> 00:23:07,708 funds using your own private private claves. 354 00:23:07,708 --> 00:23:10,708 This allows you to be sovereign and essentially your own bank. 355 00:23:10,708 --> 00:23:14,708 At the same time, you can avoid the risks of the third-year-old. 356 00:23:14,708 --> 00:23:17,708 The third-year-old Bitcoin can take control of your third-year-old. 357 00:23:17,708 --> 00:23:22,708 The exchanges can take you to attacks from the actors, governments, or stafers 358 00:23:22,708 --> 00:23:25,708 who only want to take care of your money. 359 00:23:25,708 --> 00:23:30,508 The hardware billets increase the security of your wallet because your private keys are 360 00:23:30,508 --> 00:23:34,588 stored in a specialized device that is not always connected to the internet. 361 00:23:34,588 --> 00:23:40,948 As I said before, keeping your keys stored in a network network can be exposed to additional 362 00:23:40,948 --> 00:23:46,668 attacks, so it is recommended to use a hardware billets to store large amounts of bitcoin 363 00:23:46,668 --> 00:23:48,468 during long periods of time. 364 00:23:48,468 --> 00:23:55,428 Jade is a hardware billets no custodial for bitcoin and liquid that offers simple firma 365 00:23:55,428 --> 00:23:56,948 and multiple firm. 366 00:23:56,948 --> 00:23:59,748 I personally use it to arm the bitcoin 367 00:23:59,748 --> 00:24:01,028 because I feel much more secure 368 00:24:01,028 --> 00:24:07,108 keeping my bitcoin in a free billet than in a free billet. 369 00:24:07,108 --> 00:24:09,428 If you are thinking of buying one for you, 370 00:24:09,428 --> 00:24:13,108 don't forget to use the discount code of our show, 371 00:24:13,108 --> 00:24:14,708 BITCORNER PODCAST. 372 00:24:14,708 --> 00:24:17,188 So you will be able to support the show 373 00:24:17,188 --> 00:24:21,828 and you will get a 10% discount for your free billet. 374 00:24:25,428 --> 00:24:59,896 This podcast is brought to you by BullBitcoin the most trusted Bitcoin exchange built by Bitcoiners or Bitcoiners who give a damn about sovereignty not altcoins no custody just put Bitcoin straight to your wallet Get your own virtual event so banks can spy on your Bitcoin activity 375 00:24:59,896 --> 00:25:06,096 Buy Bitcoin instantly or send bank transfers to Canada, Europe, Mexico and Argentina in 376 00:25:06,096 --> 00:25:07,096 a snap. 377 00:25:07,096 --> 00:25:11,196 For pennies, ditch the banks, screw the shady remittances apps. 378 00:25:11,196 --> 00:25:15,096 head to boldbitcoin.com, use the code BITCORNERPODCAST, 379 00:25:15,476 --> 00:25:17,156 and start specking stats in the right way, 380 00:25:17,356 --> 00:25:19,256 or send money home cheap and fast. 381 00:25:19,656 --> 00:25:22,576 Bold Bitcoin, earn your money, destroy fees. 382 00:25:22,576 --> 00:25:27,576 I think it starts with, you know, the millennials now are in an age range, 383 00:25:28,396 --> 00:25:30,236 let's say late 20s to late 30s, 384 00:25:30,276 --> 00:25:35,636 where they are making or have made some big decisions in their life, right? 385 00:25:35,716 --> 00:25:40,976 Like where to live or who to be with or getting children or, you know, 386 00:25:40,976 --> 00:25:45,496 whatever your kind of like career direction is or whatnot. 387 00:25:46,056 --> 00:25:48,196 So, but at the same time, like I said before, 388 00:25:48,196 --> 00:25:52,756 I think we're realizing that the path that we embarked on 389 00:25:52,756 --> 00:25:56,136 kind of changed mid game or it doesn't really exist anymore. 390 00:25:56,136 --> 00:26:01,036 And I think that is a very confusing thing to realize in a sense. 391 00:26:01,296 --> 00:26:03,136 And I think it also, you know, 392 00:26:03,256 --> 00:26:06,536 there are people that don't want to have children, for example, 393 00:26:06,536 --> 00:26:08,416 because they are uncertain about the future 394 00:26:08,416 --> 00:26:09,596 or they think it's too expensive. 395 00:26:09,596 --> 00:26:10,856 I could never afford that. 396 00:26:10,976 --> 00:26:11,776 That's crazy. 397 00:26:11,936 --> 00:26:15,696 Like your parents who were, you know, in Western Europe, 398 00:26:15,796 --> 00:26:20,276 who were born from people that survived a world war, 399 00:26:20,376 --> 00:26:21,556 were dying to have kids. 400 00:26:21,836 --> 00:26:23,536 Everyone wanted to have kids, right? 401 00:26:23,856 --> 00:26:25,596 Like they were literally the boomer generation. 402 00:26:26,956 --> 00:26:27,616 Yeah, exactly. 403 00:26:27,896 --> 00:26:29,616 That's why they're called the boomer generation. 404 00:26:30,416 --> 00:26:30,716 Yeah. 405 00:26:31,216 --> 00:26:32,976 And they have all incentives to have them. 406 00:26:33,976 --> 00:26:37,756 They had less, less, less wealth, less wealth. 407 00:26:37,756 --> 00:26:39,316 Country in shambles, right? 