There's three hours left and she just starts bawling and crying and I like pull over and I'm
like darling what's wrong she's like you I didn't get it like you you saved me you saved our family
wow I bought all the way up to that you know 69k top in 2021 buying you know just aggressively all
the way to the top as much as I could I just remember that sort of sinking feeling in your gut
that feeling that oh my god like what if I'm wrong about this we might go a little bit lower
we might very well could maybe 58k is the bottom but my point is i don't know i don't know exactly
where that bottom is in 10 years is it going to make much of a difference if i you know timed the
bottom absolutely perfectly i think bitcoin is incredibly mispriced right now and i'm going to
take advantage of that mispricing to try and stack as much as i can because i think the dollar
is very overvalued and bitcoin is very cheap right now
G'day legends, welcome back to G'day Bitcoin.
Joining me today is Walker from the Bitcoin podcast.
If you haven't met Walker before, he's an outstanding man.
Lawrence Lippard wrote, in my opinion, the greatest book on Bitcoin ever written.
This man right in front of me was the narrator for the Audible book.
Absolutely incredible.
We've got an incredible story to be able to share.
That absolutely changed my life with you, reading this book to my wife on a road trip.
But before we get into that, Walker, it's been a little minute since you've been on the show.
How are you doing?
It's been far too long, Sean.
Good to be back here.
Yeah, I was honored when Larry asked me to narrate that book.
I was very nervous about it.
I hope I did it justice.
I tried to.
It was my first time narrating an audiobook, so I'm sure I made some mistakes, some things
I would have done differently maybe, but I hope I still at least helped him get those
words out there because I agree.
I think it was a damn fine book.
and I think it's one that was it's more approachable than some other bitcoin books I think and Larry
his story the way he presented it I think was really just it was meaningful and it was a book
that needed to be written and honestly timing couldn't have been better for it like it's going
to look even better timing in the next couple of years I have a feeling yeah yeah for anyone that
hasn't read the book Lawrence Lepard has broken down one of the most complex topics in the entire
world which is money and how the system is broken how it's distorted to like in eighth grade reading
level, but it's amazing stories. And what I say to people is because I give out a lot of books in
regards to Bitcoin and like I love the Bitcoin standard, but I'll give it to people and they'll
like give it back. And they're like, well, it's too much like brain fried where there's just a
little bit easier, a little bit more approachable. And I think if anyone reads this front to back
cover, not necessarily they're going to go out and like sell their house and buy a big bag of
Bitcoin and stacked sets, but at least they can make an informed opinion or enough of an informed
opinion to be able to be like, I'm really interested. I'm happy. Or yes, I need to pay
further attention to this. I don't think there's any other single Bitcoin book that someone could
read from front to back cover and then be like, yeah, no, enough. I'm not interested. I'm like,
maybe read this book first and do it. But more personal to my situation, I've told this story
so many times, Walker, but not to yourself personally. Over the four years previously
before the book came out at the start of last year, I'd given my wife all the books and said,
hey, can you read this? Can you read this? Because she just thought I was crazy and going out of my
mind with the fiat system collapsing and everything going on. And obviously, now with everything that's
coming out with Epstein files and stuff, you look pretty sane. But you're going down all these
rabbit holes and people that aren't at the same time are like, what the hell is this kid on?
So I blackmailed her into listening to the book. And we were going on a road trip down south. We
had the car, the caravan. And I said, darling, we need to listen to this book on the way down.
Oh, no, I don't want to listen to Bitcoin book. That's fine. I'm not coming on the road trip.
