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Hello, everybody. My name is Daniel Prince, and I'm the host of the Once Bitten podcast.

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This is a podcast focused on Bitcoin. It's my mission to interview as many people as I can

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around the different aspects of Bitcoin and help people understand exactly what Bitcoin could mean

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for them and for their families and for their future. I hope you enjoy the show. Thank you so

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much for listening. Hello everybody and welcome to this episode of the Once Bitten podcast. Joining

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me today, Larry Lippard, my good friend, laser-eyed Larry. We got to meet each other in June 2022

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when we were invited across by Andre Lojar. Go back three or four episodes and listen to Andre

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from Free Madeira, he invited across about 10 to 12 Bitcoiners to help him orange pill

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the government and the economic advisory of that island.

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Amongst that group was Larry, the others included Greg Foss, Jeff Booth, Obi Nuosu,

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Christian Anders from B2CX in Sweden, Knuts from Holm, Nico from Consensus Network,

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BitcoinBook.shop. It was such a great weekend and Andre did a great job because Free Madeira has

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gone on to become the shining light of a small island nation trying to adopt a Bitcoin education

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program and push that education out amongst the islanders and amongst the businesses and have done

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an incredible job and getting to meet Larry was just a highlight of that trip. We've bumped into

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each other many times now around the world at different conferences and then he dropped his

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book. If you've not read it you should and you certainly will. I'm sure you'll want to pick up

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a copy after this interview. It's called The Big Print and we get into why he wrote it and the

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feedback he's been getting and some very personal stories which I don't think Larry's shared on any

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other podcasts so yeah I look forward to you getting into this sit back relax and listen to

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this one with Larry before we get into it please stack your sats you know how to do that now you

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need to go and meet people and stack peer-to-peer if you can that's not always that easy because you

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might be the lonely bitcoiner that hasn't met any other bitcoiners yet if you are that person go back

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one episode and listen to my episode with Dion Wilson from Broadway to Bitcoin. It will fire you

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up or get to a conference. At time of this release, Riga is tomorrow, literally. So if you're not

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coming to Riga, don't worry. You can get to Helsinki. That's a week later. You know, I'm

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dropping this stuff on you. I've been dropping this stuff on you for weeks now. Use the code

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Bitten. Get to Riga, get to Helsinki, and then get to the Balkans Bitcoin Conference in Bulgaria.

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All the links are in the show notes. Use the code Bitten. You'll get a 10% discount.

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Join Orange Pill App. Find 17,000 other Bitcoiners around the world. You will find people to trade

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with and, more importantly, to collude with and get together and build projects and build

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events together and, you know, push the education out amongst your own communities.

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and get over to my friend Dave Bennett's Narnia Bidness podcast.

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so that's bubble b-u-b-b-l dot f-m go and check them out and please listen to this episode with

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larry on fountain app and if you're listening to that on mobile take a look search around a little

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bit play with the app you will find the video edition right there in your hand of this episode

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with larry all right larry we are recording and it's great to see you and as we were just

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saying to each other, you know, two times in the space of a short amount of time because you came

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across the BTC Pro. Yeah, I sure did. I really enjoyed that show. That's the right kind of show

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as I think you would agree with me, right? Yeah, absolutely. And we even got to hang out next to

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each other and sign books and you were signing the big print, which we have right here. Thank you so

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much. Yeah. I think you even sold out. I think you put everybody on. I didn't have all that many

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books. Amazon made it very hard for me to get books to Prague, but I think I got maybe 150 books

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or something and I sold them all. So that's good. Yeah, it's all. And more importantly, I met a lot

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of the people behind the NIMS on, you know, on Twitter. I mean, you know, so I've got all these

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Twitter friends I haven't met in person and a lot of them came up and said hello, which is really

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great. I mean, it's hanging out with the plebs. It's just so much fun. Bitcoiners are great.

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yeah that is a lot of fun when you get to meet people and you're like oh you're xyz whatever it

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is exactly exactly yeah yeah very very very fun right okay lauren you're here and you're ready

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to ask the first question yeah so to preempt it we were on the we were in the car just about 20

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minutes ago and i i was explaining who you were and uh a little bit of your background and how

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you've been uh you know well we'll get into it but investing pretty much your whole career yeah so

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so lauren wants to know this uh what was the worst investment you ever made

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oh boy there are lots of them lauren

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well we know the best one where do i start the best one is bitcoin and we'll prove out to be

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bitcoin oh i don't know i you know i was a venture capitalist before i became a bitcoiner

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and before I became a sound money,

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well, I was a sound money person on the side,

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but I was really a venture capitalist.

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And so I invested in so many things that did not work.

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And that's really the nature of that game.

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And, you know, probably more recently,

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I would say I've invested in some gold mining projects

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that didn't work, just horribly, horribly messed up.

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You know, one of them was out in California,

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a company called Rise Gold,

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where the environmentalists prevented us from building what would be a very highly profitable

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and good mind for the community, completely safe, completely environmentally friendly.

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But that doesn't really matter in California because there's no rule of law there.

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I would say probably the most recent one that's seared in my memory was in 2011,

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to bring some monetary history into all of this, in 2000, they really started printing money

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and gold was at $260. And in 2011, gold was at $1,900. So in that period, and that was,

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you know, turbocharged by the great financial crisis in 08, you know, where it was, you know,

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four or 500 and it went, well, no, it was more than that was 700, 800 at the time, but it went

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up to 1,800. And so, you know, 250 to 1,800 is a pretty good investment. I was there.

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But I was silly and I thought, well, this is great. You know, the currency system is going to fail.

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and Satoshi was over doing his thing

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I wasn't even aware of it

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the currency system is going to fail

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I'm just going to hang on to all this gold

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because 1900 is just the beginning

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we're going to 10,000

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because they had QE1 and QE2 and QE3

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and they had ZERP and everything else

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I thought well okay

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I'll get rich off this gold

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and my wife and I even moved into a bigger house

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and spent some money in anticipation

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of thinking how great it was going to be

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And then what happened is they changed the rules again.

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They started paying interest in excess reserves.

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They didn't let the added money get out of the economy and create the inflation that they

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thought it would create.

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And gold plummeted from 1900 back to 1000.

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And my fund was down enormously in the same time period.

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It was horrible.

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So the whole 2011 to 2015 period was really a difficult and searing period.

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It was probably the worst investment call I'd ever made.

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And it was because I couldn't really see what was going on on the other side of the curtain

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and all the levers they were pulling to manipulate things.

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And so it cost me a great deal of money.

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But it also hardened my resolve to recognize that sound money is what's going to win

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and sound money is important.

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And during that window, I found Bitcoin.

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And so there was a silver lining to all the pain associated with the badness of that one

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particular investment.

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and believing in gold at the time.

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And a lot of people ask me about gold today

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and some Bitcoiners say, well, gold's gonna go down.

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And they're right, Bitcoin's going to demonetize gold,

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Bitcoin's going to outperform gold,

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but in fiat nominal terms, gold's not going down.

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Fiat going down much faster than gold and Bitcoin And of course Bitcoin will outperform gold but those who don want the volatility of Bitcoin gold probably your best second choice But that was a very humbling experience for me Lauren

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It caused me to kind of rethink everything.

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And like I say, there was probably a silver lining in there.

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I found Bitcoin.

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I remember those days, those frothy gold days.

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Were you there at the time?

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were you involved in that area yeah well i was on foreign exchange broking desks uh but with uh

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on our desk we had the uh the gold options as well and yeah so that's that's where all the eyes were

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looking all the attention shifted there everybody wanted to be the next gold broker and everybody

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wanted to be the next gold trader and you know the retail market was frothy as all hell all of the

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the financial advisors their their lackeys were on the phone pushing you different funds

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you want to get in gold mining funds yeah you want to get in gold stocks yeah everything was gold

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yeah it really was it was it got overheated like so many things and it's fundamentally you know

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we've now exceeded those highs but you know that was also you know 10 years ago so all these all

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these markets are cyclical and uh yeah it's um you know it humility i mean if you don't if you're

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not humble as an investor the market will deliver a dose of humility to you at least that's been my

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experience having done this for 40 years and so you know i try to frame everything in terms of

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probabilities you know nothing is for sure but you can stack the odds in your favor 100 right

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Lauren, thank you for your question. Did you have any follow-ups or are you done?

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I think I'm done, but thank you so much for answering my question.

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Thank you, sweetie. That was a great question. You're lucky to have such a squared away dad.

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You guys are going to be in a very good position as you grow up because you're going to see this whole thing unfold.

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Yeah, thank you.

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Thanks for your question.

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Okay, this one?

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Okay.

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thank you thank you smart girl pretty how old is she 14 there you go growing fast yeah

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i was thinking larry actually back to the first time we met and that was back in madeira

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yeah june so just over june 22 just over yeah just over three years ago that's wild that's when

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you know the the free madeira thing was being formed and andre was putting all that together

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and we had such a great time i remember it well and probably most pointedly what i remember is

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we were walking down to some event or thing we were going to or we're going to take an elevator

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down to the beach or whatever and you and i were walking next to each other and we started talking

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about sam bankman and freed and we both looked at each other said you know there's just something

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not right with that guy you know there's i mean he's just that the guy's got to be a fraud i mean

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And there's just no way that it just doesn't add up.

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He's not worth $8 billion.

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His coins aren't worth it.

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He's a shit coin or blah, blah.

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And we both looked at each other and said, yep, it's absolutely certain that thing is going to blow up.

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And that was it.

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We just kind of ended the conversation.

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But it wasn't that far after that that what we had both been discussing actually came to be true.

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And it was the same weekend as well that we were spending with each other that the will started coming off at Celsius.

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That's right.

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That's exactly right.

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Yeah.

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Yeah, that shitcoin scheme unraveled.

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Yeah.

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So and I, you know, it's so amazing to me that there's so many shitcoiners still around.

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I mean, you see some of the big Bitcoin people doing podcasts with a few of them, which is

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kind of disappointing to me.

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And then recently I tweeted something.

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I think I did a pod where I talked about how they're all going to zero.

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And I think the guy who did the interview had a pretty big shitcoin following.

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So he retweeted it.

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And boy, oh boy, I mean, there are a lot of shitcoiners still and crypto bros still around

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because I just got flamed.

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It was great.

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I mean, I managed to block like 200 people in an hour.

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I just got flamed by the XRP crowd and the Solana crowd and all of it.

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It was just like the ETH crowd.

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It was like, oh, my God.

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These people still believe.

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I mean, the Doge crowd.

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I mean, how can Doge have any meaningful market value?

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I just don't get it.

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It makes no sense to me.

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But there it is.

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It does.

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BSV is the one for me.

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that's that's which one bsv bitcoin satoshi vision oh yeah that one too yeah you know craig was proven

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to be a fraud and he has fled the country but yet you if you ever meet a bs via they're still

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so like it like the programming they've been through is so bad that they can't see it you

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And they've got all of these cope arguments.

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And it's just, wow, you guys.

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It is.

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I'm sorry.

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I didn't realize Craig had flown the country.

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He didn't want to pay the fines?

224
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Or is he arch and anonymous?

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Or where'd he go?

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I hadn't realized either until I had a couple of guys on the podcast the other day yet to be released.

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So Mark Hunter and Arthur Van Pelt.

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And together they're writing a book about fake Toshi.

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And this book has been is taken over their lives for the last couple of years.

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And there's going to be three separate books. They're trying because it's so like the information just keep that they keep on turning, just keeps coming in.

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So they're going to take you through like an arc of like the journey of how it all came to be.

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And yeah, it was those guys that informed me that, yeah, he's he's gone. He's hopped town, which is the classic way charlatans work.

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right i mean if you think about in the u.s for a perfect example over on especially you know go

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west young man right you you've got the charlatans the snake oil salesmen the horse rustling folk

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you know they would get run out of town as soon as they found out they literally do get run out

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of town once people figure them out yeah that's right yeah we we need more of that we need more

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we certainly we certainly do i mean shaming in the public square right i mean it's um

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And yeah, they're, you know, I mean, sadly, whenever there's something where there's a lot of new money coming into it, you're going to attract grifters and you're going to attract con men, you're going to attract, you know, false profits.

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And, you know, there's enough of that around Bitcoin.

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In fact, I had to, I spent a piece of the book talking about that, trying to kind of address the fact that I, you know, because as you know, I come from the gold community.

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And so, you know, gold people are pretty good at sniffing out bullshit.

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And a lot of them saw that and they were like, God, I'm not touching this thing.

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Look at these grifters.

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And, you know, my response was, you're right.

245
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You're right.

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Those people are grifters.

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But that don't let that obscure the technological development that Satoshi created.

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You know, Satoshi created a new technology.

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It's an enormously important development.

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and yeah you've got you know people who are fakes hanging around trying the hoop trying to make

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money but the development's real and um you know you can't ignore it um or the cost of ignoring

252
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it's going to be high yeah absolutely it is well let's let's get the listeners yeah where do you

253
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want to go well i want to i want to go all the way back because in your book uh i i told you this in

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Prague, I really loved like the personal touches, getting to know, getting to know the real Larry,

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you know, you can go on, you can go on macro podcasts and talk about this, that and the other

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thing as much as you like. But it's, it's the real details, the personal details that I think

257
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draws people into. Thank you. Yeah, you know, I, I did it that way, because people like stories,

258
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you know, people watch movies that are stories, and people, people don't read textbooks. And,

259
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you know, there are much better books on Bitcoin that have been written than mine. I mean, say,

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Dave's is one, Lynn's is one, Jeff's is one.

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But there wasn't, that didn't seem to me,

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I thought there was a missing spot in the marketplace for a book that kind of

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told one person's story and had enough interesting angles to it that people

264
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would get hooked. And then my book agent read it and said, you know,

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this story about you at Harvard business school,

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we got to put this right in the front because this is going to hook them.