408 00:26:39,316 --> 00:26:45,996 country needing to be rebuilt very bad situation and they and they and they they they all did it 409 00:26:45,996 --> 00:26:50,196 of course i didn't live back then and maybe there was different motivation but i think the thing now 410 00:26:50,196 --> 00:26:56,476 is the fact that you are discouraged from having children right like following your biological urge 411 00:26:56,476 --> 00:27:03,456 by a man-made construct that is stealing your time and energy and therefore in some crazy way 412 00:27:03,456 --> 00:27:08,976 your spirit is just one of the most messed up things i think exists like the biggest spiritual 413 00:27:08,976 --> 00:27:15,856 prime of fiat money is that yeah and so i think what the millennials feel is that you know the 414 00:27:15,856 --> 00:27:21,736 boomers are okay they might be messed up in some yeah but i mean like they're they're they're gonna 415 00:27:21,736 --> 00:27:27,696 be okay at least they have a paid off house right like at some point they're going to be okay it's 416 00:27:27,696 --> 00:27:32,076 not the future i i think is not without challenges for them but they're going to be okay and they're 417 00:27:32,076 --> 00:27:38,796 they're closer to death so to say right i think no no i don't hear that no no no i love bob 418 00:27:38,796 --> 00:27:46,736 shout out to bob i feel i think like for the millennia for the gen z they feel and they see 419 00:27:46,736 --> 00:27:53,216 what is happening but they do have the most time right and i think like they have time to change 420 00:27:53,216 --> 00:27:58,976 paths or even create a different path right or just just change the whole notice of what the 421 00:27:58,976 --> 00:28:04,996 path looks like in in their lives i mean i mean a lot of gen z gen z years are waking up to the 422 00:28:04,996 --> 00:28:10,176 fact that the phone is is a fucking enslavement and they're buying dumb phones and stuff i mean 423 00:28:10,176 --> 00:28:15,176 they're waking up to that themselves right i see people on youtube that are like 19 they're they're 424 00:28:15,176 --> 00:28:21,036 they say like i said and i sat on my floor and i did nothing for two hours there's youtube videos 425 00:28:21,036 --> 00:28:26,816 of of gen zers figuring out fucking meditation right like they're figuring it out not by reading 426 00:28:26,816 --> 00:28:31,436 about meditation or esoteric knowledge or whatever they're figuring it out because their brain needs 427 00:28:31,436 --> 00:28:35,916 it. They just don't want to, you know, so it's, it's so funny how this counter thing exists. 428 00:28:36,136 --> 00:28:37,016 Very passive dopamine. 429 00:28:37,856 --> 00:28:43,716 Yeah. So I think they will be, they will be fine too. I think they will be fine too. Although part 430 00:28:43,716 --> 00:28:48,676 of their, their future idea has definitely changed, but I think they'll be fine. I think one of the 431 00:28:48,676 --> 00:28:53,036 biggest challenges for millennials is that you're in this midlife, right? You're in this, in this 432 00:28:53,036 --> 00:28:58,956 midlife where all these big decisions are and the game changed. Okay. So do I have enough time to 433 00:28:58,956 --> 00:29:05,216 create a different path to understand the new game well i mean i already have kids or i'm already 434 00:29:05,216 --> 00:29:11,276 already made this decision or whatever so i think that it just becomes way more apparent to 435 00:29:11,276 --> 00:29:15,996 millennials that there is this huge problem towards the future i don't know if that's an 436 00:29:15,996 --> 00:29:20,196 answer to your question but that's kind of how i i view it it's like you're you're kind of stuck 437 00:29:20,196 --> 00:29:27,116 in the middle you made all these big decisions you have time more than boomers but less than 438 00:29:27,116 --> 00:29:29,076 these others, right? Like, okay, so how do you 439 00:29:29,076 --> 00:29:30,876 mitigate this realization that 440 00:29:30,876 --> 00:29:32,796 the game changed mid-game 441 00:29:32,796 --> 00:29:34,776 and you're probably not even in the same 442 00:29:34,776 --> 00:29:37,116 game anymore. You cannot even 443 00:29:37,116 --> 00:29:39,236 define the game that you're in, if that makes 444 00:29:39,236 --> 00:29:40,636 sense, right? So I think 445 00:29:40,636 --> 00:29:43,136 that all together is 446 00:29:43,136 --> 00:29:44,716 very confusing, especially 447 00:29:44,716 --> 00:29:46,856 and I'll end with that 448 00:29:46,856 --> 00:29:49,056 because I think millennials, again, especially 449 00:29:49,056 --> 00:29:50,536 in the West, right? I mean, that's my 450 00:29:50,536 --> 00:29:51,836 point of view. 451 00:29:52,896 --> 00:29:55,116 We grew up in the best time to ever 452 00:29:55,116 --> 00:29:56,956 grow up of anyone who ever lived. 