She's like, you can't do that. I'm like, I'm not coming on the road trip. We either listen to this
book or you're going by yourself or we're staying home. I don't give a fuck anymore. Like it's been
four years. Let's go. And she's like, you can't do that. Blah, blah, blah. Anyway, we're doing it
half the book on the way down. And then on the way back up, you know, two weeks later or whatever,
there's three hours left and she just starts bawling and crying. And I like pull over. I'm
like, darling, what's wrong? She's like, I didn't get it. Like you, you saved me. You saved our
family and like I thought you were just crazy and I thought maybe it's just like this magic
internet money and get rich quick scheme like I truly didn't get it like thank you so much and I
was like just thank you for for finally reading the book she's like where was this book four years
ago I'm like I tried to give you every other book like she's like why didn't he write this book I'm
like fuck now you know and stuff and she'd still been stacking and stuff with it but yeah sort of
like some of the other rabbit holes and like with the big print and just how it's mathematical like
we we can't pinpoint the time but the way that larry um wrote it um but the one thing i would
say when we first started listening to it is um she's like is this done by ai i'm like no she's
like i can't listen to it i'm like i'm fucking happy to turn around she's like no no i'll try
and then she like got into it and stuff and then it was um it was it was great i'm like no walker's
a real person i've had him on the show he's a really good good man and stuff but dude truly
thank you so much for changing my life well i'll i'll i'll relay that thanks straight to larry
because he's the one i was just i have told but dude that's an amazing story like that's what i
I mean, talk about like what any man would want to hear from somebody loves, right?
Is just like, thank you.
That must have been quite a moment.
You shed a tear there too, didn't you?
Be honest.
Yeah.
It still sort of chokes me up, man.
And that was last year sometime.
And it's just been remarkable.
And like every dip since like Bitcoin's down at the moment.
And her mom was worried or whatever.
And she's like, fuck, mom, I don't even check the price.
and she looks and she's like, Bitcoin's down a little bit.
Should we be getting some more?
I'm like, yeah, baby, we should be getting more.
You know?
And that's, you know, that's such a change.
Instead of like a couple of years ago,
like, why isn't it at, you know, $100,000 already
or whatever, ever instead of just going $100,000.
It's really good.
And whether it's, you know, The Big Print by Lawrence Lepard,
I think the best book to follow it up with is Parallel
and then Eric Kaysen's book afterwards.
It's just slipping my mind.
uh crypto sovereignty crypto sovereignty i think that should be like the fifth book
bitcoin book someone reads because it's so intense and it's incredible i think people
need a little bit of foundation and stuff but like whatever books it is it would just
get enough knowledge to be able to understand that like what happens with the price day-to-day
is really no issue but before we hit record walker we were talking about like it feels like
capitulation. There's people, you know, I had a Bitcoiner on the other day as well. And he had
sold all this Bitcoin at the moment to be able to start a business, which I get like,
that's the point of Bitcoin, to be able to use it like when you need it, which is great. And I
really think that because of his personality and stuff, on the proviso, you can still buy Bitcoin,
get in self-custody. He'll probably own it all back in a pretty short amount of time. I think
he's pretty switched on pretty quick. I think for the average person though, that's like selling now
and they're waiting like for 40k or something like that. I feel like that's a little bit scary,
a little bit more dangerous. What are your thoughts in regards to people capitulating
and panicking about the price? I would start off by saying, I get it. I feel it. I have been there.
I haven't been in Bitcoin that long.
Like it's just since 2020 when I started stacking,
it was during COVID when I finally went down the rabbit hole
and, you know, got deeper and deeper.
And so then started wanting to stack more and more.
And I bought all the way up to that, you know, 69K top in 2021.
I mean, buying, you know, just aggressively all the way to the top,
as much as I could, as much fiat as I had, I was putting it in.
And then, you know, we went down.
We went down a lot.
but we went down to all the way down to 16k eventually and i remember on that way down still
just i hadn't been in bitcoin very long then at all only you know like a year and a half or something
and i just remember that sort of sinking feeling in your gut that feeling that oh my god like what
if i'm wrong about this maybe all the bears were right maybe this thing is going to keep going
lower and lower. And it went really, really, really low. You went from 69K, you went all the
way down to 20K. I remember it bounced around 19K for a long time. Carla made a song about how long
it was at 19K. And then it went all the way down to 16K. That 2022 bear market was rough. And I
mean, it was longer than just 2022, right? But it went, we went from 69K where I'd bought the top
and buying all the way down, continuing to buy down, trying to find more fiat, trying to create
more value, trying to do what I can to buy. But I know that feeling, that feeling sucks when you
watch what, you know, you, these fiat paper numbers just melt away. You still got the same amount of
Bitcoin. You got more Bitcoin, hopefully than you did the day before. That doesn't change the natural
human reaction of feeling like, damn, maybe, maybe I was wrong. Maybe I should sell and then I'll buy
back lower. Right. And even if for folks that were around at 16 K when that was the bottom for
Bitcoin was around 16K. Still, people were calling it's going to 10K. It's going to 8K.