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And, you know, I've, I've had a very interesting sound money life,

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And it's kind of all led up to the writing of this book. And I'm 68. And this is kind of my,

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frankly, this is probably my last public act. I mean, I, I wrote the book, it'll stand the test

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of time, I hope, I mean, I hope there will be a big print in five years, I'm pretty sure there will

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be. And I intend to, you know, kind of pull back a little bit more from the community, not be as

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involved. And, and, you know, there's not a book to coming, and I'm not selling newsletters. And

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I'm just, I'm going to kind of glide more into retirement and focus on, you know, family, friends,

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and fitness. And so, but I, so I laid it all out there. And I, I also thought that, you know,

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it's very hard to, for people to know in the investment world, who's honest and who's not.

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And so, you know, I, I showed a lot of warts in that book, you know, my successes and my failures.

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And I thought, well, if you're willing to do that, that shows a certain amount of strength.

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And then I think it builds a certain amount of credibility. And so that's why I did it the way

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I did it. You know, I, that's why I liked Lauren's first question.

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Why she come up with that straight away because in the book,

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you talk a lot about the failed investments.

282
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Oh yeah. I've made, I've made a ton of mistakes and that's why I caution people.

283
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I might be wrong about this too. I don't think I am. And I think, you know,

284
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I look at sailor and I look at all the other bright people hanging around the

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hoop and I'm pretty sure we're all right, but you know,

286
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nothing is certain in this world.

287
00:21:39,852 --> 00:21:45,672
so let's take it back because you talk about when you're a young man and i think there's something

288
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else that happens to us bitcoiners when we find bitcoin we realize where we were predisposed to

289
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find it in a past life with something that happened when you know it's like a touch point

290
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so there was a story in the book about you growing up and something happening to to the family

291
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business did you want to take us through that and what that was like to to witness as a young man

292
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Yeah, it was very, very traumatic. I'm probably older than most Bitcoiners. I go to these shows,

293
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I talk to people about 2008, and they say, well, I was in grade school or I was in high school.

294
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So in 1979, Nixon broke the gold standard in 71, which is the wrong thing to do. And they had

295
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massive inflation throughout the 70s, as everybody knows. And in order to get it under control,

296
00:22:35,452 --> 00:22:40,652
this man that all the Keynesians call a hero, Paul Volcker came in as the Fed chairman,

297
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and he jacked up rates very, very high, higher than they'd ever been, actually, 20% on the Fed

298
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funds rate. We're going to defend the dollar, and we're going to crush inflation.

299
00:22:51,772 --> 00:22:54,292
So wait, he hiked it 20% or 20%?

300
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He hiked the rates to 20%.

301
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To 20%.

302
00:22:57,232 --> 00:23:03,132
The nominal interest rate on borrowing money was 20% a year, like a credit card, just under

303
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the credit card rate today.

304
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Right.

305
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And my father was running a retail furniture business in Ann Arbor, Michigan,

306
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and he carried a big inventory of furniture that he put out on the floor.

307
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People would say, oh, yeah, I like that couch, you know, deliver it.

308
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And I can't recall the dollar figures, but they were substantial.

309
00:23:20,012 --> 00:23:35,504
And of course he didn own the furniture He didn have the money always to carry the inventory So he borrow to carry the inventory And so if he was borrowing at 5 well that was one number If he was borrowing at 20 that was 4x the number And also at the time the economy was

310
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kind of going through a downturn or recession, people weren't buying as much furniture. And

311
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I'll never forget it. I mean, it was very, very scary, you know, watching him suffer through that

312
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because he was very afraid he was going to go bankrupt as a result of this Fed policy move.

313
00:23:51,224 --> 00:24:09,324
And he wasn't the only one. I mean, there was, you know, farmers and other people who had borrowed money. I mean, there was a guy, there's a great story of a guy who was a farmer who drove his tractor into Washington, D.C. with a shotgun and, you know, intended and tried to assault the Federal Reserve building, you know, to go take a shot at Volcker.

314
00:24:09,324 --> 00:24:20,244
I mean, this is, you know, right. I mean, I mean, what I'm what I'm getting at is I don't think the Fed always understands the implications of all of the things they do to them.

315
00:24:20,384 --> 00:24:26,324
It's all just Keynesian theory. And, oh, yes, you know, our models say we should be at 20 percent or at zero percent.

316
00:24:26,804 --> 00:24:30,464
Nobody nobody knows what the right interest rate is. The right interest rate should be set by the market.

317
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The book talks about that. It's supply of savings against the demand for investments.

318
00:24:34,324 --> 00:24:38,264
And we all know that that's classic theory. But the Fed doesn't operate that way.

319
00:24:38,264 --> 00:24:45,224
I mean, the Fed is the one area of our economy that's still a government controlled price, which makes no sense.

320
00:24:45,304 --> 00:24:47,224
I mean, Russia had government controlled prices. They failed.

321
00:24:47,784 --> 00:24:55,064
So, you know, they and they do it. And what they don't what they don't necessarily understand is, you know, their downstream implications.

322
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They're real people behind those numbers. My father, you know, got sick.

323
00:24:59,164 --> 00:25:08,064
I recall, you know, we were eating, you know, tuna fish sandwiches and peanut butter and jelly for dinner because we, you know, I mean, buying meat was not something we were going to be doing in those conditions.

324
00:25:08,064 --> 00:25:12,464
I mean, it was just, it was tough. And, uh, you know, I, I remember,

325
00:25:12,764 --> 00:25:18,384
I remember seeing him scared and, um, what's that? I was, uh,

326
00:25:18,884 --> 00:25:24,044
in 79, I was 20, uh, well, no 22. I was born in 57. Right. Yeah.

327
00:25:24,044 --> 00:25:25,184
So I was 22 years old.

328
00:25:25,464 --> 00:25:26,664
So a young man, you know,

329
00:25:26,864 --> 00:25:30,704
old enough to know exactly what's going on and pick up what more to pick up on

330
00:25:30,704 --> 00:25:33,944
the signals. Like, you know, yeah. Like, Holy shit, dad. I mean,

331
00:25:33,944 --> 00:25:37,144
are you going to fail? Is your business going to fail? And he was like,

332
00:25:37,144 --> 00:25:40,444
I don't know, maybe, you know, I mean, it was, it was, it was,

333
00:25:40,564 --> 00:25:42,244
it was terrifying to be frank. I mean,

334
00:25:42,604 --> 00:25:45,644
there's a guy who's my hero and he's talking about, you know,

335
00:25:45,664 --> 00:25:48,484
you might go bankrupt. I'm like, what, you know?

336
00:25:48,744 --> 00:25:50,464
And of course at the time I didn't understand,

337
00:25:50,804 --> 00:25:52,624
I didn't understand everything I understand now.

338
00:25:52,684 --> 00:25:55,784
I didn't understand how he got there, but now as I piece it all together,

339
00:25:55,804 --> 00:25:58,604
I'm like, Holy shit, that's what did it. You know? And I mean,

340
00:25:58,624 --> 00:26:01,424
the flip in the same story in the book I talk about too,

341
00:26:01,504 --> 00:26:03,844
the related event was, you know,

342
00:26:03,844 --> 00:26:06,724
my grandfather ran the same business in 1929.

343
00:26:07,144 --> 00:26:14,184
Got all the wrong signals from the Fed, which is we're in a boom in the roaring 20s because they kept rates too low and they inflated a bubble.

344
00:26:15,544 --> 00:26:17,984
You know, borrowed money to increase the size of his business.

345
00:26:18,684 --> 00:26:22,044
You know, bang, the stock market collapse hits and the credit bubble bursts.

346
00:26:22,584 --> 00:26:27,104
And he spends the next 10 years begging the bank not to not to foreclose on him.

347
00:26:27,104 --> 00:26:30,944
You know, and my grandmother and grandfather were badly, badly scarred from them.

348
00:26:30,964 --> 00:26:32,264
They always talked about it.

349
00:26:32,264 --> 00:26:38,564
They were always, I mean, you know, she was one of those people who would, you know, she kept the wax paper after she'd used it.

350
00:26:38,624 --> 00:26:40,804
She'd keep the tinfoil after she'd use it and reuse it.

351
00:26:40,904 --> 00:26:50,764
I mean, she, you know, these were people who, I mean, she told me about how, you know, coffee was a luxury and, you know, biscuits were standard fare for, you know, for food in those days.

352
00:26:50,844 --> 00:26:51,944
I mean, it was tough.

353
00:26:52,224 --> 00:26:58,924
And same thing, you know, I mean, given, driven by misdirected Fed policies that created the Great Depression.

354
00:26:58,924 --> 00:27:03,644
I mean, the Fed tries to claim that they're saving us from another Great Depression.

355
00:27:03,744 --> 00:27:04,124
That's bullshit.

356
00:27:04,244 --> 00:27:05,384
They created the first one.

357
00:27:06,384 --> 00:27:08,224
So there's that.

358
00:27:08,344 --> 00:27:13,924
And then, of course, it came my turn, which on a much smaller scale, but I'm running a fund in 2008.

359
00:27:14,684 --> 00:27:16,064
And I've got the housing thing correct.

360
00:27:16,124 --> 00:27:17,584
And I'm short all the housing stocks.

361
00:27:17,784 --> 00:27:21,244
And I'm short all the financials that have lent to the housing stocks.

362
00:27:21,344 --> 00:27:23,024
I know they're all over levered and going to go bankrupt.

363
00:27:23,164 --> 00:27:24,104
And then they changed the rules.

364
00:27:25,064 --> 00:27:26,324
And they banned the short selling.

365
00:27:26,464 --> 00:27:27,124
And so they took away all.

366
00:27:27,124 --> 00:27:29,284
I mean, I would have had a great year and they took it all away from me.

367
00:27:29,924 --> 00:27:31,984
So it's just, you know, it's just over and over again.

368
00:27:32,024 --> 00:27:34,104
So, I mean, I've seen this pattern.

369
00:27:34,204 --> 00:27:35,224
I know how this works.

370
00:27:35,284 --> 00:27:36,784
I know how this impacts people.

371
00:27:37,764 --> 00:27:40,364
And, you know, and I've seen my family suffer from it.

372
00:27:40,444 --> 00:27:44,604
And so, you know, I figured somebody's got to just stand up and say, hey, this is, it's not right.

373
00:27:44,604 --> 00:27:57,504
I mean, I wrote the book, Princey, because I felt like there's just it's just so few people understand how what the real root cause of this problem is.

374
00:27:57,504 --> 00:28:00,084
So few people truly, truly understand it.

375
00:28:00,884 --> 00:28:11,144
And, you know, the brainwashing, the Keynesian brainwashing has just been so extreme that, you know, I mean, it's like I'm absolutely convinced I'm on to something that's completely true.

376
00:28:11,524 --> 00:28:14,304
And yet imagine if the whole world didn't know it.

377
00:28:14,304 --> 00:28:18,744
You know, I mean, I guess, I mean, I'm sure, you know, Copernicus and Galileo had the same feeling.

378
00:28:18,744 --> 00:28:20,224
It's like, no, you guys are idiots.

379
00:28:20,704 --> 00:28:23,084
You know, this is this is not the way it works.

380
00:28:23,344 --> 00:28:26,304
I can prove to you that the planets are going around the sun.

381
00:28:26,404 --> 00:28:27,724
There was no, no, no, that's not true.

382
00:28:28,104 --> 00:28:29,924
You know, it's just not that way.

383
00:28:29,984 --> 00:28:31,184
And that's that's how this is.

384
00:28:31,244 --> 00:28:34,244
I mean, you know, this is just so broken.

385
00:28:35,164 --> 00:28:38,844
This monetary system is just so broken and it has been broken for a long, long time.

386
00:28:39,284 --> 00:28:41,764
And so it feels normal to everybody, but it's not.

387
00:28:42,284 --> 00:28:43,284
It doesn't have to be.

388
00:28:43,284 --> 00:28:45,824
So, you know, they're for the book, right?

389
00:28:46,944 --> 00:28:48,904
Yeah, well, well done, mate.

390
00:28:49,024 --> 00:28:49,744
Well done for Ryan.

391
00:28:50,404 --> 00:28:53,044
I'm sure you've had a lot of good feedback.

392
00:28:53,504 --> 00:29:03,924
So we'll go to the opening scene because so you had grandparents, family business passed down to parents, family business.

393
00:29:04,564 --> 00:29:09,524
Then you decide you're not going to go sell furniture.

394
00:29:09,524 --> 00:29:11,344
You're going to go on to Wall Street.

395
00:29:11,664 --> 00:29:13,224
Was that the path?

396
00:29:13,284 --> 00:29:19,484
Yeah, pretty much. I mean, I went to business school and Wall Street and then into investment management.

397
00:29:19,804 --> 00:29:28,504
Right. Right. OK. And then fast forward to so actually, no, before we get to 2018 and the opening scene in the book, what was that like for you?

398
00:29:28,644 --> 00:29:31,524
Like you're on Wall Street in what, like the 80s, 90s?

399
00:29:32,024 --> 00:29:36,624
Yeah. So when I say Wall Street, it was actually kind of a subset of Wall Street because I was actually a venture capitalist.

400
00:29:36,624 --> 00:29:40,624
I spent a couple of years on Wall Street as a financial analyst before business school.

401
00:29:40,624 --> 00:29:43,164
I went to business school and I got out and I got in the venture capital business.

402
00:29:43,804 --> 00:29:45,684
So it was finance and it was investment management.

403
00:29:45,844 --> 00:29:49,144
But what it really was, was investing in small technology companies that were private and

404
00:29:49,144 --> 00:29:49,804
sometimes public.

405
00:29:50,324 --> 00:29:54,944
But we had funds under management and what we were, the theme we were playing, and I

406
00:29:54,944 --> 00:29:56,604
was at two different firms throughout my career.

407
00:29:57,404 --> 00:30:00,764
The theme we were playing was this technology is going to change the world.

408
00:30:00,944 --> 00:30:04,624
And, you know, the IBM PC was introduced in 81 and I started in the business in 82.

409
00:30:05,444 --> 00:30:10,264
So, you know, we just, we were buying disk drives and graphic cards.

410
00:30:10,264 --> 00:30:19,164
And I mean, you name it, Dell Computer, all these all these great businesses that sprung out of, you know, a non-digital world we participated in.