453 00:29:57,116 --> 00:30:03,156 So, and money just worked and there was water and food and the roof over our head and whatnot. 454 00:30:03,496 --> 00:30:09,196 And so our idea of this life path is also based on that really great time. 455 00:30:09,536 --> 00:30:16,476 And that's, you know, it's not to complain or whatever, but it was our expectation that life would continue like this, right? 456 00:30:16,476 --> 00:30:23,756 And if you, again, figure out that it's not at, let's say, about halfway through your life, that's big, right? 457 00:30:23,796 --> 00:30:26,416 Like, that's not a nice, that's not a nice realization. 458 00:30:26,416 --> 00:30:31,816 I think it's a very big and unpleasant realization, which proposes a real challenge. 459 00:30:32,176 --> 00:30:36,736 Yeah, I was asking this because I was thinking also for the next generation, for example, 460 00:30:36,916 --> 00:30:40,176 the Gen Z are the ones that continue after them. 461 00:30:40,516 --> 00:30:44,776 Because, you know, El Salvador are doing this huge path that, as you know, 462 00:30:45,036 --> 00:30:50,336 Bukele is not putting, let's say, all the efforts in our generation. 463 00:30:50,576 --> 00:30:52,856 He is putting the efforts in the youngest one, in the kids, 464 00:30:52,856 --> 00:30:54,876 the people that are 465 00:30:54,876 --> 00:30:56,716 the kids that are in school 466 00:30:56,716 --> 00:30:58,696 because our path right now 467 00:30:58,696 --> 00:31:00,716 they have the chance to learn 468 00:31:00,716 --> 00:31:02,596 about Bitcoin in public schools 469 00:31:02,596 --> 00:31:05,536 but also they're focusing on AI a lot 470 00:31:05,536 --> 00:31:08,196 so I think that's the most important thing 471 00:31:08,196 --> 00:31:09,136 to learn right now 472 00:31:09,136 --> 00:31:11,156 because I think those are the tools 473 00:31:11,156 --> 00:31:13,076 that will provide them an advantage 474 00:31:13,076 --> 00:31:14,396 compared to the rest 475 00:31:14,396 --> 00:31:16,816 because I think that every generation 476 00:31:16,816 --> 00:31:17,816 has an advantage 477 00:31:17,816 --> 00:31:19,456 I think ours was that 478 00:31:19,456 --> 00:31:21,756 we were between the analogical things 479 00:31:21,756 --> 00:31:25,716 and the digital ones because we grew up in the streets, 480 00:31:25,796 --> 00:31:28,656 but also when they're off the computer and it started, right? 481 00:31:28,696 --> 00:31:29,916 So we adapted really fast. 482 00:31:30,156 --> 00:31:33,096 But the next generations, they have another channel 483 00:31:33,096 --> 00:31:37,216 that is going to be Bitcoin and AI, right? 484 00:31:37,356 --> 00:31:43,676 So I think it's a long road, but we're there. 485 00:31:43,976 --> 00:31:48,016 And I don't know if you'd think that this could be also the path 486 00:31:48,016 --> 00:31:51,056 for Europe or the Eastern, 487 00:31:51,056 --> 00:31:54,076 because I get in the global south, for example, 488 00:31:54,316 --> 00:31:55,516 we are in huge need. 489 00:31:55,516 --> 00:31:57,976 But what I'm trying to say here is that 490 00:31:57,976 --> 00:32:01,516 how can you apply Bitcoin in daily basis 491 00:32:01,516 --> 00:32:03,796 for anyone that it's a normal billion 492 00:32:03,796 --> 00:32:05,876 that there are not in need, right? 493 00:32:06,216 --> 00:32:08,076 So in the global south, we have... 494 00:32:08,076 --> 00:32:08,556 Yeah, yeah, yeah. 495 00:32:08,916 --> 00:32:11,016 Well, it's an amazing question. 496 00:32:11,156 --> 00:32:13,656 And I talked about it with someone on my podcast today. 497 00:32:13,776 --> 00:32:17,656 I always kind of prided myself with the fact that, 498 00:32:17,696 --> 00:32:19,156 you know, I figured out Bitcoin 499 00:32:19,156 --> 00:32:21,776 without actually experiencing the problem, 500 00:32:22,076 --> 00:32:23,156 if that makes sense, right? 501 00:32:23,216 --> 00:32:24,756 Like that's always what I felt like. 502 00:32:25,096 --> 00:32:26,396 That's quite an achievement. 503 00:32:26,756 --> 00:32:28,316 But later I figured out, you know, 504 00:32:28,396 --> 00:32:31,236 people that actually have the problem today 505 00:32:31,236 --> 00:32:33,376 of crazy fiat debasement, right? 506 00:32:33,436 --> 00:32:34,196 Or I don't know, 507 00:32:34,576 --> 00:32:36,396 if you live in the history of your country 508 00:32:36,396 --> 00:32:37,636 or the history of Argentina, 509 00:32:37,916 --> 00:32:38,896 or, you know, like you said, 510 00:32:38,996 --> 00:32:41,816 wherever in many global South places, 511 00:32:42,116 --> 00:32:45,736 you don't have time and space to think about this, right? 512 00:32:45,796 --> 00:32:46,496 You're just surviving. 513 00:32:46,496 --> 00:32:47,056 Just one shot. 514 00:32:47,416 --> 00:32:48,256 And you're, right? 