It's going to 5K. Maybe it's going back down to $1,000 a coin. It didn't. It then went on a slow
and steady grind upwards to when it finally topped out again at 125. But my point is, I feel that
pain. I have felt that pain. It was because I bought all the way up to the top at 69, then all
the way down to the bottom at 16 that I can tell you and sit right here and say, this feels
like it did around 19k it feels like right before it went down to 16k which was the bottom so i'm
saying we might go a little bit lower we might very well could maybe 58k is the bottom 58k gang
i'm bringing back defeated in there you know but my point is i don't know i don't know exactly where
that bottom is it feels pretty close to me just gut feeling gut feeling could be completely wrong
my guts, you know, often wrong. Right. But the point is, I don't know. And so I'm going to
continue stacking here. I'm going to continue stacking here. Cause I'm getting way more sats
for my dollars at this point than I was getting when Bitcoin was 125 K Sean, I didn't think
maybe you didn't either. I didn't think we were going to be able to buy for so much longer under
a hundred K. So I was wrong there. Right. I thought it was, I thought I was like, man,
we about to take off even further 125 K that going to be nothing I was wrong there So again Don take everything I say with a grain of salt Do what you want with your money But when I see so many people so confident both Bitcoin bears and Bitcoiners who are like
you know what, it's going lower,
so I'm going to sell some,
or the bears who are dancing on Bitcoin's grave saying,
you know, told you so.
Like when Peter Schiff starts taking victory laps,
that's usually a pretty good sign.
So my larger point here is that no one has a crystal ball.
No one knows exactly where the bottom is.
Bitcoin will find it and it will go higher.
It will.
So you either, unless you think Bitcoin is dead, like really dead, you think all the critics were right. It's finally dead this time. It's not going to stop at 58K or 40K or 30K. It's going to go to zero. Right. Do you think it's going to go to zero? Because I don't. And if Bitcoin doesn't go to zero, it's going to go as far away from zero as it possibly can. Because there is no limit to the big print. The big print is we're in the midst of it. Right. But we're just, we're just getting like the early innings of it, just a little smattering of it.
So for me, I look at it and I say, okay, in five, 10 years, let's say in 10 years,
because I've got a son now, I'm thinking in as long term as I possibly can in 10 years,
is it going to make much of a difference if I timed the bottom absolutely perfectly
and saved all my dry powder for then?
Assuming I did time the bottom perfectly, I mean.
So let's say I sold some of my sats and managed to buy back.
I mean, sure, would I like to have twice the Bitcoin?
Absolutely.
Am I confident in my ability to know the bottom, to set a limit order right at the bottom and catch it perfectly?
No, I'm absolutely not.
So unless you are, I mean, again, do what you want with your money.
You got to make, you know, every person should make their own financial decisions, their own monetary decisions.
Do what you want.
But for me, I look at this and I say, this is an opportunity that I didn't think I would have.
I told myself when Bitcoin was at 125K and I was still buying, mind you.
I told myself if it if it goes below 100k i'm gonna try to buy even harder than I already am
You know, not just dcas but smash buy goes lower than that
I'm gonna try to keep backing up the truck try to keep creating value keep getting more fiat or earning in bitcoin even better
Try to get as much as I can that that has now happened
And I think a lot of people probably tell themselves that story when bitcoin's ripping up you say oh well
If it just dipped if it just dipped then I would then I would back the truck up, right?
but then when the dip comes
very few people are really ready for it. You know, when the dip comes in, your confidence is shaken.