411
00:30:19,204 --> 00:30:22,784
And it was fantastic. I loved it. It was, you know, and it was honest, too.

412
00:30:22,844 --> 00:30:25,164
I mean, you know, you put your money in the business to get better.

413
00:30:25,804 --> 00:30:29,624
You know, you'd sell it, you know, when it when it had matured, et cetera.

414
00:30:29,684 --> 00:30:37,904
I mean, there was no there wasn't a lot of sleight of hand in it, although there was some at the fund management level and some of the bullshit some of the venture guys pulled with their limited partners.

415
00:30:37,904 --> 00:30:44,924
But setting that aside, in general, the process of finding a person who had an idea, had a business that was growing, they needed capital to grow it.

416
00:30:45,344 --> 00:30:50,764
You gave them capital, they grew it, and then later on it went public or whatever, it got sold, and you made a profit.

417
00:30:50,844 --> 00:30:51,844
That was beautiful.

418
00:30:52,744 --> 00:30:56,784
And I did that really from 83 until, you know, into the early 2000s.

419
00:30:57,264 --> 00:30:59,204
And kind of my last cycle was Internet.

420
00:30:59,864 --> 00:31:00,584
I got very lucky.

421
00:31:00,664 --> 00:31:02,104
I found the Internet in 93 or 94.

422
00:31:02,184 --> 00:31:03,744
I bought a bunch of private Internet companies.

423
00:31:03,824 --> 00:31:06,044
They went on to go public, made a ton of money, did really well.

424
00:31:06,044 --> 00:31:12,424
So but then actually, you know, in 2000, 2001, I could feel that that was a bubble, too.

425
00:31:12,864 --> 00:31:15,704
That even though the Internet was very real, it was going to continue to go on.

426
00:31:16,004 --> 00:31:19,084
The price of the stocks were way, way, way ahead of themselves.

427
00:31:19,084 --> 00:31:30,024
And so so I kind of moved away from that, took and retired from the venture business and started managing my own money, you know, with a theme of just trying to do growth at a reasonable price.

428
00:31:30,364 --> 00:31:32,264
And I did some interesting things.

429
00:31:32,264 --> 00:31:38,324
I went to India, bought a bunch of the cell phone manufacturers in India or cell phone providers in India when it was growing very rapidly.

430
00:31:39,144 --> 00:31:43,084
I was just looking for growth at a reasonable price, which is the name of my fund, the GARP fund.

431
00:31:43,384 --> 00:31:52,084
So, you know, and then when the bubble emerged in the tech in the financial area, GFC, I became very obvious to me in 06 and 07.

432
00:31:52,664 --> 00:31:56,144
And so I was like, OK, well, I'm going to do half of this stuff as growth at a reasonable price.

433
00:31:56,184 --> 00:31:59,504
I'm going to do the other half. I'm going to short these things because this is going to blow up.

434
00:31:59,504 --> 00:32:04,644
And so I was where Michael Burry was, but I didn't even know what a CDS was.

435
00:32:04,804 --> 00:32:06,144
I mean, I didn't, I had no idea.

436
00:32:06,624 --> 00:32:10,304
All the great levered, sophisticated things that he was able to buy.

437
00:32:10,724 --> 00:32:14,184
You know, I didn't have a broker swap, swap dealer agreement, any of that kind of stuff.

438
00:32:14,244 --> 00:32:15,544
I was just shorting the stocks.

439
00:32:16,264 --> 00:32:17,044
And it worked.

440
00:32:17,144 --> 00:32:17,924
It was working great.

441
00:32:18,024 --> 00:32:22,344
I was short Bear Stearns at work in March of 2000, or I mean, 2008.

442
00:32:23,184 --> 00:32:25,524
You know, I was short a lot of the subprime companies.

443
00:32:25,604 --> 00:32:26,724
They all went down that work.

444
00:32:26,724 --> 00:32:31,004
but the big one was obviously in the fall and then and of course i was short i mean i was doing very

445
00:32:31,004 --> 00:32:35,504
well and then they changed the rules made me cover my shorts at a loss so the year you know turned

446
00:32:35,504 --> 00:32:41,224
out to be a crappy year for me but not a big crap how did they how did they do that how did they just

447
00:32:41,224 --> 00:32:49,324
blew a sudden say no you can't sure it's it was just an sec it was an sec directive so i mean if

448
00:32:49,324 --> 00:32:55,024
you google you know sec ban on short selling 2008 and you'll you'll see the the press release i think

449
00:32:55,024 --> 00:33:00,464
it was September 21 or 22. I think it came right after Lehman failed. And they realized they really

450
00:33:00,464 --> 00:33:05,104
had, you know, a shitstorm on their hands. And this was before TARP and TARP was soon thereafter.

451
00:33:05,504 --> 00:33:09,544
And they're like, oh, my God, this whole system is going to implode if we don't stop this.

452
00:33:09,944 --> 00:33:14,344
And they also realized that some smart hedge funds, me plus others, were shorting these things.

453
00:33:14,704 --> 00:33:19,324
And they just said, you know, here forth, we are putting a ban on short selling of all financial

454
00:33:19,324 --> 00:33:23,664
stocks in the United States. And if you are short, you need to cover them right now.

455
00:33:23,664 --> 00:33:29,964
and so as you can imagine what that did was for a very brief period of time all those stocks went up

456
00:33:29,964 --> 00:33:35,724
very very rapidly and so you know i might have had a profit in something and i'd lose half or all of

457
00:33:35,724 --> 00:33:40,224
that profit as it rallied and then of course once all those shorts had covered they went back down

458
00:33:40,224 --> 00:33:44,224
and a lot of them went to zero so they would have been shorts that would have been highly profitable

459
00:33:44,224 --> 00:33:48,864
but of course we weren't there anymore because they changed the rules and you know i mean this

460
00:33:48,864 --> 00:33:53,864
is a similar thing you know just as a data point there's a time back way back in time it goes back

461
00:33:53,864 --> 00:33:58,164
quite some time now where the hunt brothers tried to corner the silver market and they did and they

462
00:33:58,164 --> 00:34:04,224
pushed the price and you know the cme and the sec they literally changed the rules and said it's

463
00:34:04,224 --> 00:34:10,164
illegal to buy silver law just categorically it's illegal to buy silver luck the the exchange is only

464
00:34:10,164 --> 00:34:17,404
going to accept sell orders and sure enough that caused the silver price to collapse um and so you

465
00:34:17,404 --> 00:34:19,344
I mean, they did it with GameStop, right?

466
00:34:19,484 --> 00:34:21,804
I mean, there's a great movie about it that came out

467
00:34:21,804 --> 00:34:24,064
that showed how Ken Griffin intervened,

468
00:34:24,264 --> 00:34:26,624
and they got the company to issue some more shares,

469
00:34:26,883 --> 00:34:30,764
and they got Robinhood to shut down at the right points in time,

470
00:34:30,904 --> 00:34:31,804
and so on and so forth.

471
00:34:31,924 --> 00:34:34,424
I mean, Wall Street was cornered,

472
00:34:34,464 --> 00:34:37,264
and they pulled the card where they changed the rules.

473
00:34:37,944 --> 00:34:39,664
And that one is so disgusting,

474
00:34:39,664 --> 00:34:44,484
because the Robinhood users were just your retail guys.

475
00:34:44,984 --> 00:34:45,724
Oh, absolutely.

476
00:34:45,964 --> 00:34:46,883
And retail had won.

477
00:34:46,883 --> 00:34:47,744
It was done.

478
00:34:47,944 --> 00:34:48,383
Absolutely.

479
00:34:48,684 --> 00:34:51,524
There were more shares short than there were shares outstanding.

480
00:34:52,304 --> 00:34:55,424
I mean, they should have driven Ken Griffin into bankruptcy.

481
00:34:56,204 --> 00:34:57,424
He should be bankrupt.

482
00:34:57,604 --> 00:34:58,883
And instead, he's worth $40 billion.

483
00:34:59,624 --> 00:35:01,544
And he holds forth on stuff on Twitter.

484
00:35:01,604 --> 00:35:03,724
Whenever he holds forth on Twitter, I just blast him.

485
00:35:04,444 --> 00:35:15,835
I mean he like this guy Lloyd Blankfein who ran Goldman Sachs who comes out with all these policy suggestions and so forth on Twitter And I always just blasphemy I say you know dude shut the fuck up You were bankrupt and we bailed you out

486
00:35:15,896 --> 00:35:17,135
We don't want to hear what you have to say.

487
00:35:17,896 --> 00:35:20,196
I mean, these people play by two sets of rules.

488
00:35:21,535 --> 00:35:22,255
So, yeah.

489
00:35:23,916 --> 00:35:25,755
Their in lies the problem.

490
00:35:25,936 --> 00:35:28,856
I mean, these two sets of rules allow them to get bailed out.

491
00:35:28,856 --> 00:35:33,856
that bailout comes as a form of printing money, which they benefit from because they can ride the

492
00:35:33,856 --> 00:35:38,936
inflation wave. And the rest of us pay more money for groceries. I mean, you know, the one thing I

493
00:35:38,936 --> 00:35:45,376
will say is this is a sophisticated fraud, Princey. I mean, it's a this is not, you know, it's not for

494
00:35:45,376 --> 00:35:49,295
I mean, like when I wrote my book, I handed it to my wife and she started reading. She said,

495
00:35:49,396 --> 00:35:53,535
hang on a second here. What's the Federal Reserve? You know, my wife was very smart,

496
00:35:53,696 --> 00:35:57,215
but this is just not her area. She's an author. She's not her area of expertise.

497
00:35:57,215 --> 00:35:58,956
and says, you've got to explain this.

498
00:35:59,155 --> 00:36:03,795
And so they've created a system that really benefits them,

499
00:36:04,095 --> 00:36:06,376
and they've wrapped all these words around it

500
00:36:06,376 --> 00:36:08,655
to make it sound like it's in all of our best interests,

501
00:36:08,755 --> 00:36:09,416
but it's really not.

502
00:36:09,495 --> 00:36:10,555
It's rigged in their favor.

503
00:36:11,396 --> 00:36:13,275
And we've got to call them out on it.

504
00:36:13,896 --> 00:36:15,275
We've just got to call them out on it,

505
00:36:15,275 --> 00:36:16,335
and that's what the book tried to do.

506
00:36:16,876 --> 00:36:18,416
I totally agree with you.

507
00:36:18,416 --> 00:36:22,575
And like we've said here on this podcast just today,

508
00:36:22,696 --> 00:36:24,155
the money system is broken.

509
00:36:24,155 --> 00:36:31,675
but it's it's working as designed larry it's working that's a fair point yeah it's very good

510
00:36:31,675 --> 00:36:36,995
but that's the dark side from their point of view it's not broken at all no it's running along

511
00:36:36,995 --> 00:36:44,215
tickety-boo but yeah it's absolutely working as designed absolutely they can do whatever they like

512
00:36:44,215 --> 00:36:49,235
whenever they like and affect the markets and create the bubbles and then pop the bubbles

513
00:36:49,235 --> 00:36:57,055
but you know like uh the the great wall street crash of uh 27 28 whenever it went down completely

514
00:36:57,055 --> 00:37:02,975
engineered totally well and and that's why you know that's why we have the cross of gold speech

515
00:37:02,975 --> 00:37:06,975
and everything else i mean the banks have been very smart and very sophisticated they get all

516
00:37:06,975 --> 00:37:11,615
the farmers into debt i mean you know and even thomas jefferson said this one of his famous

517
00:37:11,615 --> 00:37:17,055
quotes through the process if you're a financier and you can control the money and you can inflate

518
00:37:17,055 --> 00:37:22,815
and deflate at will, you can get everybody else off sides. And so, you know, you crash everything

519
00:37:22,815 --> 00:37:28,475
and asset prices fall and everybody who's levered up goes bankrupt and loses those assets. And then

520
00:37:28,475 --> 00:37:33,235
you buy those assets for pennies on the dollar and you end up getting rich. I mean, you know,

521
00:37:33,255 --> 00:37:38,055
an amazing, more modern case of it is Jamie Dimon is a billionaire based on stock options that he

522
00:37:38,055 --> 00:37:43,956
issued to himself in 2008. You know, JPM was right at the edge of bankruptcy. They gave him an enormous

523
00:37:43,956 --> 00:37:47,555
I mean, how do you become being the CEO of a bank?

524
00:37:47,635 --> 00:37:48,755
How do you become a billionaire?

525
00:37:49,376 --> 00:37:51,115
I mean, that's just that's just unheard of.

526
00:37:51,155 --> 00:37:52,475
That had never happened before.

527
00:37:52,956 --> 00:37:57,755
And yet, if you issue stock options to yourself at a very low valuation, when it looks like

528
00:37:57,755 --> 00:38:01,795
the world is ending and you know it's not because you're tied in with the government,

529
00:38:01,896 --> 00:38:07,936
you know, the system, you know, and you reinflate, you will end up silly rich.

530
00:38:07,936 --> 00:38:08,715
And he has.

531
00:38:09,535 --> 00:38:12,456
So, you know, it's it's a it's a very broken system.

532
00:38:12,456 --> 00:38:23,755
And, you know, the hope here is that the book will go viral and we'll get enough people to understand this and support sound money and honest politics and the alternative.

533
00:38:24,015 --> 00:38:28,876
And, you know, I know it's I mean, there are people who have accused me of being kind of Don Quixote here.

534
00:38:28,995 --> 00:38:33,696
I mean, whether this is going to work or not, I don't know. Right.

535
00:38:34,335 --> 00:38:37,675
But, you know, I mean, Satoshi gave us a really good weapon.

536
00:38:37,675 --> 00:38:43,315
So, you know, I think the answer is I'm highly confident it's going to work.

537
00:38:43,735 --> 00:38:48,215
The timeline, you know, we may have to be more patient than I'd like to be.

538
00:38:48,515 --> 00:38:54,416
But because, you know, history shows that human beings do gravitate towards the best ideas.

539
00:38:55,035 --> 00:38:57,595
I mean, maybe not instantly, but eventually.