515 00:32:48,636 --> 00:32:48,816 Yeah. 516 00:32:48,816 --> 00:32:53,496 you're you're hustling you're trying to survive and doing whatever and i'm just sitting here you 517 00:32:53,496 --> 00:33:00,196 know crazy comfortable philosophizing about you know what what is money so it's nonsense that i 518 00:33:00,196 --> 00:33:06,876 thought this was an achievement that i that i made right because i had the luxury to actually 519 00:33:06,876 --> 00:33:11,996 have time and space and contemplate and think about you know what what the hell is going on so 520 00:33:11,996 --> 00:33:17,436 i think that's also been one of my biggest insights is that i always thought you know also coming from 521 00:33:17,436 --> 00:33:22,936 my background. Like if you have a startup idea or a business idea, the first people you want to find 522 00:33:22,936 --> 00:33:28,616 is the people that have a problem, are aware of the problem, actually want to solve their problem. 523 00:33:28,736 --> 00:33:33,816 That's a very important one, right? Are also open to paying for the solution because they understand 524 00:33:33,816 --> 00:33:38,636 that the solution will be more valuable than whatever the cost is and that they want to buy 525 00:33:38,636 --> 00:33:43,756 it from you, that you can actually reach them and talk to them, right? But this first part, 526 00:33:43,816 --> 00:33:47,276 people that have the problem is not so difficult. Everyone has the fiat money problem. 527 00:33:47,436 --> 00:33:57,876 Are you aware of that? Very dependent on where you live and what your perception is of the people that create the environment that you live in. 528 00:33:58,016 --> 00:34:00,596 If you're okay, then you don't have a problem. 529 00:34:00,916 --> 00:34:03,956 If you are not okay, then you have a problem. 530 00:34:04,176 --> 00:34:05,856 But then you get to the third step. 531 00:34:06,036 --> 00:34:07,556 Do you actually want to solve it? 532 00:34:07,556 --> 00:34:18,676 Do you want to fully accept that there are other people that basically steal your time and energy because they can create money from nothing and pay you for your finite time and energy? 533 00:34:19,076 --> 00:34:19,996 Are you okay with that? 534 00:34:20,056 --> 00:34:26,856 Can you actually get to a point where you have enough time to philosophically think through what that even means, what I said? 535 00:34:27,116 --> 00:34:31,796 And if you're hungry every day and you need to hustle and just survive, you don't. 536 00:34:31,796 --> 00:34:41,376 Right. So I have a lot of, although I have not lived that experience, I have a lot of empathy for that because I now see that that is very difficult, almost impossible. 537 00:34:41,676 --> 00:34:45,276 Right. Almost impossible. And I had this example on the podcast today. 538 00:34:45,696 --> 00:34:48,836 I know a guy who's from Kenya. He's like super into Bitcoin. 539 00:34:48,996 --> 00:34:56,336 Like two years ago in Kenya, there were like huge riots by young people against the government for all their financial plans and whatnot. 540 00:34:56,336 --> 00:34:58,856 and they ousted some minister or governor, whatever. 541 00:34:59,116 --> 00:35:01,096 And he's there on the ground telling all these people, 542 00:35:01,236 --> 00:35:02,036 you're right, you're right. 543 00:35:02,096 --> 00:35:04,756 Like you're totally identifying the problem, et cetera. 544 00:35:05,196 --> 00:35:06,176 You're totally right. 545 00:35:06,476 --> 00:35:08,476 But what you need to do now is get into Bitcoin. 546 00:35:08,776 --> 00:35:10,736 Like you need to take energy from the money system. 547 00:35:10,856 --> 00:35:11,456 The money system, 548 00:35:11,916 --> 00:35:13,476 if you don't take energy from the money system, 549 00:35:13,476 --> 00:35:14,476 that's what controls you. 550 00:35:14,476 --> 00:35:17,076 That's the origin of all these issues 551 00:35:17,076 --> 00:35:18,336 that you correctly identify. 552 00:35:18,716 --> 00:35:20,456 And they all think he was crazy. 553 00:35:20,836 --> 00:35:23,096 There's no huge Bitcoin adoption in Kenya now, 554 00:35:23,276 --> 00:35:25,236 although everyone now knows the problem, 555 00:35:25,236 --> 00:35:27,836 has pointed at the people that are doing it and whatnot. 556 00:35:28,316 --> 00:35:30,596 And so that's also been an interesting insight. 557 00:35:30,696 --> 00:35:32,896 It's like, even when the people 558 00:35:32,896 --> 00:35:34,756 that are experiencing the problem 559 00:35:34,756 --> 00:35:36,376 correctly identify the problem 560 00:35:36,376 --> 00:35:38,256 and they point at the right people and whatever, 561 00:35:38,636 --> 00:35:39,856 they still don't understand 562 00:35:39,856 --> 00:35:42,676 like the fundamental origin of the problem 563 00:35:42,676 --> 00:35:43,856 and what needs to change. 