Like everybody loves buying when Bitcoin's ripping up. Everybody hates buying when Bitcoin's dropping
down. But in reality, you know, again, I DCA every hour of the day with little amounts.
But in reality, if you're going to do some smash buys, really back the truck up,
you should be doing it when everybody else is freaking out. Yeah. But human nature is human
nature, right? We want to buy when stuff is going up. We want to sell when it's going down, when we
should be doing the exact opposite, but I'm not going to fix human nature. I'm not going to fix
anyone here, but for me, at least Sean, I look at this and I say, wow, we have been gifted with an
incredible opportunity to stack cheap stats for our dollars to go farther, further than I thought
they would. And so I'm taking that opportunity with everything I can. I wish I had more dry
powder. Sure. I wish I would have timed it better. I wish I would have turned off my DCA at just the
right time. And then had all that saved up to smash by when Bitcoin wicked down as low as it
could go, but I'm not perfect. I'm not a trader. I'm not great at timing the market. So I try to
take as much time as I can in the market. I don't know if that's helpful for people, but at least
for me, I remain insanely bullish because beyond like price stuff aside, right? Take the price
stuff aside. This past year, I think, and I'd love your opinion on it too. But for me, it was
kind of the most bullish year from an adoption and news standpoint. If you've still got your
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the Bitcoin way. So reach out to the Bitcoin way today. Take the, take treasure, take micro
strategy. I'm not talking about any of that. I'm talking about medium of exchange side of things.
You had Square turning on 4 million merchants for the ability to accept Bitcoin. Thousands of
them already doing so. That's huge. Just that news alone, I think was one of the most massive
developments. You've got all this stuff happening on other layers. You've got developments on
lightning and e-cash and spark and all of these things happening that are so bullish from medium
of exchange perspective too, but the price isn't lining up. So there's a disconnect there. That
tells me there's an asymmetry. Somebody has less information. Somebody has more. I think Bitcoin is
incredibly mispriced right now. And I'm going to take advantage of that mispricing to try and stack
as much as I can. Cause I think the dollar is very overvalued and Bitcoin is very cheap right now.
rant concluded amen to that brother you know like as well as square some of the big what was that
burger place that you just have over there steak and shake steak and shake like that was pretty
massive and like they tried it they did their toes in or whatever and then they i think they
mentioned crypto and they got like hardcore pushback against the like okay bitcoin only and
then they've gone out and then they've bought more bitcoin and they're talking about paying their
employees and like 25 cents per hour extra in Bitcoin that they get after four years working
there. Like those things are absolutely like insane. Like who would have thought? And I
probably wouldn't, I don't know if I'd eat steak and shake or not. I don't know how healthy is,
but since they've done that, they've gone and they've started pushing out like tallow and things
like that. Um, like in their deep fryers and like, that's pretty incredible. If fast food restaurant
aligning with Bitcoin. You get the Bitcoin is supporting them, then they're going out and now
they're supporting their staff. They're changing towards more healthy. I don't know if they're
already healthy or you'd class it as healthy or not, but they're moving like in the right direction
simply because they've gotten onto a Bitcoin standard. And that's one place. Was it like
spa over in Switzerland, like all the convenience stores and stuff are accepting that? Like it is
really, really ramping up. But I guess sort of what I want to ask you is we have had all this
adoption and stuff. And there's talk about like the strategic Bitcoin reserve, which is very much
like the stolen Bitcoin reserve. And it very much looks like there's nation states stacking
this secretly. You know, Qatar was mining for many years without people knowing and stuff.
But since the Wall Street and stuff has come in here, and I'm not a fan of any of the treasury
companies, I think it's degeneracy and it's not Bitcoin. Bitcoin is Bitcoin and self-custody to
I mean, that's freedom technology.
The other things I think is like a speculation or it's an investment play, but it's not like
sovereignty.
And that's what I'm really chasing is fix the money, fix the world in the words of Lawrence
Lippard.
But since sort of they came in here, that's where I reckon a little bit of this manipulation
stuff is going.
But we know the nature of Bitcoin.
It's just math.
What's your thoughts in regards to the suit coiners?
Like, how do you perceive them?