540
00:38:58,655 --> 00:39:05,456
And I can't I haven't found the large logical reason why Bitcoin is not the best monetary idea out there.

541
00:39:05,495 --> 00:39:06,356
I just haven't found it.

542
00:39:06,356 --> 00:39:13,175
and so and i think those of us who are in it know it and those of us who know it our numbers are

543
00:39:13,175 --> 00:39:17,815
growing every day and so you know we'll go through the gladwell adoption curve and eventually

544
00:39:17,815 --> 00:39:22,255
everybody will know it and then of course it'll just be money and your kids and my grandkids will

545
00:39:22,255 --> 00:39:26,135
talk about things well that car costs 30 satoshis or whatever the heck it costs i mean

546
00:39:26,135 --> 00:39:30,715
i you know it gets it's funny sailor talks about 21 million dollar bitcoin 21 years i'm like yeah

547
00:39:30,715 --> 00:39:35,155
okay that may be true and that's all great but what'll get what's gasoline gonna be you know

548
00:39:35,155 --> 00:39:38,916
it's going to be a thousand dollars, you know, a liter. I mean, we don't know. I mean, and the

549
00:39:38,916 --> 00:39:43,695
problem is the measuring standard we're using, which is fiat currency is getting inflated. So

550
00:39:43,695 --> 00:39:49,715
damn rapidly, it's almost like some of the stuff has no meaning, right? It's hard. So, yeah. And

551
00:39:49,715 --> 00:39:56,376
therein lies the beauty of the meme. One Bitcoin is one Bitcoin. Exactly. I mean, and it can't get

552
00:39:56,376 --> 00:40:01,635
inflated. We know exactly what it is. It's, I mean, the fact that for the first time in human

553
00:40:01,635 --> 00:40:08,775
history. We have an uninflatable source of money. That's such a big deal. It's just, it's huge.

554
00:40:09,835 --> 00:40:16,416
So being a gold guy as well, you'd have, and to take us back to the end of the 1920s again,

555
00:40:16,416 --> 00:40:23,255
when America was on its absolute knees, you're seeing, you know, you're seeing starvation,

556
00:40:23,476 --> 00:40:30,135
you're seeing all kinds of just complete and utter destitution, people completely destroyed by what

557
00:40:30,135 --> 00:40:33,295
they did at the back end of that decade.

558
00:40:33,795 --> 00:40:36,956
And then you go into the new decade and you've got all this hype.

559
00:40:37,035 --> 00:40:40,396
You've got FDR coming in with this big new deal in 33.

560
00:40:40,655 --> 00:40:44,916
And the first thing he does when he's voted in is he signs the Emergency Banking Act.

561
00:40:44,916 --> 00:40:50,315
And then the second thing he does is sign Executive Order 6102 because he can do that

562
00:40:50,315 --> 00:40:54,876
under the Emergency Banking Act, which he had just signed in like a week before and

563
00:40:54,876 --> 00:40:57,715
steals everybody's gold, for want of a better word.

564
00:40:58,215 --> 00:40:59,235
Yeah, that's exactly what he did.

565
00:40:59,235 --> 00:41:11,456
Yeah. And the Supreme Court doesn't call him on it. Yeah. No, it's it's unbelievable. I mean, it's you know, we've got, you know, the founders, you know, what would have been say, you know, a republic if you can keep it right.

566
00:41:11,456 --> 00:41:16,295
You know, the founders set up this document to try and limit the powers of government.

567
00:41:16,595 --> 00:41:20,215
And, you know, probably better than most other governments in the history of the world.

568
00:41:20,275 --> 00:41:25,675
It's done so. I mean, I still prefer America to, you know, China, Korea, Russia, a lot of other places.

569
00:41:25,775 --> 00:41:33,376
But a lot of the original founding fathers principles have been badly compromised, you know, badly, sadly.

570
00:41:33,376 --> 00:41:47,055
And, you know, having said all that, if we wipe the monetary slate clean, we might get a chance to rewrite the Constitution and reinforce some of the core, you know, principles that were in the original document.

571
00:41:47,575 --> 00:42:00,255
Or maybe we evolve towards a system that's much more like Switzerland, where, you know, do we really need these enormous nation states that can have nuclear weapons and bombers and aircraft carriers and all this?

572
00:42:00,255 --> 00:42:04,936
I mean, you know, maybe we can devolve into a lot more, you know, smaller regional governments.

573
00:42:06,075 --> 00:42:09,495
You know, and the funny thing is, I mean, war is a really funny thing.

574
00:42:09,555 --> 00:42:15,075
I mean, I don't know many sane people who really want to go somewhere else and kill other people.

575
00:42:15,275 --> 00:42:23,795
I just don't know. I don't, you know, like most people just want to live their life, raise their family, you know, die peacefully, et cetera, et cetera.

576
00:42:23,896 --> 00:42:26,635
And yet there are some people who decide they want to kill other people.

577
00:42:26,635 --> 00:42:30,876
and of course if they migrate to the top of a big power structure

578
00:42:30,876 --> 00:42:33,535
like Hitler did, they can do it

579
00:42:33,535 --> 00:42:36,376
we've got to stop that

580
00:42:36,376 --> 00:42:39,495
and one of the things that enables that is the broken money

581
00:42:39,495 --> 00:42:41,175
because they can do it without paying for it

582
00:42:41,175 --> 00:42:44,155
and if they suddenly had to pay for it and we all had to vote on it

583
00:42:44,155 --> 00:42:47,896
I think the vote would be kind of an overwhelming and a resounding

584
00:42:47,896 --> 00:42:49,575
no, we're not doing that

585
00:42:49,575 --> 00:42:55,856
Yeah, it's a very sick part of the whole fiat game

586
00:42:55,856 --> 00:43:01,396
that right you can yeah how many people are employed by the militaries all around the world

587
00:43:01,396 --> 00:43:07,995
that can be shipped so they're trained to kill other human beings like that's the most

588
00:43:07,995 --> 00:43:17,235
inhuman like that's you know there's a primal instinct in you to do no harm correct in clown

589
00:43:17,235 --> 00:43:22,416
world if you're if you're healthy if you're healthy i mean there are you know there is i

590
00:43:22,416 --> 00:43:23,675
I mean, I don't know what the psychiatrist would say.

591
00:43:23,735 --> 00:43:26,215
There's some portion of the public that are psychopaths.

592
00:43:26,295 --> 00:43:28,755
I mean, you know, there are some.

593
00:43:28,815 --> 00:43:29,916
There are some people who are sick.

594
00:43:29,995 --> 00:43:30,916
There's no doubt about it.

595
00:43:30,916 --> 00:43:34,275
And frankly, that's why we do need, in my opinion, we do need some government.

596
00:43:34,515 --> 00:43:37,315
I mean, I want sick people to be thrown in jail.

597
00:43:39,476 --> 00:43:41,396
You know, I want rule of law.

598
00:43:41,755 --> 00:43:47,356
And I'd be happy to pay 10% of my earnings or my net worth to, you know, to have that occur.

599
00:43:47,356 --> 00:43:51,976
but you know it's gotten so that we're so far beyond that 10 percent level that it probably

600
00:43:51,976 --> 00:43:56,195
would require you know i think most of the world i was i was talking to a guy when i was in prog

601
00:43:56,195 --> 00:44:00,315
show in italy from italy i said i want to move to italy he said no you don't i said why not he

602
00:44:00,315 --> 00:44:06,135
said because at the margin i pay 65 cents of every you know euro i make to the government i was like

603
00:44:06,135 --> 00:44:14,376
oh my god that's crazy it's just crazy yeah uh i think most companies i think most people would be

604
00:44:14,376 --> 00:44:19,255
shocked to figure out that you know come the end of their you know working career their working life

605
00:44:19,255 --> 00:44:24,976
they're probably handed over anywhere between 60 to 85 percent and it's just unreal and then

606
00:44:24,976 --> 00:44:30,376
but i know i know it's got to be 40 50 when you consider all the added taxes i just you know

607
00:44:30,376 --> 00:44:38,876
yeah it's it's gross it's really gross so let's go to you're sitting at this conference at the

608
00:44:38,876 --> 00:44:45,876
Harvard Business School. Have you got the... No, no, it's good. I'm fine. Okay. You're sitting in...

609
00:44:45,876 --> 00:44:52,835
So what... Yeah. Why did you go to this conference? And what happened? What made you stand up and

610
00:44:52,835 --> 00:45:00,035
challenge the guy? Well, I'm the Mark Baum character, right? I mean, so I went to the

611
00:45:00,035 --> 00:45:05,175
conference. Let me tell you, let's set the scene. So the conference is Harvard. It's 2018. So it's

612
00:45:05,175 --> 00:45:11,936
now 10 years after the GFC, which occurred in 2008. And I think the conference was billed as,

613
00:45:12,055 --> 00:45:19,095
you know, a review of 2008, you know, what have we seen? What have we learned? And the, you know,

614
00:45:19,095 --> 00:45:24,896
the speakers were, you know, Paulson, Geithner, Larry Summers, Bernanke was not there, but,

615
00:45:25,015 --> 00:45:33,635
and a few other Harvard professors and econ types. They were all up on a panel. And the best way to

616
00:45:33,635 --> 00:45:39,495
describe it because it was kind of a victory lap you know they were kind of like look you know 2008

617
00:45:39,495 --> 00:45:43,976
was an incredible event you know we didn't expect it there obviously there were regulatory errors

618
00:45:43,976 --> 00:45:49,456
that happened that allowed it to occur but god damn didn't we do the right thing you know we

619
00:45:49,456 --> 00:45:54,476
we really we came in here and we were the committee to save the world and save the world we did and

620
00:45:54,476 --> 00:46:01,015
we acted courageously and aggressively and this you know i mean it's just and you know um i mean

621
00:46:01,015 --> 00:46:03,376
And literally, they were making speeches similar to that.

622
00:46:03,436 --> 00:46:04,535
I'm paraphrasing, obviously.

623
00:46:04,995 --> 00:46:07,976
And, you know, they'd get, you know, resounding applause, right?

624
00:46:08,095 --> 00:46:10,315
You know, 400 people, resounding applause.

625
00:46:11,155 --> 00:46:14,815
And, you know, I got to give Geithner credit that he had the balls to ask this question.

626
00:46:14,936 --> 00:46:17,856
But, you know, he figured, wait, what the heck, let's have some fun.

627
00:46:18,456 --> 00:46:21,456
And he got up and said, is there anybody here who thinks that we didn't do the right thing?

628
00:46:22,295 --> 00:46:23,555
And nobody's hands went up.

629
00:46:23,595 --> 00:46:24,356
So I put my hand up.

630
00:46:24,356 --> 00:46:27,995
And I, by the way, as this whole thing was going down, I was just getting sicker and sicker.

631
00:46:28,055 --> 00:46:29,815
Like, you know, you guys are a bunch of fucking frauds.

632
00:46:29,835 --> 00:46:30,916
You didn't do the right thing.

633
00:46:31,015 --> 00:46:33,055
I can't believe you're sitting here.

634
00:46:33,055 --> 00:46:36,896
Not only did you fuck everybody over with your response to this thing and hurt the middle

635
00:46:36,896 --> 00:46:41,675
class and all the people lost their houses, et cetera, et cetera, but you also, here you

636
00:46:41,675 --> 00:46:46,335
are, you have the gall to come here and try and brag and pound your chest, I mean, like

637
00:46:46,335 --> 00:46:47,335
as a redemption tour.

638
00:46:47,335 --> 00:46:52,396
And I think at that point in time, Geithner and somebody else might have just released

639
00:46:52,447 --> 00:46:56,267
about, you know, and Bernanke's The Courage to Act was already out and all that kind of stuff.

640
00:46:56,507 --> 00:47:01,027
So they were, you know, it was a victory tour. And I just couldn't, I couldn't bear it. And I

641
00:47:01,027 --> 00:47:05,027
just said, fuck it, somebody's got to say this, right? And so I raised my hand, they called on me,

642
00:47:05,087 --> 00:47:08,507
I stood up, I said, hey, no, you didn't do the right thing. You know, there were a lot of other

643
00:47:08,507 --> 00:47:14,247
solutions. People lost their homes, people lost their jobs, you let the whole bubble occur on your

644
00:47:14,247 --> 00:47:18,587
watch, you know, and there were 10 other ways to deal with it that would have been incredibly fair.

645
00:47:18,587 --> 00:47:22,167
and you chose the one that, you know, bailed out the guys who did it.

646
00:47:23,247 --> 00:47:25,127
And, you know, I would have proposed something different.

647
00:47:25,307 --> 00:47:28,187
Actually, if you read my book, I've got my proposal in there in detail.

648
00:47:28,647 --> 00:47:30,287
Let's not go through it here because it's too long.

649
00:47:31,107 --> 00:47:33,967
And as you can imagine, you know, Guy Thorn was taken aback and he said,

650
00:47:34,007 --> 00:47:37,967
well, what you're proposing is Old Testament justice, you know, an eye for an eye.

651
00:47:37,967 --> 00:47:40,967
And I was like, dude, this isn't, you know, about justice.

652
00:47:41,647 --> 00:47:44,727
I mean, this is about just basic human fairness.

653
00:47:45,367 --> 00:47:47,487
And, you know, and this is an Old Testament.

654
00:47:47,487 --> 00:47:53,747
I'm not poking your eye out. I'm just suggesting to you that the people who committed the crime should be held responsible for it.

655
00:47:55,027 --> 00:47:58,107
Anyway, I got drowned out. They moved on to other questioners.

656
00:47:58,327 --> 00:48:01,067
It was very clear they didn't want to hear what I had to say. And that was fine.

657
00:48:01,127 --> 00:48:04,867
I expected nothing less. But I did, you know, I did make my point.

658
00:48:05,387 --> 00:48:10,767
And, you know, I had a lot of hateful stares at me.

659
00:48:11,167 --> 00:48:14,907
I had a lot of people glaring and taking snide remarks as I went out to coffee.