564 00:35:43,856 --> 00:35:47,016 And so I think what is very important to communicate 565 00:35:47,016 --> 00:35:49,456 is that you really need to think about that. 566 00:35:49,716 --> 00:35:53,056 Like, why is it so that even people in those places 567 00:35:53,056 --> 00:35:55,156 experiencing the actual problems 568 00:35:55,156 --> 00:35:57,756 carrying so much that they go out into the street 569 00:35:57,756 --> 00:35:59,416 and some people even die and whatnot, 570 00:35:59,876 --> 00:36:02,376 that they cannot even get to the source of the problem. 571 00:36:02,596 --> 00:36:06,556 Like, you know, like you need to see how deep this goes, 572 00:36:06,876 --> 00:36:11,136 like how big the fiat money enchantment or bewilderment is. 573 00:36:11,336 --> 00:36:12,196 Does that make sense, right? 574 00:36:12,236 --> 00:36:16,056 Like just this whole notion of the money we have today 575 00:36:16,056 --> 00:36:18,696 is the most organic way we ended up 576 00:36:18,696 --> 00:36:21,916 with the best possible money of the entire history or whatever. 577 00:36:22,196 --> 00:36:22,536 I don't know. 578 00:36:22,536 --> 00:36:27,576 that's some sort of baseline assumption people have that they also never think about. And so I 579 00:36:27,576 --> 00:36:31,316 think when I hear stuff like this, or also now talk about it, I'm just thinking like that should 580 00:36:31,316 --> 00:36:37,356 be the signal that it goes really, really deep. And it's really difficult to just poke through 581 00:36:37,356 --> 00:36:42,716 that. Because honestly, your whole life, you never thought about what money is, it just works. Even 582 00:36:42,716 --> 00:36:47,956 in a poverty stricken country, it works. You have coins and a bill, and you give it to someone and 583 00:36:47,956 --> 00:36:52,096 they give you a banana or whatever. It just worked. Like I gave the thing and they gave me something 584 00:36:52,096 --> 00:36:58,336 back, okay, this is money, right? Like it doesn't go, I mean, yeah, but, but you know, and, and this 585 00:36:58,336 --> 00:37:04,096 is, I think the education that 99% or just the experience that 99% of the people, including 586 00:37:04,096 --> 00:37:09,776 myself just have when they are younger, like, okay, this is money, whatever. And I'm never even 587 00:37:09,776 --> 00:37:24,244 going to think about it again Yeah But you know that interesting because that the same thing that I was talking with Bob that I told him like I studied engineering in my economic classes All the things that I learned were Kinshans no Austrians no telling that you know there 588 00:37:24,244 --> 00:37:29,504 several types of economics. Okay. Maybe, yeah, they mentioned it, you know, like the philosophers 589 00:37:29,504 --> 00:37:35,584 and the class, but they never teach you at the same way, Austrian at the same way that they teach 590 00:37:35,584 --> 00:37:42,344 you pension because all the care is that you learn to know how the banks works right but never 591 00:37:42,344 --> 00:37:48,764 explain you what is money so it's i mean i had a guy on the podcast who has a double masters of 592 00:37:48,764 --> 00:37:54,044 economics and he said we never we were calculating with stuff but we never had a philosophical 593 00:37:54,044 --> 00:37:59,044 discussion about what money is or should be or what its function is and i mean how how should we 594 00:37:59,044 --> 00:38:05,344 figure that out then as just normal citizens right if if a person like that never even gets 595 00:38:05,344 --> 00:38:06,104 to that point. 596 00:38:06,204 --> 00:38:08,184 And again, for me, it is a signal. 597 00:38:08,324 --> 00:38:10,484 It is a signal that shows you how deep it runs. 598 00:38:10,704 --> 00:38:11,044 Absolutely. 599 00:38:11,684 --> 00:38:12,924 We're going to start, wrap it up. 600 00:38:13,604 --> 00:38:16,824 I have a question that the audience knows. 601 00:38:17,124 --> 00:38:18,844 It's the game that my previous guests 602 00:38:18,844 --> 00:38:20,304 have a question from my next guest. 603 00:38:20,764 --> 00:38:23,084 You chose to know who was the guest, 604 00:38:23,284 --> 00:38:25,104 but you didn't choose the question. 605 00:38:25,244 --> 00:38:26,224 So now you're going to have it. 606 00:38:26,704 --> 00:38:28,124 And then we're going to wrap it up 607 00:38:28,124 --> 00:38:29,044 with a question of mine. 608 00:38:29,044 --> 00:38:33,304 So for the audience, the last guest was Christian. 609 00:38:33,304 --> 00:39:03,284 and he has a question in Spain. 610 00:39:03,304 --> 00:39:07,604 to talk to them, to talk to them about what I was going to do. 611 00:39:08,704 --> 00:39:13,224 So we were all in the back of them and talking to them. 612 00:39:13,964 --> 00:39:18,004 We came to talk about Bitcoin, Bitcoin, and they said this and this. 613 00:39:19,004 --> 00:39:21,384 And for them it was the first and the most important thing. 