I mean, I feel the sentiment.
So I think that it's one, I'll say two things on this.
I think that it was inevitable, just like nation state stacking.
We don't, doesn't matter if we like it, if we don't, you know, Bitcoin's for anyone.
Bitcoin's for the nation state.
It's for the suit coiners.
Whether it doesn't matter if we like it or not.
Bitcoin is for three letter agencies to use as a slush fund, right?
Bitcoin's for anyone who wants to use it.
Now, whether or not they, the treasury companies have been, let's say, kind of good for adoption,
which I think is maybe the larger question, right?
But one thing that I'm forgetting, I think it was Mauricio DiBardo-Lomeo from Aladdin
had said basically that the blow-off top, like we didn't have a really big blow-off top
in this cycle.
You know, it was kind of like, okay, it went up to 125K, but it didn't really get like
into a manic phase, right?
That's right.
He was saying basically the blow-off top was in these treasury companies that went and
many are down, you know, 99 to 90% right now.
I dabbled in a couple of these.
I sometimes buy some stocks to remind myself what a bad trader I am.
we're talking like a very, very, very small, like I'm not going in any size. Right. But I do
it to remind myself that I'm a bad trader. The only good stock purchases I've made have been
like some Bitcoin miners that I bought when they were very cheap. And again, you know, small,
small amounts. I'm putting basically everything I possibly can into Bitcoin. I don't put any new
money into stocks, just what I can play around with that was already there. Right. My point being
a lot of people got wrecked from this and you know, these, a lot of these treasury companies,
I think there's also like strategy is obviously on a different level, right?
Saylor has a different, a different long-term vision.
And that's the key thing.
His vision is very, very long-term.
He's not thinking next year.
He's thinking, you know, next decade, two decades, 21 years out, right?
So I think it's important to separate Saylor and strategy from some of the rest of these
treasury companies.
I'm not saying that there, there aren't perhaps some other good ones that do have underlying
business models like Bitcoin business models that are maybe going to survive.
I think a lot of them are going to die off.
Now, I think that also, though, eventually every company becomes a Bitcoin treasury company,
but just not from a marketing perspective.
It's just going to be the reality that, of course, every publicly traded company, private
company, even every mom and pop shop is going to hold Bitcoin on their balance sheet because
what else are you going to hold, right?
You don't want to hold dollars.
You don't want to hold T-bills.
Bitcoin makes sense for companies to have.
It makes sense for individuals.
It makes sense for nation states.
Bitcoin is winning.
This is a symptom of it winning.
That being said on the treasury company side, you know, boy, I would not recommend anybody get into treasury companies instead of Bitcoin.
Like this isn a substitute for Bitcoin in cold storage This is trying to get some increased volatility on Bitcoin performance But just like with shit coins and I not saying treasury companies
are shit coins, guys, I'm just using a comparison. But just like shit coins, yeah, they may have more
volatility to the upside, which can be good, but they can also have a heck of a lot more
volatility to the downside. And unless you are willing to stare at charts all day long,
or you get in, if you have a bunch of money and you get in one of these investment rounds before
they go public or do their SPAC or whatever it is, then maybe that's a different story for you.
But again, I will always recommend that you should just DCA into real Bitcoin. Once you have a large
enough UTXO, you should withdraw that to cold storage and you should keep it in your own self
custody. And that is the best advice I can give anyone. I won't tell people to buy anything else.