660
00:48:14,907 --> 00:48:19,907
but as I said in the book there were a handful of people came up to me and said dude that took

661
00:48:19,907 --> 00:48:25,227
fucking guts man and I agree with you you're right you're absolutely right and they needed to hear it

662
00:48:25,227 --> 00:48:29,947
so you know so there's that and I just figured you know I'm just not going to let this stand I mean

663
00:48:29,947 --> 00:48:35,627
if somebody who knows what happened and knows it's wrong can't stand up and say it you know in

664
00:48:35,627 --> 00:48:41,407
America and with freedom of speech and what's the point right and so I said it but you know the impact

665
00:48:41,407 --> 00:48:48,027
is quite low in terms of their thinking, I'm sure. So on that panel, let's get people up to

666
00:48:48,027 --> 00:48:52,207
speed in case they're just names flying over their head. Hank Paulson, he was at Goldman,

667
00:48:52,347 --> 00:48:56,847
I believe, during the time. He was the CEO of Goldman and he was the Treasury Secretary during

668
00:48:56,847 --> 00:49:03,627
the GFC. And so he was the guy who initiated TARP, which is the Troubled Asset Relief Program,

669
00:49:03,807 --> 00:49:09,307
where they borrowed 700 trillion or billion dollars. And he begged, he was on his knees in

670
00:49:09,307 --> 00:49:14,727
Washington, D.C., begging Nancy Pelosi to approve TARP. And by the way, the first time they put TARP

671
00:49:14,727 --> 00:49:20,747
out there, the Congress overwhelmingly, I mean, there was, you know, thousands of phone calls to

672
00:49:20,747 --> 00:49:26,427
D.C., you know, reject this. It's a bailout of the bankers. And the Congress overwhelmingly

673
00:49:26,427 --> 00:49:31,967
turned it down. And then days later, the stock market fell eight or nine percent. By memory,

674
00:49:31,967 --> 00:49:37,407
I could be off by a little bit very rapidly, one of the largest falls ever. And, you know,

675
00:49:37,407 --> 00:49:42,907
it was very clear that if they didn't do it, you know, the economy was going to melt down.

676
00:49:43,227 --> 00:49:47,307
And so, you know, all the financial types leaned on all the Congress people and said,

677
00:49:47,387 --> 00:49:51,967
you guys don't have a choice. You have to do this bailout or else, you know, the ATMs aren't going

678
00:49:51,967 --> 00:49:55,687
to work and everything's going to melt down. And that's, by the way, what the financial class has

679
00:49:55,687 --> 00:50:01,707
always done to rip us off. It's like they've got a gun to our head, you know, print the damn money

680
00:50:01,707 --> 00:50:06,147
so we can benefit. If not, I'm going to blow your financial brains out, you know. And yeah,

681
00:50:06,147 --> 00:50:10,227
the inflation will hurt you later, but you don't want to have your brains blown out now. So you say,

682
00:50:10,307 --> 00:50:15,727
fine, we'll print the money. I mean, that's the game that got started when we put in the Federal

683
00:50:15,727 --> 00:50:22,287
Reserve backstop in 1913. And that game has only gotten more and more extreme and the numbers are

684
00:50:22,287 --> 00:50:28,747
larger and larger as we go forward. So yeah, I mean, it's, and it led to all kinds of distortions.

685
00:50:28,807 --> 00:50:32,447
One of my favorites in the book, and I want to mention this, I mean, because it just blows my

686
00:50:32,447 --> 00:50:35,927
mind every time I read it. And it wasn't just me. This was documented by Matt Taibbi of Rolling

687
00:50:35,927 --> 00:50:43,967
Stone. When that whole thing went down, the wife of the chairman of Morgan Stanley and borrowed

688
00:50:43,967 --> 00:50:54,307
$200 million, okay, non-recourse from the Federal Reserve at a low interest rate in order to buy

689
00:50:54,307 --> 00:51:00,567
distressed and troubled assets. And so what that meant was that if those distressed and troubled

690
00:51:00,567 --> 00:51:06,807
assets recovered and became worth 300 or 400 million dollars she was going to make 100 to 200

691
00:51:06,807 --> 00:51:11,587
million dollars and if and she had to put up some money a few million bucks but um and if those

692
00:51:11,587 --> 00:51:16,127
troubled assets failed she'd lose the few million bucks that she put up but the 200 million that

693
00:51:16,127 --> 00:51:24,567
she borrowed the fed would cover it right so this is just blatant blatant corruption and this is all

694
00:51:24,567 --> 00:51:28,267
i'm not making this up this is all detailed in matt taibbi a great investigative reporter

695
00:51:28,267 --> 00:51:32,447
you know, Rolling Stone interview, he called it the real housewives of Wall Street,

696
00:51:32,447 --> 00:51:37,047
because it was actually Morgan Stanley's chairman and wife. And there was another

697
00:51:37,047 --> 00:51:41,427
senior Morgan. So these two women borrowed $200 million from the Fed.

698
00:51:42,047 --> 00:51:47,487
I mean, with no financial background. You know, I mean, it's just like, what? I mean,

699
00:51:47,567 --> 00:51:53,507
this is the system we're running. I mean, you know, you can't borrow $200 million from the Fed.

700
00:51:53,607 --> 00:51:57,047
I can't borrow $200 million. The average citizen wants to borrow money. They got to go to these

701
00:51:57,047 --> 00:51:59,547
loan sharks called the credit card companies that pay 25%.

702
00:51:59,547 --> 00:52:05,107
And I'm old enough to remember how back in the olden days, there were usury laws, which

703
00:52:05,107 --> 00:52:07,687
prevented the credit card guys from charging more than 10 or 12%.

704
00:52:07,687 --> 00:52:10,767
So you couldn't get yourself into the debt hole that a lot of people have gotten into.

705
00:52:11,767 --> 00:52:13,127
You know, and everyone says, well, they got to have that.

706
00:52:13,187 --> 00:52:14,987
So they take on riskier credits.

707
00:52:15,147 --> 00:52:15,507
Bullshit.

708
00:52:16,207 --> 00:52:18,167
You know, cap the interest rate at some fair level.

709
00:52:18,207 --> 00:52:20,227
And if the credit is too risky, then don't loan them the money.

710
00:52:20,727 --> 00:52:24,747
But instead, what they've allowed everybody to do is to get into a debt trap, just like

711
00:52:24,747 --> 00:52:25,927
the government's in a debt trap.

712
00:52:25,927 --> 00:52:32,987
and guess what if you're in a debt trap they own you you know you don't you do not have sovereignty

713
00:52:32,987 --> 00:52:37,427
anymore you know you're just you're you're a hamster on a treadmill just trying to get that

714
00:52:37,427 --> 00:52:43,667
salary to pay that debt and you know millions of student you know student borrowers know it

715
00:52:43,667 --> 00:52:47,907
i mean here's a good here's a good example i mean i i don't agree with absolutely anything that

716
00:52:47,907 --> 00:52:51,647
with elizabeth warren says except one thing i will say i agree with her she said hang on a second

717
00:52:51,647 --> 00:52:59,667
You mean to tell me we're charging 6% on student loans and we're lending money to Wall Street at ZERP at 25 basis points?

718
00:53:00,147 --> 00:53:07,907
Please explain to me why Wall Street can borrow at a lower rate than a student who represents the future of our country.

719
00:53:08,367 --> 00:53:09,067
She's got a point.

720
00:53:10,047 --> 00:53:11,607
I mean, she's really got a point.

721
00:53:12,087 --> 00:53:18,067
And the answer is that student doesn't have the lobbyists and the power and the money that Wall Street has to corrupt the system.

722
00:53:18,067 --> 00:53:25,567
so anyway enough of a ramp it's so disgusting you hit you hit on the thesis of my whole book and

723
00:53:25,567 --> 00:53:30,327
yeah i feel i feel strongly about this shit as you know well you brought up usury and usury is a

724
00:53:30,327 --> 00:53:34,807
really interesting one uh and in the same conversation here we've already mentioned

725
00:53:34,807 --> 00:53:39,367
interest rates and you were saying quite correctly the interest rate should be decided by the market

726
00:53:39,367 --> 00:53:47,487
the fact that the fact that there is a an entity out there dictating to us what the interest rate

727
00:53:47,487 --> 00:53:55,147
is, is absolute complete nonsense. But when you look at how, so usury laws, for those that aren't

728
00:53:55,147 --> 00:54:03,247
aware, usury is the exorbitant charge of interest on borrowed money. Now, if you look at our current

729
00:54:03,247 --> 00:54:09,447
system, everything is pure usury because the money you're borrowing didn't exist in the first place.

730
00:54:09,907 --> 00:54:16,167
You go to a bank to get some money as a loan, they just print that they just loan you. The

731
00:54:16,167 --> 00:54:17,907
The deposit is the loan.

732
00:54:18,167 --> 00:54:20,247
They deposit the money in your account.

733
00:54:20,807 --> 00:54:25,587
And then you have to pay interest back on money that didn't exist.

734
00:54:25,907 --> 00:54:29,407
So it doesn't matter if it's half a percent and you think you got a great deal.

735
00:54:30,567 --> 00:54:31,307
It's usury.

736
00:54:31,947 --> 00:54:33,607
It's just so disgusting.

737
00:54:33,607 --> 00:54:43,907
Yeah, when people understand the advantage that the banks have against the average human being, it's mind-boggling.

738
00:54:44,187 --> 00:54:45,627
It's just absolutely mind-boggling.

739
00:54:45,627 --> 00:54:48,287
and how as a banker you don't end up wealthy

740
00:54:48,287 --> 00:54:49,887
it's impossible

741
00:54:49,887 --> 00:54:51,867
because they've got the game rigged in their favor

742
00:54:51,867 --> 00:54:52,987
so

743
00:54:52,987 --> 00:54:54,447
yeah

744
00:54:54,447 --> 00:54:56,307
it's nutty

745
00:54:56,307 --> 00:54:57,327
hang on one second

746
00:54:57,327 --> 00:54:59,527
hang on

747
00:54:59,527 --> 00:55:03,507
there you go

748
00:55:03,507 --> 00:55:04,227
let's go sweetie

749
00:55:04,227 --> 00:55:06,207
yeah so

750
00:55:06,207 --> 00:55:08,667
I have

751
00:55:08,667 --> 00:55:11,907
my business partner has a golden retriever

752
00:55:11,907 --> 00:55:12,767
right

753
00:55:12,767 --> 00:55:14,487
visiting with me

754
00:55:14,487 --> 00:55:26,027
uh gold yeah how how have your your gold bug buddies uh watched you they must have been

755
00:55:26,027 --> 00:55:35,367
watching you closely i'm sure some of them have come with uh you know advice of it comes from a

756
00:55:35,367 --> 00:55:40,347
place of love right i'm sure people that does people that respect you and have known you for

757
00:55:40,347 --> 00:55:44,547
long time have probably been in your ear like, Larry, you're losing your fucking mind with his

758
00:55:44,547 --> 00:55:49,647
Bitcoin. Absolutely. Absolutely. I've had all that. Yeah. And it does come from a place of love. And

759
00:55:49,647 --> 00:55:54,707
you know, I just try to explain them. And you know, I understand their arguments. I mean,

760
00:55:54,787 --> 00:56:01,547
probably the one that I think they that the smartest ones have hung on to, okay, I will say,

761
00:56:02,167 --> 00:56:08,787
is that something this volatile can't be money. And I flip it and say, yeah, you're right,

762
00:56:08,847 --> 00:56:10,167
The dollar really is volatile.

763
00:56:11,967 --> 00:56:22,651
One Bitcoin is just one Bitcoin Now the dollar price of Bitcoin Well that all over the place and you right the dollar is not money but um that that probably the last remaining argument

764
00:56:22,651 --> 00:56:28,011
to get knocked over with probably the smartest of my gold bug friends um the other arguments

765
00:56:28,011 --> 00:56:32,731
one of the biggest ones the other big ones that got knocked over i think relatively decisively

766
00:56:32,731 --> 00:56:36,191
and although it could change was the the government's going to shut this thing down

767
00:56:36,191 --> 00:56:43,211
you know and that was a you know in 2018 19 okay you know that's i hear you but we're you know we

768
00:56:43,211 --> 00:56:49,391
got an etf we got a strategic reserve now you know if trump fails or if the you know red team

769
00:56:49,391 --> 00:56:54,491
fails in three and a half years and blue team wins um you know they might take another crack at

770
00:56:54,491 --> 00:57:00,591
coming after crypto or coming after bitcoin you know big taxes you know taxing the off ramps

771
00:57:01,311 --> 00:57:05,591
outlawing self-custody i mean a lot of things i think hopefully the horse is so far out of the

772
00:57:05,591 --> 00:57:10,531
barn they won't get anywhere on that but i do worry about it a little bit yeah my worry is going

773
00:57:10,531 --> 00:57:16,431
back to executive order 6102 if you know that too if you read some of the if you read the order

774
00:57:16,431 --> 00:57:23,431
and some of the uh literature leading up to it fdr was blaming and pointing at people and calling

775
00:57:23,431 --> 00:57:29,991
them hoarders right so that's what we are right we're hodlers we're hoarders and they could just

776
00:57:29,991 --> 00:57:35,331
pull the same narrative bullshit again absolutely and we're profiteers and we're taking advantage

777
00:57:35,331 --> 00:57:38,471
of the existing beautiful fiat system and the Keynesian model.

778
00:57:38,711 --> 00:57:41,231
And by the way, they have some really nice honeypots now.

779
00:57:41,351 --> 00:57:45,931
I mean, you can be sure that if they called up Fidelity and they called up BlackRock and

780
00:57:45,931 --> 00:57:51,211
they called up the big ETF pools and said, guys, the law has now changed.

781
00:57:51,491 --> 00:57:55,431
Send us those Bitcoin and cash all your customers out at the last Bitcoin price.

782
00:57:56,191 --> 00:57:57,231
They'd have to comply.

783
00:57:57,951 --> 00:58:00,651
I mean, it would be if it were the law of the land.