614 00:39:22,104 --> 00:39:24,344 So in that it goes the Bitcoin Center. 615 00:39:25,224 --> 00:39:27,844 This year we hope to participate. 616 00:39:27,844 --> 00:39:36,844 They participate in several events of Bitcoin with a coffee station where they can promote their circular economy. 617 00:39:37,564 --> 00:39:46,844 And I think one of the most important things is to visit the circular economy, to support them. 618 00:39:46,844 --> 00:39:50,924 in some way, would be ideal to visit them, 619 00:39:50,924 --> 00:39:54,944 buy coffee, buy a text to the communities that I have, 620 00:39:54,944 --> 00:39:59,304 go to Brazil, where Pedro can be able to go to the circular 621 00:39:59,304 --> 00:40:03,444 and surf, go to Chile. 622 00:40:04,024 --> 00:40:06,944 But if not, we can do it, follow them, 623 00:40:07,184 --> 00:40:09,744 give them a like, comment, make connections, 624 00:40:10,444 --> 00:40:15,364 because we really need to talk about this in Spanish. 625 00:40:15,364 --> 00:40:19,364 That is the way that the message is going to be able to reach a lot more people. 626 00:40:20,264 --> 00:40:31,984 And because I'm convinced that this is the tool to be able to bring access to education, 627 00:40:32,404 --> 00:40:36,484 access to knowledge, to many communities not represented, 628 00:40:36,664 --> 00:40:41,584 that really need and want them, but they don't find the solution. 629 00:40:41,584 --> 00:40:45,564 and at the end these communities understand much more easily the message 630 00:40:45,564 --> 00:40:50,144 than what I was saying right now, because they have understood the value of the trueque 631 00:40:50,144 --> 00:40:56,144 during all their history, so they changed this for that, 632 00:40:56,144 --> 00:40:59,284 and that was out of the value of the gold, 633 00:41:00,004 --> 00:41:03,404 so when you teach Bitcoin, you think that you think, 634 00:41:03,544 --> 00:41:06,944 no, they're going to take it, I don't know, they're going to take it, 635 00:41:07,484 --> 00:41:10,484 and you say, okay, they're going to pass it from here, and then they're going to pass it from here, 636 00:41:10,484 --> 00:41:16,244 And so is it. It's a particularity of all the communities that I've been able to know. 637 00:41:17,204 --> 00:41:24,724 Actualmente, I'm doing a cartography of communities of COVID-19 circular, 638 00:41:24,724 --> 00:41:30,444 and there are communities that still don't have a circular economy, but there are a option. 639 00:41:30,844 --> 00:41:34,524 So I'm doing a cartography of Latin America. 640 00:41:35,384 --> 00:41:37,884 I'm going in the process. I'm going. 641 00:41:37,884 --> 00:41:41,244 It would be very good to have it. It would be very useful. 642 00:41:41,844 --> 00:41:45,184 Especially for people who want to do more projects and replicate it. 643 00:41:46,024 --> 00:41:46,964 That's super good. 644 00:42:07,884 --> 00:42:09,184 It'll take some time. 645 00:42:09,524 --> 00:42:18,684 You know, I recently had a podcast with Jeff Booth where I talked about, you know, people say like, oh, it should become a medium of exchange or else Bitcoin failed. 646 00:42:18,684 --> 00:42:28,444 And I think it's partially true, but I think it takes a long time for people to actually start accepting Bitcoin as something they can trade with. 647 00:42:28,764 --> 00:42:34,404 Because, you know, I think the store value function of money comes before that. 648 00:42:34,404 --> 00:42:40,804 Like, why would I, as someone who sells it, sell something, receive Bitcoin as a reward 649 00:42:40,804 --> 00:42:44,984 if I don't understand why I even need it or would want that? 650 00:42:45,144 --> 00:42:50,764 And I think the best use case today is not to say like, oh, this is better money. 651 00:42:51,184 --> 00:42:53,844 And then some people will say, well, I have coins and bills. 652 00:42:53,844 --> 00:42:57,664 And if I give it to this person, he gives me a banana or lollipop or milk or whatever. 653 00:42:57,744 --> 00:42:58,464 Like, it works. 654 00:42:58,564 --> 00:42:59,544 He accepts it, right? 655 00:42:59,544 --> 00:43:06,224 So saying you're doing something wrong and I have a better solution is the worst pitch ever, right? 656 00:43:06,424 --> 00:43:09,184 So I just don't think that works today. 657 00:43:09,384 --> 00:43:18,044 What I do think works today, you know, if you want to plan for your future and you want to, you live in a way that you have excess money that you can save. 658 00:43:18,044 --> 00:43:28,224 If there's a way for you to save that capital for the future for whenever you want to spend it on whatever, Bitcoin is the best way to do that due to its characteristics. 