I may dabble in some other things and with very small amounts, but I will never recommend that
somebody else do that because you're probably going to get wrecked. Again, not saying all these
business models are bad. Many of them don't have business models besides we're buying Bitcoin and
buy our stock. But it's like, for me, I think that they are an inevitable byproduct of Bitcoin
winning. I think it was natural that they came. I think that people should just buy regular Bitcoin,
but you should do whatever you want with your money. At the end of the day, like the point of
Bitcoin is that you should do what you want to do. That means buying treasury companies,
go for it. If that means buying shit coins, boy, I'd really, really highly advise that you don't
do that but hey if you feel like losing money that's on you uh i don't know if that answers
the question but uh we interrupt this video to bring you a really quick psa how safe and secure
is your bitcoin seed phrase so many people still hold their 12 or 24 words on paper then they sort
of upgrade to something like this this is a titanium version it does hold all 24 words but
look how big it is this device this revolutionizes that it changes it makes it so much more secure
what this does you can see there's a one inch washer on there it comes with these punches that
are almost microscopic they give you a magnifying glass to be able to see the end of them because you
really can't read what that says and then they give you titanium washers nylon washers think
about this for x-rays body scanners metal detectors border passes just around the house with the metal
detector one stainless steel as well these are great for hot wallets the titanium it's going to
survive a house fire but this compared to this look at the size difference to it you could fit
eight of these on this one plate yet it still contains all 24 words imagine how easy that is
to be able to hide now the team have given a discount code for everyone there is a link below
now back to the show yeah yeah close enough and i very much reflect those thoughts well i really
don't care what people do with their own money but with with those things i think you just need
to go in and you need to be able to time it which means you need to have the skill set to be able to
look at charts know when a good entry and exit point and stuff is and that's not me and i'm sure
that's plenty of people out there that can do that but i i guess like the average person is busy
working their nine to five or whatever that needs to store their economic purchasing power and then
And to be able to stack more skills, to be able to earn more fear,
have a side hustle or something on the side,
to be able to build something or to be able to save in the Bitcoin,
to be able to back themselves and then go out and build,
I think that's the easiest way for the most amount of people to win
is just keep it super simple.
But for some people that time it and bought MicroStrategy like super low,
sold it at the top and bought it and trade and play around with it and stuff
can be highly lucrative.
but it's not very productive, I think, like looking at a screen and charts and everything
like that. I want to like super hard pivot. In Australia, there's been like research in central
bank digital currencies for I think like 11 or 12 years now. Like we're with the research and stuff
we're like really quite far ahead, which is scary as in a central bank digital currency is just like
digital shackles. It's a slave coin. And then they pair that with like digital IDs. They're trying to
push out digital IDs through like different under 16 social media bands and stuff. And they're just
like little Trojan horse and they take like more and more, more freedom away. Now, the way that I
want to phrase this question, Walker, is America is like the country of free speech, the land of
free speech and stuff. But we've really seen like the White House and stuff back these stable coins
that are going out to be able to like support the dollar and stuff like that. I think these stable
stablecoins as sort of like a backdoor central bank digital currency. We're already seeing
very similar to like just bank transactions and stuff. Somebody calls up Tether or whatever says,
like cancel that payment or whatever, stop it, block it. And it's happening. What are your
thoughts in regards to stablecoins? And are they there to try to support the dollar for a little
bit longer? Or maybe they're a little bit sinister? Are they a little bit both? Like,
how do you think about it? I don't know. I don't want to put any words in your mouth.
Yeah. So, okay. A couple of points there. I think, first of all, in terms of stable coin adoption,
the majority of it is happening outside of the U S if we're talking about like,
uh, you know, U S dollar pegged stable coins, which are obviously the,
I'm sure there's probably some other stable coins out there pegged to other stuff,
but everybody wants the dollar stable coins because everybody wants the dollar in the U S.
Most people don't have that much of a use for it because we have the U S banking system,
right? Which sucks, but is also so much better than what most of the world has. Most of the world
doesn't have banks. Most of the world doesn't have access to banks. You look at people in
the global South, they want dollars. Many of them also want Bitcoin and use Bitcoin. And we see
so much incredible adoption, both in the store of value, but also very much in the medium of
exchange Bitcoin side from the global South, because they have an acute problem they need to
solve. Their problem is they've got terrible local currencies. They can't transfer those
currencies outside their country for the most part. And they may not even have access to a bank
account in the first place. So for them, I see why both Bitcoin, of course, but also stable coin
adoption is higher than Bitcoin adoption in most places like that, right? Because people want what
they know. They want dollars. It doesn't matter that, you know, the dollars, the prettiest horse
at the glue factory, you know, the shit coin of all fiat shit coins. It's so much better than
anything they have and to be able to have something that they can transfer internally and externally
around the world speed of light that's really useful whether or not to your question of are
these a backdoor for cbdcs maybe maybe i think there's a chance of that but the question is like
ultimately if you have privately issued stable coins versus a centrally issued now of course
the stable coins are centrally issued i should clarify that like very much the case they can stop
any transaction that they want to, right? They have complete control over it. This is not Bitcoin,
right? This is something else. They serve a purpose for a lot of people around the world.