784
00:58:01,091 --> 00:58:05,311
Now, and the interesting thing there is it doesn't necessarily, I mean, I've had this

785
00:58:05,311 --> 00:58:09,251
discussion on other pods. I think it's an interesting discussion that in theory, the

786
00:58:09,251 --> 00:58:13,031
monetary policy of the country was determined by the Constitution where, you know, Article I, Section

787
00:58:13,031 --> 00:58:17,871
8, you know, gold and silver money, et cetera, et cetera. But in practice, executive, you know,

788
00:58:17,951 --> 00:58:22,691
the chief executive, the president has actually driven the monetary policy. Lincoln did it with

789
00:58:22,691 --> 00:58:29,791
greenbacks, which he shoved through, you know, while the Congress put in the Fed, but then Wilson

790
00:58:29,791 --> 00:58:35,151
approved it. But, you know, Roosevelt did things just kind of unilaterally, right? 6102,

791
00:58:35,431 --> 00:58:40,391
revalue gold, et cetera. And then Nixon did it again in 71. You know, we're just we're reneging

792
00:58:40,391 --> 00:58:46,151
on this promise to pay you gold for your dollars. And so, you know, it does get a little scary. So

793
00:58:46,151 --> 00:58:52,571
Team Blue is now in charge. You know, hey, we think gold and Bitcoin are hurting the underlying

794
00:58:52,571 --> 00:58:57,871
safety and security of the dollar. We think that the capital gains on those two assets should be

795
00:58:57,871 --> 00:59:04,011
taxed at 60%. Furthermore, we even think we should, you know, we should seize them. And you can't own

796
00:59:04,011 --> 00:59:09,491
those assets, we're gonna we're gonna bring them in. And, you know, if the voters were all like

797
00:59:09,491 --> 00:59:13,891
the New York City voters who just voted for an avowed socialist, you know, I mean, it's this guy's,

798
00:59:14,111 --> 00:59:17,211
I mean, this guy went to Bowdoin, right? He's from an upper middle class background, he went to

799
00:59:17,211 --> 00:59:21,151
Bowdoin, it's one of the best small liberal arts schools in the country. And yet he's a socialist.

800
00:59:21,411 --> 00:59:26,531
I mean, good luck with socialism working, that's not going to work. But you know, there, I mean,

801
00:59:26,531 --> 00:59:32,131
And, you know, when I look at an AOC or I look at a Bernie, and I think, you know, they're complaining about what's wrong.

802
00:59:32,191 --> 00:59:32,611
And they're right.

803
00:59:32,851 --> 00:59:34,431
They've got, you know, things are broken.

804
00:59:34,651 --> 00:59:37,031
OK, they've got their solutions just wrong.

805
00:59:37,551 --> 00:59:38,071
Do you know what I mean?

806
00:59:38,071 --> 00:59:47,051
And so but and so that's why it's really incumbent upon all of us Bitcoiners and other people and Austrians and so forth that we've got to educate these young people that, yes, you're right.

807
00:59:47,091 --> 00:59:47,931
The system is broken.

808
00:59:48,331 --> 00:59:49,511
This isn't really capitalism.

809
00:59:49,511 --> 00:59:50,371
It's crony capitalism.

810
00:59:50,371 --> 00:59:53,751
But the system is broken and we do need to fix the system.

811
00:59:53,751 --> 01:00:02,111
But the way we need to go is back to sound money, not socialism, because socialism is going to only make it worse, you know, much worse and quickly.

812
01:00:02,111 --> 01:00:05,251
I mean, you know, there are no examples of socialism working.

813
01:00:05,331 --> 01:00:10,351
I mean, you want to look at socialism, go to Venezuela, go to Cuba, you know, I mean, go to Zimbabwe.

814
01:00:10,471 --> 01:00:12,151
I mean, socialism just does not work.

815
01:00:12,451 --> 01:00:16,971
So but, you know, they're you know, they spin and they spin a nice tail.

816
01:00:16,971 --> 01:00:20,971
and I suspect in four years or three and a half years

817
01:00:20,971 --> 01:00:22,611
that the blue team is going to be offering

818
01:00:22,611 --> 01:00:25,931
you know, stimmies and goodies and checks

819
01:00:25,931 --> 01:00:28,251
and forgiveness of debt and, you know,

820
01:00:28,271 --> 01:00:30,331
all the kinds of things to quote unquote help the people

821
01:00:30,331 --> 01:00:34,651
and all it's going to do is push up the price of groceries.

822
01:00:36,731 --> 01:00:39,731
Yeah, it's going to be an interesting one, mate,

823
01:00:39,771 --> 01:00:42,071
because obviously, yeah, Trump has three years, right,

824
01:00:42,171 --> 01:00:44,971
left at this point and that's it.

825
01:00:44,971 --> 01:00:50,211
it's going to be you know it might be same party but it's going to certainly be different person

826
01:00:50,211 --> 01:00:57,791
unless of course they change the laws again and you just never know you just never know

827
01:00:57,791 --> 01:01:04,631
this is the problem with centralized powers yeah absolutely i mean it yes that is the problem with

828
01:01:04,631 --> 01:01:08,271
centralized powers and this is why you know as bitcoiners this is why self-custody really starts

829
01:01:08,271 --> 01:01:14,211
to become important you know because you know if they decide they want to take my fbtc which is in

830
01:01:14,211 --> 01:01:18,371
my IRA account because I haven't taken the time to move my IRA into self-directed, fine,

831
01:01:18,451 --> 01:01:19,631
that's a small piece of what I own.

832
01:01:19,691 --> 01:01:26,691
But the coins I own in my head, who says I have to be an American, who says I haven't

833
01:01:26,691 --> 01:01:27,511
lost those keys.

834
01:01:27,731 --> 01:01:33,471
I mean, the Jason Lowry thesis that this thing makes individuals as powerful as an army with

835
01:01:33,471 --> 01:01:36,411
respect to protecting wealth, it's a pretty interesting thesis.

836
01:01:38,671 --> 01:01:39,111
Yeah.

837
01:01:39,491 --> 01:01:43,251
All right, Lowry, we've done the past and we've touched on what's going on right now.

838
01:01:43,831 --> 01:01:48,671
You kind of said something about the future that you're going to start pulling back and

839
01:01:48,671 --> 01:01:49,491
enjoying retirement.

840
01:01:50,011 --> 01:01:53,291
But what are you working on at the moment in Bitcoin?

841
01:01:53,531 --> 01:01:54,871
You still managing a fund?

842
01:01:55,631 --> 01:01:55,851
Yeah.

843
01:01:56,011 --> 01:01:59,791
So I still have a fund that has a piece of its Bitcoin.

844
01:02:00,391 --> 01:02:03,411
It was originally a gold and silver mining stock fund and still is.

845
01:02:03,891 --> 01:02:06,371
And all my investors are relying on me to deliver them good results.

846
01:02:06,411 --> 01:02:08,331
And I'm going to do that, I believe.

847
01:02:09,071 --> 01:02:11,911
It has a slice of Bitcoin, about as much as I could justify.

848
01:02:11,911 --> 01:02:15,351
and even when I did that, some of them left me and said,

849
01:02:15,431 --> 01:02:16,691
well, I'm not doing that if you're doing Bitcoin.

850
01:02:16,851 --> 01:02:17,831
I understand that.

851
01:02:18,851 --> 01:02:22,551
And I will be wrapping that up sometime in the next several years

852
01:02:22,551 --> 01:02:25,431
as this gold stock bull kind of continues.

853
01:02:25,551 --> 01:02:28,311
I think I'll be in a position to say, hey, everybody's made good money

854
01:02:28,311 --> 01:02:30,431
and time to unwind that.

855
01:02:31,131 --> 01:02:32,891
I'm involved with the Bitcoin Opportunity Fund,

856
01:02:32,891 --> 01:02:35,991
which is James Lavish, David Foley, Mark Moss, myself.

857
01:02:36,231 --> 01:02:37,811
And I'm not really active.

858
01:02:37,911 --> 01:02:38,751
They're more of an advisor.

859
01:02:38,751 --> 01:02:41,011
and they're doing a lot of very interesting Bitcoin.

860
01:02:41,931 --> 01:02:43,871
Venture deals are doing some of these treasury companies

861
01:02:43,871 --> 01:02:48,171
where we get in cheap before they do their IPO, et cetera.

862
01:02:49,831 --> 01:02:53,191
I'm trying to promote the book.

863
01:02:53,451 --> 01:02:56,511
I mean, I think to me, look, the book's been successful.

864
01:02:56,691 --> 01:03:01,311
I'm approaching 35,000 copies sold, which is great.

865
01:03:01,411 --> 01:03:03,311
I've been told that's a big number for a new book

866
01:03:03,311 --> 01:03:04,431
self-published on Amazon.

867
01:03:04,891 --> 01:03:06,191
It's been out five months or something.

868
01:03:06,191 --> 01:03:15,091
But, you know, to me, what I really hope, Prince, is I really want to jump the chasm into widespread adoption.

869
01:03:15,791 --> 01:03:17,891
You know what I mean? I mean, the 300 million people in the United States.

870
01:03:18,011 --> 01:03:21,231
I mean, Morgan Housel sold six million copies of The Psychology of Money.

871
01:03:21,351 --> 01:03:31,311
I mean, you know, and so my dream is that, you know, I don't know, Elon or, you know, Tucker or Rogan or, you know, Jack Mahler.

872
01:03:31,311 --> 01:03:38,631
I mean, just that some high level people, people who have a big audience read it and go, oh, my God, this is something everybody's got to read.

873
01:03:39,411 --> 01:03:45,851
And we, you know, it gets viral. It gets really viral. And we got, you know, thousands of people reading it and millions of people aware of it.

874
01:03:46,051 --> 01:03:53,771
And we truly get a sound money army, you know, marching around trying to fix this broken system, voting for guys like Thomas Massey, etc.

875
01:03:53,771 --> 01:03:59,611
So so that's kind of, you know, and I will do anything I can to advance that cause in the next few years.

876
01:03:59,611 --> 01:04:04,271
I mean, I'm doing pods and I'll go to events that I think push that forward.

877
01:04:04,551 --> 01:04:10,071
But and then after that, I tend to kind of slow down and, you know, just not be as involved.

878
01:04:10,231 --> 01:04:15,171
And my wife is she she claims she at one point in this whole process, she said, you know, I feel like a book widow.

879
01:04:17,091 --> 01:04:22,531
Because there was a time when I wrote it in the six months and I wrote it, I was up at five in the morning and I pretty much spent all day writing it.

880
01:04:22,771 --> 01:04:26,211
And and I was ignoring a lot of other stuff and I don't want to do that anymore.

881
01:04:26,211 --> 01:04:29,871
So I'll be doing other things with my family.

882
01:04:30,351 --> 01:04:31,991
Yeah, it gets you, doesn't it?

883
01:04:32,051 --> 01:04:37,231
Once you start down these rabbit holes and a new project, yeah, it's great.

884
01:04:37,231 --> 01:04:38,791
Right? I mean, we've all been there.

885
01:04:38,871 --> 01:04:40,951
Everybody in Bitcoin has been there where you're just flat out

886
01:04:40,951 --> 01:04:42,491
and it's absorbing all you got.

887
01:04:42,591 --> 01:04:44,791
And that's great, but you can't do that forever.

888
01:04:45,951 --> 01:04:48,391
Another thing that you tweet about, which I don't know,

889
01:04:48,571 --> 01:04:51,091
I don't think I've ever heard you talk about on a podcast,

890
01:04:51,091 --> 01:04:56,331
is your fitness regime, your love of CrossFit.

891
01:04:57,091 --> 01:04:57,311
Yeah.

892
01:04:57,851 --> 01:05:00,211
So how long have you been doing that

893
01:05:00,211 --> 01:05:03,171
and what keeps you going back for the torture?

894
01:05:03,811 --> 01:05:07,011
Yeah, it is torture at times, but it's a short form of torture.

895
01:05:07,191 --> 01:05:08,511
It's generally 15 minutes or less.

896
01:05:09,211 --> 01:05:12,691
So I started this over 10 years ago, probably approaching 15 years ago.

897
01:05:12,691 --> 01:05:13,891
I don't know the exact date, but anyway.

898
01:05:15,211 --> 01:05:16,531
There's a book I highly recommend.

899
01:05:16,671 --> 01:05:20,671
So if you're 50 years old and you haven't read Younger Next Year by Crowley,

900
01:05:21,091 --> 01:05:23,891
You need to read this book, okay?

901
01:05:23,891 --> 01:05:25,011
Younger Next Year.

902
01:05:25,011 --> 01:05:26,551
This is a seminal book.

903
01:05:26,551 --> 01:05:27,631
It's really important.

904
01:05:27,631 --> 01:05:31,691
And what it talks about is how when you get to be 50,

905
01:05:31,691 --> 01:05:47,814
you really start to age more rapidly And if you do not commit to a regime of health and exercise the outcome when you turn 75 say pick a number or 80 whatever you know if you committed to a healthy lifestyle you going to look one way

906
01:05:47,854 --> 01:05:49,414
And if you haven't, you're going to look another.

907
01:05:49,574 --> 01:05:51,574
And the difference is going to be really substantial.

908
01:05:52,574 --> 01:05:59,034
And so, you know, you've got to do the best you can to, you know, change your mindset.

909
01:05:59,334 --> 01:06:03,494
Men particularly have a mindset of got to work and earn money and provide for my family.

910
01:06:03,534 --> 01:06:07,554
and that's their highest priority as you're young and you're growing and you're thinking,

911
01:06:07,694 --> 01:06:11,654
okay, that's what I got to do. When you get to be 50, you got to kind of shift your mindset a

912
01:06:11,654 --> 01:06:16,054
little bit. My number one priority is to keep myself healthy so that I'm healthy at 80 or 90.