659 00:43:28,224 --> 00:43:34,224 So I think that is an easier way to explain to people why they would need Bitcoin today. 660 00:43:35,044 --> 00:43:41,024 And I think then over time, once more people figure that out, they will also want to earn Bitcoin. 661 00:43:41,424 --> 00:43:45,544 And whether that will be a circular economy or not, I think is hard to predict. 662 00:43:45,664 --> 00:43:49,424 But I agree that Bitcoin is basically a parallel money system. 663 00:43:50,204 --> 00:43:55,344 And by definition, because it has an edge, right, there's a maximum amount of Bitcoin. 664 00:43:55,344 --> 00:43:59,924 It is a circular economy by definition, I would say. 665 00:44:00,284 --> 00:44:09,464 What I like, and I think that's also what this guy is doing, right, is that there are people that are basically doing it the old school way, right? 666 00:44:09,504 --> 00:44:18,624 It's just community by community and connecting, you know, going from one community, connecting them with another community and then another and then another. 667 00:44:18,784 --> 00:44:23,664 I think that works locally, but eventually it also works digitally, right? 668 00:44:23,664 --> 00:44:31,384 And I think that is the beauty of Bitcoin is that it is a global decentralized money that anyone can use, right? 669 00:44:31,464 --> 00:44:38,504 So if you do things globally, or sorry, locally, I think it goes like how this guy is doing it. 670 00:44:38,584 --> 00:44:39,764 And that's a grind, right? 671 00:44:39,824 --> 00:44:45,704 Like that is doing the one-by-one person conversion by hand, basically, right? 672 00:44:45,784 --> 00:44:53,124 I mean, way different than doing a podcast and maybe reaching hundreds or thousands of people at the same time, right? 673 00:44:53,124 --> 00:44:56,064 So I think it's very admirable that people do that. 674 00:44:56,164 --> 00:45:03,624 And I think on the other side, if you are on the internet and you're selling stuff or doing stuff on the internet, you know, it's never been easier to accept Bitcoin. 675 00:45:04,024 --> 00:45:08,444 So I think just keeping on doing this is just the way to go. 676 00:45:08,544 --> 00:45:12,424 Maybe that's a boring answer, but, you know, I think it's really hard. 677 00:45:12,504 --> 00:45:14,284 It's really hard for people to switch money. 678 00:45:14,564 --> 00:45:14,824 Yes. 679 00:45:15,544 --> 00:45:15,944 Yes. 680 00:45:16,064 --> 00:45:21,264 For what I've seen, experienced in my country is that at least in El Salvador was because of the need. 681 00:45:21,264 --> 00:45:28,184 so I mean DelSante was the perfect example that how it all started right and from there people 682 00:45:28,184 --> 00:45:34,464 yeah understood the barriers of Bitcoin exactly yeah I agree yeah okay my last question then is 683 00:45:34,464 --> 00:45:39,864 that what is the most valuable thing that Bitcoin have given to you for example how it changed your 684 00:45:39,864 --> 00:45:44,524 way of thinking even I think you had to do the same thing that all Bitcoiners have done 685 00:45:44,524 --> 00:45:49,544 at some point in your life that is a change your belief system we knew that we discovered that we 686 00:45:49,544 --> 00:45:56,524 around i think i think the main thing is that bitcoin showed me that i can i can trust myself 687 00:45:56,524 --> 00:46:03,504 and my own thinking and diligence and research and and reflection and that it gave me an opportunity 688 00:46:03,504 --> 00:46:10,364 to to start thinking for myself and and and experience what it is like on like just one 689 00:46:10,364 --> 00:46:15,644 subject which is one one of the most important subjects probably money right like it's probably 690 00:46:15,644 --> 00:46:21,264 the most important technology in the world by going down that, you know, rabbit, rabbit hole 691 00:46:21,264 --> 00:46:26,404 and realizing, like I said, you know, with that conversation with the colleague that I 692 00:46:26,404 --> 00:46:33,224 was doing stuff, but I had no clue why to then taking the decision that, you know, I wanted, 693 00:46:33,624 --> 00:46:37,964 I was not okay with that and wanted to change something about that. And then instantly giving 694 00:46:37,964 --> 00:46:44,284 myself an even bigger issue, right? Like taking on the agency to try to figure out, okay, but well, 695 00:46:44,284 --> 00:46:47,544 if I don't want that, what do I do on this path? Right. 