They help a lot of people in developing countries who want and need to use that.
I don't know if they end up somehow getting, you know, co-opted and used by the state.
I think it actually benefits the U.S. government more to keep them independent because then they
get to kind of eat their cake and have it too. They get to basically say, look, we're not issuing
any sort of stablecoin, CBDC, whatever. These are private companies doing that. In America,
we support innovation. And so we're going to do that. By the way, they're some of the biggest
buyers of treasury bonds out there, right? They're buying massive amounts of these things. That's
good for the US treasury. So I think that they would almost rather keep these things separate.
Now, if the stablecoins start also implementing other features and expiries and things like that,
it could be, that would basically be how CBDC would be implemented, right? You know, money that
has to be spent right now, or it's going to disappear or whatever. Then I think people
stop using those stable coins. I do think that it's very important that we continue to push to
retain our right to use physical cash. And the dollar may be a shit coin, but physical cash,
wherever you are in the world, not just the US dollar, but physical euros, physical Canadian
moose shekels, whatever. Physical cash is great. Physical cash is the ultimate way to transact
really, really, really privately. That's why drug dealers love to use the US dollar and they don't
like to use Bitcoin because Bitcoin can be traced. It's publicly auditable, right? The dollar, if
you're exchanging cash, just you and that other person know about that. That's a great way to move
money around very privately. Now, again, for stable coins, I go back and forth in this, honestly,
Sean, because I do see, and I've talked to people and seen lots of stories about how much they are
used in so many developing countries across the global South. And that's a very definite,
indisputable benefit to those people. It's so much better than what they have now. And we can
all sit here and say from our podcast studios, we can say, well, they should just use Bitcoin instead.
Okay, sure, but they're not
They are a lot of them, but they want dollars. They want to use dollars
It's not again. I'm all for people doing what they want with their money
So from my perspective, I say hey if you want to use stable coins, especially
You know around in the non-us part of the world, which is the most of it
Which is most of where stable coins are used
I think that's a good thing. I think you should be able to do that
I think you should have credible ways to not use your local terrible terrible fiat currency and use a slightly less bad
fiat currency like the US dollar. Do I think that ultimately those people are going to end up using
Bitcoin? I do. I do. But I think that right now we're at a point in adoption where it's a lot
more comfortable for somebody to use a US dollar stable coin when they've wanted dollars for years.
Now they have a way to transact in dollars digitally. Doesn't matter if that can be frozen,
whatever. They just, they want dollars versus trying to get them to go over to Bitcoin as their
first step. I think stable coins honestly end up presenting a pretty nice bridge to Bitcoin adoption
because if you can get used to using stable coins, well, you can get used to using Bitcoin,
right? That's less of a far leap than going from zero to Bitcoin. Again, it's like one of those
things where you got to meet people where they are, not necessarily where you want them to be.
You and I would both love to see people just using Bitcoin, right? But the reality is that
that's not what they're doing because it's not what they want to do right now. And we'll see on
the CBDC side. I'm sorry, you guys are farther, you're farther along than I realized with that.
I didn't realize that research had been going on that long down under.
Real long time. And for anyone that doesn't believe me, just Google Australian CBDC and
it'll come up the Reserve Bank of Australia. Like first, first thing, and it's crazy. And they talk
about it and they're like, not sure if this will be for the banks only in the institutions or retail
or whatever, but it's the slowly then suddenly. And, you know, they are trying more and more and
more to shut down free speech anything happens it doesn't matter if it's the the left throwing rocks
at coppers or whatever it's the far right white extremists that are the problem and things like
that it's just like they are just trying to distort everything to be able to like for the
state to be able to get more and more and more power to suppress more and more and more um like
every area and i guess that's why i'm just fuck the treasury companies fuck the stable coins it's
Bitcoin in self custody only.