913
01:06:16,854 --> 01:06:20,754
You know, not, I mean, we've all seen 70, 80, 90 year olds who are very unhealthy and

914
01:06:20,754 --> 01:06:26,254
the difference in your lifestyle is huge. So what it requires is kind of a commitment to every day

915
01:06:26,254 --> 01:06:30,134
doing something that's related to fitness. Now, when I started down that road, I started

916
01:06:30,134 --> 01:06:33,654
researching it and I discovered that, you know, like everything else, I'm a type A. I thought,

917
01:06:33,694 --> 01:06:37,634
well, okay, I want to get fit. Let's get extremely fit. Well, I looked at what Navy SEALs do and

918
01:06:37,634 --> 01:06:42,054
Navy SEALs were doing CrossFit. And so I went to this Navy SEAL training program run by this guy

919
01:06:42,054 --> 01:06:46,214
named Mark Devine. It was really cool. He beat the shit out of me, but it got me kind of into

920
01:06:46,214 --> 01:06:52,154
CrossFit. And what, what, you know, CrossFit is that the unique insight related to CrossFit is

921
01:06:52,154 --> 01:06:57,534
that if you can push yourself to your max for a very brief period of time, you don't have to do

922
01:06:57,534 --> 01:07:03,314
it for long, the body remembers that and it triggers a bunch of hormones. And so think back

923
01:07:03,314 --> 01:07:07,634
to the days when you were on the, we were running around with spears and animals were trying to kill

924
01:07:07,634 --> 01:07:11,614
us. Tigers were trying, you didn't have to be strong all the time, but you had to be incredibly

925
01:07:11,614 --> 01:07:17,054
strong for short sprints. And so it's called high intensity interval training. And so CrossFit is

926
01:07:17,054 --> 01:07:21,894
like you go all out for three minutes, five minutes, eight minutes, 15 minutes, you go as

927
01:07:21,894 --> 01:07:27,474
hard as you possibly can. And then you fall on the ground like a pile of sweat. And it kind of

928
01:07:27,474 --> 01:07:32,314
sucks when you're doing it, to be frank. Although, you know, as my original coach said, you know,

929
01:07:32,334 --> 01:07:36,534
it's like holding your head underwater. Eventually you kind of get used to it. And you do eventually

930
01:07:36,534 --> 01:07:40,934
just like, okay, I know this is going to suck, but I'm just going to do it. But when you go,

931
01:07:41,034 --> 01:07:44,174
when you go to a hundred percent, you're going to, you know, human growth hormone, testosterone,

932
01:07:44,494 --> 01:07:51,534
you're going to fire a bunch of hormones that you just can't get by going out and jog. I mean,

933
01:07:51,594 --> 01:07:55,014
jogging for an hour is great. And it's going to help build your cardio base. And that's a great

934
01:07:55,014 --> 01:08:01,234
form of exercise but it's not the same as 100% effort for a brief period and so that's to me

935
01:08:01,234 --> 01:08:06,074
that's the magic of hit and crossfit um and you know I mean famous people do it I mean I'm always

936
01:08:06,074 --> 01:08:09,754
amused I've listened to a lot of stuff by Mick Jagger who's kind of a hero of mine he's a cool

937
01:08:09,754 --> 01:08:15,174
guy and he's in his he's doing it he's doing crossfit you know I mean he's I mean he says

938
01:08:15,174 --> 01:08:20,074
this is the only way I can stay in shape to do these tours at this age and you know God knows how

939
01:08:20,074 --> 01:08:25,894
you know um i was i was bandmates are doing it i i don't get it but but they're doing it so

940
01:08:25,894 --> 01:08:34,034
anyway um yeah i i'm i'm and so i you know probably somewhat um i don't know i i post my workouts just

941
01:08:34,034 --> 01:08:38,554
to kind of say hey look this is what it's possible to do as a 68 year old you know

942
01:08:38,554 --> 01:08:45,134
um doesn't matter where you start you can you can get to a point where you know you're fit and

943
01:08:45,134 --> 01:08:50,694
healthy no matter what your age is and um i i just think it's it's it's another form of proof

944
01:08:50,694 --> 01:08:55,314
of work um and i the re i got into it i think your daughter asked me what was the roughest time

945
01:08:55,314 --> 01:09:00,514
of my period worst investment well it's gold in 2015 that was about the time i got into it so it

946
01:09:00,514 --> 01:09:03,974
was about i was into a little before that but but that was when i really ramped it up so it's 10

947
01:09:03,974 --> 01:09:09,214
years ago now and um you know i just figured shit i gotta be around to see the end of this game

948
01:09:09,214 --> 01:09:13,534
and if I'm going to do that, I've got to be really fit to make it to 70, 80, 90.

949
01:09:14,514 --> 01:09:16,714
My dad died when he was 73 and I don't want that to happen.

950
01:09:17,454 --> 01:09:20,114
And I really want to see a Bitcoin-driven world.

951
01:09:20,294 --> 01:09:23,254
And so I'm kind of aiming for 90.

952
01:09:24,254 --> 01:09:25,294
I don't know if that's realistic.

953
01:09:25,514 --> 01:09:28,494
If cancer doesn't come in the picture, I hope I can get there.

954
01:09:29,494 --> 01:09:30,754
Yeah, you'll make it, mate.

955
01:09:30,854 --> 01:09:31,934
Come on, aim for 100.

956
01:09:32,334 --> 01:09:33,174
We need you around.

957
01:09:33,274 --> 01:09:34,634
Yeah, well, I'm hoping for that too.

958
01:09:34,634 --> 01:09:42,974
But, you know, it's I think my observation from watching those around me age is that after 90, you're often getting close to being on borrowed time.

959
01:09:43,254 --> 01:09:51,714
So I go to I found the local gym here at the rugby club and I go along to that and I'm inspired by the people.

960
01:09:51,914 --> 01:09:54,774
I was working out with a 58 year old guy yesterday.

961
01:09:54,774 --> 01:09:57,294
So he's only 10 years older than me.

962
01:09:57,314 --> 01:09:58,794
But there's a guy there that's 90.

963
01:09:58,954 --> 01:10:03,054
He comes along to the gym and there's other guys like in their 70s and their 80s.

964
01:10:03,054 --> 01:10:09,934
and it's like right you guys are my inspiration well that's right and isn't it i mean as you look

965
01:10:09,934 --> 01:10:14,414
at those guys aren't some of them really fit and you're like wow that's great you know i mean you

966
01:10:14,414 --> 01:10:18,994
can do it i mean the difference between fit 70 year old or fit 80 year old and an unfit i mean

967
01:10:18,994 --> 01:10:24,894
it's like night and day but there's no there really is no shortcut and the other thing i would say

968
01:10:24,894 --> 01:10:29,134
that's really important is it's not about measuring it it's not about performance so many people get

969
01:10:29,134 --> 01:10:32,814
in their head and like well i'm no good i'm not going to do this no no no there's only one

970
01:10:32,814 --> 01:10:37,894
prerequisite for this thing and that's to keep walking through the fucking door okay in other

971
01:10:37,894 --> 01:10:42,194
words that's what my first crossfit coach told me said i said i'm out of shape i was fat when i went

972
01:10:42,194 --> 01:10:46,734
in there i was really out of shape i said i'm not sure i can do this yes you can i said he said the

973
01:10:46,734 --> 01:10:51,674
only thing you got to do is you got to walk through that fucking door five days a week

974
01:10:51,674 --> 01:10:57,534
and do the best you can even if it's nothing or something really light you'll do something

975
01:10:57,534 --> 01:11:02,554
because that something will move the needle a little bit and then what happens is as a needle

976
01:11:02,554 --> 01:11:07,394
starts to move you start to say gosh i could do a little more and before you know it's like a fly

977
01:11:07,394 --> 01:11:12,034
wheel right and you get it going and pretty soon you're doing stuff you didn't even think you could

978
01:11:12,034 --> 01:11:18,714
ever do so i highly recommend it if you're 40 50 years old you got to shift your mindset i mean

979
01:11:18,714 --> 01:11:23,614
20s and 30s you're on free time you know your body's strong you can screw around do whatever

980
01:11:23,614 --> 01:11:27,794
i mean the other thing that related to that that i did was in my mid-30s i stopped drinking and

981
01:11:27,794 --> 01:11:36,214
that that's helped a lot um so wow yeah good for you that's yeah it's uh it's poison it's really

982
01:11:36,214 --> 01:11:41,854
as max says it's a shit coin alcohol is a shit coin and max you know max says everyone knows he's

983
01:11:41,854 --> 01:11:47,694
been in aa and he was an alcoholic and and uh he hasn't same same age he quit too yeah and i probably

984
01:11:47,694 --> 01:11:50,654
would have you know that's where i would have gone if i hadn't quit and i'm glad i did

985
01:11:50,654 --> 01:11:57,854
wow good for you mate all right larry let's wrap it up because what are we now yeah an hour and 10

986
01:11:57,854 --> 01:12:03,894
minutes uh i've got to hit you with the last question sure if you had one last orange pill

987
01:12:03,894 --> 01:12:13,154
left to give to somebody who would you give that to and why um i'd probably give it to

988
01:12:13,154 --> 01:12:20,794
elon and not because i'm a lover of all things elon um i'm not i mean he's got some great qualities

989
01:12:20,794 --> 01:12:27,354
and he's flawed in other ways but but he's very very influential and he's very very well known

990
01:12:27,354 --> 01:12:33,274
and he's probably got more twitter followers than anybody else and and i and i think he's so close

991
01:12:33,274 --> 01:12:39,194
to fully understanding it and i think if if he were to fully understand it and to embrace it in

992
01:12:39,194 --> 01:12:45,474
his businesses and to kind of adopt a sailor-like strategy, boy, it would just be, you know,

993
01:12:45,594 --> 01:12:49,154
I mean, it would force Apple and all these other corporations to think about it.

994
01:12:49,234 --> 01:12:51,634
And I just, I think it would move the world.

995
01:12:52,754 --> 01:12:59,674
So I think he, I think he would be a very highly leveraged, you know, orange pill if,

996
01:12:59,934 --> 01:13:04,794
you know, based on the platform and the, and the followers and the, you know, that he could

997
01:13:04,794 --> 01:13:05,454
connect with.

998
01:13:05,494 --> 01:13:07,714
So I, I'm pretty sure I'd give it to him.

999
01:13:08,274 --> 01:13:08,514
All right.

1000
01:13:08,514 --> 01:13:11,594
Well, there is no wrong answer.

1001
01:13:11,954 --> 01:13:12,734
So, you know, don't swear.

1002
01:13:13,514 --> 01:13:14,334
I don't got to be curious.

1003
01:13:14,474 --> 01:13:17,994
I mean, same question to you in the same circumstances.

1004
01:13:17,994 --> 01:13:18,994
Who would you give it to?

1005
01:13:21,794 --> 01:13:25,334
Yeah, I've gone back and forth on this one a lot.

1006
01:13:25,434 --> 01:13:26,574
I used to say Greta.

1007
01:13:26,854 --> 01:13:33,514
I would like to have given it to Greta so she can undo the damage that she's done with

1008
01:13:33,514 --> 01:13:38,514
with all of the climate fear mongering to, you know, young teenage kids.

1009
01:13:40,014 --> 01:13:41,514
That would, yeah, yeah.

1010
01:13:41,874 --> 01:13:47,334
But now I lean more towards just keeping it as close as I possibly can.

1011
01:13:47,934 --> 01:13:50,674
You know, my parents, for example, I've given them the books.

1012
01:13:50,754 --> 01:13:53,394
I've not given them your one yet, but they've had others

1013
01:13:53,394 --> 01:13:55,014
and they come back with questions.

1014
01:13:55,014 --> 01:13:57,654
They've watched Joe Bryan's What's the Problem?

1015
01:13:57,814 --> 01:13:59,154
And then they come back with questions.

1016
01:13:59,154 --> 01:14:02,614
So it's just a slow burn.

1017
01:14:02,614 --> 01:14:13,754
And yeah, I mean, everybody gets there eventually, and we all know it's inevitable, this mindset shift that we have to go through.

1018
01:14:13,834 --> 01:14:17,474
Because if you don't, then what's the alternative?

1019
01:14:17,674 --> 01:14:28,174
The alternative is just to carry on living in this world where you are being manipulated, and there is no economic signal, and you can't make true decisions.

1020
01:14:28,174 --> 01:14:33,854
and you're going to get pulled into all kinds of wrong areas of life

1021
01:14:33,854 --> 01:14:37,314
and end up living a life that you were never intended to live.

1022
01:14:38,394 --> 01:14:40,854
Because everything is downstream of money, as you know,

1023
01:14:40,934 --> 01:14:43,414
as you've explained in your book, as Seb explains,

1024
01:14:43,934 --> 01:14:45,714
Seb's book, The Hidden Cost of Money.

1025
01:14:45,814 --> 01:14:46,694
That's another great one.

1026
01:14:47,174 --> 01:14:47,834
Fabulous book.

1027
01:14:47,894 --> 01:14:48,634
I love Seb's book.

1028
01:14:49,254 --> 01:14:50,634
Yeah, Joe Brian, fabulous.

1029
01:14:50,774 --> 01:15:07,717
I mean he just put his video he turned it into a free e too and it was just out I just retweeted it It highly recommended So yeah I mean look it you know it just one one soul at a time right i mean i you know i got a nice dm the other day it on my

1030
01:15:07,717 --> 01:15:13,277
thread on twitter where you know young kid out in la you know said hey i saw you on robert's show

1031
01:15:13,277 --> 01:15:17,757
and i really appreciate what you're doing and i feel like you want to send me a book um you know

1032
01:15:17,757 --> 01:15:23,557
the people i live with could definitely use it and he's um in a rough area of la and i was like

1033
01:15:23,557 --> 01:15:30,557
yeah i'm sending you a box spread them around i mean because this is you know it look it's a good

1034
01:15:30,557 --> 01:15:36,137
idea and good ideas spread you know mouth to mouth you know hand to hand friend to friend

1035
01:15:36,137 --> 01:15:41,037
hey have you read this yet you know have you thought about this i mean and uh you know but

1036
01:15:41,037 --> 01:15:45,757
it's it's happening it's coming along um i forgot to ask where will you be signing more copies have

1037
01:15:45,757 --> 01:15:51,517
you got anything yes that's great that's a very good question um so books i uh events i know i'm

1038
01:15:51,517 --> 01:15:54,197
I'm not going to be going to the bigger shows as much anymore, if at all.