696 00:46:47,824 --> 00:46:53,184 I think just doing that is already what makes Bitcoin a somewhat a spiritual 697 00:46:53,184 --> 00:46:55,044 experience because it, it, it, 698 00:46:55,044 --> 00:47:01,204 it gives you the experience of thinking for yourself and choosing for yourself 699 00:47:01,204 --> 00:47:05,364 and taking on that agency and everything that comes with that. And I, 700 00:47:05,404 --> 00:47:09,164 and I think that shines on a lot of different subjects in the rest of your 701 00:47:09,164 --> 00:47:09,684 life as well. 702 00:47:09,684 --> 00:47:13,664 I mean, I agree on all that, man. Thank you very much for your time. 703 00:47:13,664 --> 00:47:14,644 Isn't that funny, by the way? 704 00:47:14,644 --> 00:47:15,184 No what? 705 00:47:16,124 --> 00:47:16,664 It's not funny. 706 00:47:16,844 --> 00:47:18,184 That you recognize what I said. 707 00:47:18,344 --> 00:47:19,804 No, but that's the thing. 708 00:47:19,984 --> 00:47:23,284 Like a lot of people would agree in some way, 709 00:47:23,384 --> 00:47:25,144 maybe not exactly what I said, 710 00:47:25,264 --> 00:47:27,064 but you know, the general message. 711 00:47:27,604 --> 00:47:30,504 I know a lot of people have a similar experience, 712 00:47:30,504 --> 00:47:32,844 which is very interesting to say the least, 713 00:47:32,944 --> 00:47:33,564 I would say, right? 714 00:47:33,664 --> 00:47:34,824 Like, how is that? 715 00:47:34,924 --> 00:47:35,444 Why is that? 716 00:47:35,704 --> 00:47:35,944 Yeah. 717 00:47:36,104 --> 00:47:38,224 For me, the most impactful thing 718 00:47:38,224 --> 00:47:39,924 that probably has happened to you, 719 00:47:40,004 --> 00:47:42,284 it is no matter where people come from. 720 00:47:42,284 --> 00:47:44,904 I mean, I'm talking about the orgasm, even the listeners. 721 00:47:45,324 --> 00:47:45,824 It doesn't matter. 722 00:47:45,944 --> 00:47:47,484 We all come to the same conclusion. 723 00:47:48,164 --> 00:47:52,544 So just the perspective is different, but the conclusion is always the same. 724 00:47:53,244 --> 00:47:55,124 And that is what is so powerful, right? 725 00:47:55,144 --> 00:48:00,664 Because these people come from all sorts and walks of life, from many different places, 726 00:48:00,664 --> 00:48:05,564 from many different religions, skin color preference, all that fucking shit doesn't 727 00:48:05,564 --> 00:48:06,384 matter in Bitcoin. 728 00:48:06,624 --> 00:48:07,944 And that is amazing, right? 729 00:48:08,024 --> 00:48:09,564 Like that is just baffling. 730 00:48:09,564 --> 00:48:19,704 And it goes from like rocket scientists and mathematicians and crazy smart people to just humble plebs, carpenters, whatever. 731 00:48:20,044 --> 00:48:23,164 Right. It doesn't matter. It doesn't matter what you do or where you come from. 732 00:48:23,164 --> 00:48:31,464 Like the cool part is that a huge, huge diverse group of people are ending up on this conclusion. 733 00:48:31,744 --> 00:48:34,604 And that, again, is also a signal by itself, I would say. 734 00:48:34,604 --> 00:48:43,164 Yeah, I think that, as I told you, for me, I think the most hard thing to do was to change our belief system. 735 00:48:43,324 --> 00:48:45,464 Because then you realize, one, just start studying Bitcoin. 736 00:48:45,624 --> 00:48:48,244 It's like, damn, okay, I was wrong in so many things. 737 00:48:48,464 --> 00:48:49,204 Yeah, I'm an idiot. 738 00:48:49,484 --> 00:48:49,964 I'm an idiot. 739 00:48:51,244 --> 00:48:52,904 But it's good to realize that we're right. 740 00:48:53,404 --> 00:48:54,024 That's okay. 741 00:48:54,144 --> 00:48:55,504 We're doing something to change it. 742 00:48:56,004 --> 00:48:56,364 Exactly. 743 00:48:56,804 --> 00:48:57,624 Yeah, we're trying. 744 00:48:57,864 --> 00:48:58,624 Yeah, exactly. 745 00:48:58,864 --> 00:48:59,684 We're trying our best. 746 00:48:59,944 --> 00:49:00,384 All right, Brian. 747 00:49:00,484 --> 00:49:01,564 Thank you very much for your time. 748 00:49:01,564 --> 00:49:02,804 and I hope to do it 749 00:49:02,804 --> 00:49:03,744 this second part 750 00:49:03,744 --> 00:49:04,664 another time 751 00:49:04,664 --> 00:49:04,884 yeah 752 00:49:04,884 --> 00:49:06,564 happy to be here 753 00:49:06,564 --> 00:49:06,844 cheers 754 00:49:06,844 --> 00:49:07,884 yeah thank you 755 00:49:07,884 --> 00:49:08,704 guys 756 00:49:08,704 --> 00:49:10,764 that was all for this week 757 00:49:10,764 --> 00:49:11,504 next week 758 00:49:11,504 --> 00:49:12,844 we'll have a 759 00:49:12,844 --> 00:49:13,364 Gen Z person 760 00:49:13,364 --> 00:49:13,824 here 761 00:49:13,824 --> 00:49:14,644 so we'll have the 762 00:49:14,644 --> 00:49:15,624 perspective of 763 00:49:15,624 --> 00:49:16,684 someone from Gen Z 764 00:49:16,684 --> 00:49:17,624 I hope that you enjoyed 765 00:49:17,624 --> 00:49:18,264 this episode 766 00:49:18,264 --> 00:49:18,864 I'm learning 767 00:49:18,864 --> 00:49:20,144 as every single day 768 00:49:20,144 --> 00:49:20,744 we do 769 00:49:20,744 --> 00:49:21,844 so yeah 770 00:49:21,844 --> 00:49:23,244 see you on the next episode 771 00:49:23,244 --> 00:49:23,824 ciao 772 00:49:31,564 --> 00:49:39,844 Thank you.