1039
01:15:54,797 --> 01:15:59,037
There's a show down in Dallas that I was invited to by Robert Kiyosaki called Limitless.

1040
01:15:59,157 --> 01:16:00,937
It's late July, early August.

1041
01:16:01,337 --> 01:16:03,757
So I have a bunch of books there and I will be signing.

1042
01:16:03,937 --> 01:16:05,437
And I think I'm on a panel there.

1043
01:16:06,117 --> 01:16:08,977
There's a show up in Montreal in Canada.

1044
01:16:09,077 --> 01:16:10,077
I'm not sure the exact dates.

1045
01:16:10,117 --> 01:16:12,317
You can Google Bitcoin Canada, Montreal.

1046
01:16:12,817 --> 01:16:15,337
I want to say it's October-ish kind of time frame.

1047
01:16:15,757 --> 01:16:16,977
And so I will go to that.

1048
01:16:17,057 --> 01:16:18,017
I'll be signing books there.

1049
01:16:18,017 --> 01:16:21,577
I haven't committed to any other shows

1050
01:16:21,577 --> 01:16:23,117
but I might I don't know what

1051
01:16:23,117 --> 01:16:24,477
what else is coming up

1052
01:16:24,477 --> 01:16:27,497
you know I don't know if I'll go to Prague

1053
01:16:27,497 --> 01:16:29,397
next year I know when Madeira

1054
01:16:29,397 --> 01:16:31,477
gets thrown again I'll definitely go back to that

1055
01:16:31,477 --> 01:16:33,537
that's 2028

1056
01:16:33,537 --> 01:16:34,917
people put it in your diary

1057
01:16:34,917 --> 01:16:37,657
little ways out but I'm definitely

1058
01:16:37,657 --> 01:16:38,317
going to that

1059
01:16:38,317 --> 01:16:40,737
yeah so I you know

1060
01:16:40,737 --> 01:16:43,537
but on Twitter I always talk about you know where

1061
01:16:43,537 --> 01:16:45,537
I'm going what shows I'm going to

1062
01:16:45,537 --> 01:16:47,717
so follow Larry on Twitter

1063
01:16:47,717 --> 01:16:53,437
everybody and reach out in his dms if you have any questions yeah yeah really great talking to

1064
01:16:53,437 --> 01:16:57,357
you princey it's uh it's been a long time since that discussion about sam bankman freed

1065
01:16:57,357 --> 01:17:05,097
years the years they just slide by quickly don't they they certainly do mate they certainly do well

1066
01:17:05,097 --> 01:17:09,357
thanks for coming on thanks for everything you have done in the past and continue to do for

1067
01:17:09,357 --> 01:17:13,237
big crowd thank you for helping spread the word for your pod and your shows i love them they're

1068
01:17:13,237 --> 01:17:13,557
Excellent.

1069
01:17:13,897 --> 01:17:16,037
And when you get this done, let me know,

1070
01:17:16,097 --> 01:17:18,457
and I'll retweet it to those folks who follow me

1071
01:17:18,457 --> 01:17:19,257
so we can spread the word.

1072
01:17:20,117 --> 01:17:20,437
Will do.

1073
01:17:20,657 --> 01:17:21,177
Thanks, Larry.

1074
01:17:21,257 --> 01:17:21,817
Have a good day.

1075
01:17:22,297 --> 01:17:22,617
You too.

1076
01:17:22,677 --> 01:17:22,977
Take care.

1077
01:17:24,777 --> 01:17:25,897
Well, there you go, everybody.

1078
01:17:26,077 --> 01:17:27,177
Thank you for listening,

1079
01:17:27,317 --> 01:17:29,997
and thank you, Larry, for coming on the show.

1080
01:17:30,557 --> 01:17:33,317
We did do an episode actually way back

1081
01:17:33,317 --> 01:17:36,237
with a mutual friend of ours, Greg Foss.

1082
01:17:36,237 --> 01:17:38,077
We did that live in Madeira.

1083
01:17:38,777 --> 01:17:40,057
You can go and find that.

1084
01:17:40,137 --> 01:17:42,877
If you just search the Once Bitten Podcast,

1085
01:17:42,877 --> 01:17:49,617
you will find that yeah just search Lawrence Lippard or Greg Foss and there's a video version

1086
01:17:49,617 --> 01:17:53,797
up on the YouTube channel you can go and find the YouTube channel I still do have the YouTube channel

1087
01:17:53,797 --> 01:17:59,717
going but and the link is in the show notes but like I said at the beginning of the show here

1088
01:17:59,717 --> 01:18:07,797
moving completely towards Fountain App they are hosting now the the audio and the video has now

1089
01:18:07,797 --> 01:18:13,077
dropped so fountain app you can watch the video version of this as well if that's what you prefer

1090
01:18:13,077 --> 01:18:21,577
to do the video version is only on the mobile app for now and uh yeah if you're not if you're

1091
01:18:21,577 --> 01:18:24,757
not switching if you're a bitcoiner and you're not switching your listening habits and you're

1092
01:18:24,757 --> 01:18:30,397
viewing habits away from these walled gardens of spotify and apple pods then you know you're doing

1093
01:18:30,397 --> 01:18:35,317
it all wrong because fountain app has been built by bitcoiners for bitcoiners download the app

1094
01:18:35,317 --> 01:18:40,217
you'll have a wallet all lined up for you you can fund that with some sats via your own lightning

1095
01:18:40,217 --> 01:18:46,577
wallet and join the fun and join the fun and get over and listen to other podcasts go and listen to

1096
01:18:46,577 --> 01:18:53,177
bitcoin and because bitcoin and is brought to you by nunya bidness who's nunya bidness

1097
01:18:53,177 --> 01:19:00,257
david bennett has been in bitcoin longer than most people and he flies under the radar because

1098
01:19:00,257 --> 01:19:08,317
he's humble AF. He just does his thing. He gets the news that you can use every single day. He's

1099
01:19:08,317 --> 01:19:16,697
reading out Bitcoin articles. And look, I love me some Guy Swan on Bitcoin Audible. I do. But Dave

1100
01:19:16,697 --> 01:19:25,857
is bringing you like a different perspective. And it's definitely some Bitcoin content that if you've

1101
01:19:25,857 --> 01:19:34,077
not being exposed to before you probably should be i'll just say that so bitcoin and go listen to it

1102
01:19:34,077 --> 01:19:41,917
on fountain app stream stream dave some sats he helps you find bitcoiners that are selling

1103
01:19:41,917 --> 01:19:48,637
goods and services uh he's started something called the circle p and you can go find people

1104
01:19:48,637 --> 01:19:53,537
over there that are you know selling incredible stuff for bitcoin so you can spend your sats and

1105
01:19:53,537 --> 01:19:59,437
you can support this growing economy across this side of the pond we have a young man by the name

1106
01:19:59,437 --> 01:20:04,977
of chief monkey he has started plebeian dot market where you can if you've got goodness services you

1107
01:20:04,977 --> 01:20:11,537
want to sell for bitcoin you just need to list on plebeian dot market and you're away you are good

1108
01:20:11,537 --> 01:20:17,557
to go you will find people obviously you're not going to open up a ton of sales straight away this

1109
01:20:17,557 --> 01:20:25,137
is a long fuse we are you know this isn't going to happen in a day parker lewis gradually then

1110
01:20:25,137 --> 01:20:30,817
suddenly and if you've not read that book you 100 should do and you should buy that with sats from

1111
01:20:30,817 --> 01:20:35,817
the safe house which is safer dean amuse's publishing house and if you want to listen

1112
01:20:35,817 --> 01:20:42,217
to some of those chapters deep dives into those chapters just go back again go to the once bitten

1113
01:20:42,217 --> 01:20:49,837
podcast on the fountain app see all episodes search parker lewis you will find we've done

1114
01:20:49,837 --> 01:20:54,997
three or four chapters of his book you'll find it very interesting uh final shill for all of

1115
01:20:54,997 --> 01:21:00,617
the companies out there that are you know serving the bitcoin community and again look

1116
01:21:00,617 --> 01:21:08,357
do your own research i don't know which country you are listening from i do not know where your

1117
01:21:08,357 --> 01:21:13,957
best place is to go and buy Bitcoin. All I want you to understand is you have to buy Bitcoin

1118
01:21:13,957 --> 01:21:19,797
peer-to-peer or from a Bitcoin-only company. If you can't find peer-to-peer, join Orange Pill

1119
01:21:19,797 --> 01:21:25,357
App first. Go find people as close to you as you possibly can. Join in the local meetups,

1120
01:21:25,817 --> 01:21:30,917
get to the local conferences, wherever they are, find your tribe. Don't be that lonely

1121
01:21:30,917 --> 01:21:36,637
Bitcoiner anymore. This is time to step forward and start making Bitcoin a medium exchange.

1122
01:21:36,637 --> 01:21:43,877
so that's the first thing if you can't find peer-to-peer get to a trusted source find the

1123
01:21:43,877 --> 01:21:49,957
bitcoin only companies in your jurisdiction across europe you have relay r-e-l-a-i dot ch forward

1124
01:21:49,957 --> 01:21:57,817
slash bitten across the pond you have swan bitcoin.com forward slash bitten take self-custody

1125
01:21:57,817 --> 01:22:03,577
bitbox like i said at the beginning of the show the bitbox o2 is a bitcoin only hardware wallet

1126
01:22:03,577 --> 01:22:06,597
They've been around for many years in the space.

1127
01:22:06,897 --> 01:22:09,737
You can go straight to their website, hit the link in the show notes.

1128
01:22:10,097 --> 01:22:13,657
They have open source software on their devices,

1129
01:22:14,057 --> 01:22:16,717
and they're going to be launching something new very soon.

1130
01:22:17,857 --> 01:22:19,197
They're also going to be in Helsinki.

1131
01:22:19,497 --> 01:22:20,437
Come along to Helsinki.

1132
01:22:20,597 --> 01:22:21,517
Come and speak to the guys.

1133
01:22:21,597 --> 01:22:22,417
Come and listen to them.

1134
01:22:22,517 --> 01:22:24,017
The CEO is going to be there.

1135
01:22:24,417 --> 01:22:27,317
That's bitbox.swiss forward slash biton.

1136
01:22:27,437 --> 01:22:28,917
Here we are out of music again.

1137
01:22:28,917 --> 01:22:36,497
uh riga is literally kicking off at the time that you are listening to this most likely you've

1138
01:22:36,497 --> 01:22:43,077
perhaps missed it if you haven't if you want to fomo in get across to riga use the code bitten

1139
01:22:43,077 --> 01:22:48,977
at checkout hit the link in the show notes you'll get 10 off come to helsinki that's btc hell

1140
01:22:48,977 --> 01:22:54,637
again this is the first time this is being run it's going to be a great event they're expecting

1141
01:22:54,637 --> 01:23:03,417
anywhere between 750 to 1,000 guests to turn up a complete mix of noobs and OGs all in one place,

1142
01:23:03,417 --> 01:23:09,357
having fun, learning from each other, get across to one of these conferences. You have the

1143
01:23:09,357 --> 01:23:16,977
Bitcoin Balkans coming up in October as well. Like I say, all the time, CodeBitten, B-I-T-T-E-N.

1144
01:23:17,177 --> 01:23:22,017
If you can't get a discount to one of these conferences, let me know, then I can reach out

1145
01:23:22,017 --> 01:23:23,757
and perhaps they will be able to offer you one

1146
01:23:23,757 --> 01:23:26,717
to the listeners of the Once Bits and Podcast.

1147
01:23:27,637 --> 01:23:28,557
I think I've said it all.

1148
01:23:30,317 --> 01:23:34,277
Bubble, are you listening to your podcast,

1149
01:23:34,397 --> 01:23:35,577
your 40 hours per week?

1150
01:23:35,897 --> 01:23:39,317
Are you using bubble.fm, B-U-B-B-L.fm

1151
01:23:39,317 --> 01:23:41,737
to curate all of your topics that you want to listen to

1152
01:23:41,737 --> 01:23:42,557
to get up to speed?

1153
01:23:43,357 --> 01:23:44,097
You should be.

1154
01:23:44,457 --> 01:23:48,257
You can go back and listen to an episode I did with Kaz, K-A-Z.

1155
01:23:49,137 --> 01:23:50,277
Again, I'm going to tell you what,

1156
01:23:50,277 --> 01:23:51,617
fountain app

1157
01:23:51,617 --> 01:23:53,217
go to shows

1158
01:23:53,217 --> 01:23:54,777
once bitten podcast

1159
01:23:54,777 --> 01:23:56,237
see all episodes

1160
01:23:56,237 --> 01:23:57,177
search

1161
01:23:57,177 --> 01:23:58,177
Kaz

1162
01:23:58,177 --> 01:23:59,917
you will find it

1163
01:23:59,917 --> 01:24:02,417
I think I'm done guys

1164
01:24:02,417 --> 01:24:04,657
I'll catch you on the next show

1165
01:24:04,657 --> 01:24:05,717
if you're going to be in Riga

1166
01:24:05,717 --> 01:24:06,437
or Helsinki

1167
01:24:06,437 --> 01:24:07,777
come tap me on the shoulder

1168
01:24:07,777 --> 01:24:08,277
say hi

1169
01:24:08,277 --> 01:24:09,837
I will be selling and signing books

1170
01:24:09,837 --> 01:24:11,037
that's Choose Life

1171
01:24:11,037 --> 01:24:12,457
if you're not going to be there

1172
01:24:12,457 --> 01:24:13,577
you can go find Choose Life

1173
01:24:13,577 --> 01:24:15,177
on bitcoinbook.shop

1174
01:24:15,177 --> 01:24:16,117
forward slash bitten

1175
01:24:16,117 --> 01:24:17,677
and use the code bitten

1176
01:24:17,677 --> 01:24:19,397
at checkout for 10% discount

1177
01:24:19,397 --> 01:24:22,777
catch you on the next show guys thank you so much for listening take care