It your money it your choice But for like where we are and I think the way that you could relate it or like very similar is like england and canada would be sort of very close to to where we are and you know some parts
were ahead and other parts were a little bit more relaxed and stuff but we'll um see what happens
you know the the uni party and everything in charge think of it i want to make it real clear
for people you mentioned the and i think this is super important you connected dots here that not
everyone is connecting but is really important to think about as it relates to the verification
of IDs to be able to use various online services to protect the kids, of course, right? Just the
under 16s. That's it. But of course, everybody has to ID so that we can tell who's an under 16,
right? That combined with CBDCs is their goal. Their goal is to connect your physical identity
with your digital identity and then have your currency tied to both so that anytime you step
out of line, they can freeze your money. And this is where, again, when it comes to stable coins,
like stable coins are not they're not freedom money right jeff booth calls them guaranteed
lost coins not stable coins because they're tied to something that is guaranteed to lose money
all of the i should probably added this caveat before but all the things i said about positive
stable coin adoption which i believe and are undeniably true yeah you should also know that
they do not solve the problems that bitcoin solves they are not unconfiscatable uncensorable
bearer instruments, right? They're guaranteed loss coins. They serve a purpose and they do that
really well. And those companies are really profitable because they're providing a service
people want. That's a good thing. People should be able to use it. But if you want uncensorable,
unconfiscatable money that cannot be debased by a centralized group, Bitcoin is your only option
there. So just wanted to add on that. And it's the only option that will make sure that you will
be able to both to retain your anonymity, let's say, or pseudonymity online and not have every
damn thing you do tied back to your digital ID because it's physical ID tied to digital world.
Okay, let's just do a full digital ID for everything. Let's tie that to a CBDC. Let's
implement a Chinese style social credit system. Boom, we've got our perfect totalitarian dystopia
all lined up, ready to go. So we should resist this at every turn. Very much so. I went to sign
up for a P.O. Box like two months ago or something and the only way that I could do it was by
creating a digital ID online like fuck no I'm not doing this and it's like going to like print this
QR code go into the post office and stuff like fuck I don't have time but it's just crazy like
it's just like every little area they just try slip it in either for your convenience it's not
mandatory no it's not mandatory but like you make my life freaking difficult and now I don't have a
fucking P.O. box anymore because I wanted to renew it. Like, screw you guys. And I think that's going
to get worse and worse and worse. But it is what it is. And we've got Bitcoin and self-custody,
a plan B passport is definitely a good thing. Just quick plug, shout out to the Bitcoin way,
they can help with all of it. But on a more personal note, you mentioned, Walker, that you
have a son, a young little man now in your life. Congratulations. I think that must have happened
after we spoke last. Wow, it has been a while. Dang. Yeah, I think so. You're saying now that
you've got a son in your life, like it's really even changed your time horizon even more. You're
thinking about 10 years, 15, 20 years and stuff. I believe that if you're in a good place emotionally
and you can support a child, the more children in the world, the better. And I think the more
Bitcoiners that have more children, like even greater. What's that experience been like in
your life and how has that shaped you as a person? And I guess like how's the, your child, your son
shaped you as a person and as a Bitcoiner and how's a Bitcoiner shaped you as a father?
It's a, it's a great question. I, I feel very blessed every day for one. I already did because
I have an amazing wife, but the two of us feel even more blessed now. I think I knew I was going
to love being a dad. And I wrote something about this on Nostra the other day, just kind of a stream
of consciousness over the weekend after maybe I had a couple of beers too, you know, so it was
flowing out of me real well, but everybody tells you when your wife gets pregnant, everybody tells
you that you're going to love it. And they tell you all these in the best, most nice meaning ways,
right? They tell over and over again, they tell you all the cliches, everything about, you know,
fatherhood, right? All these things. And one of the big things is they say, well, you won't really
understand it until you know you hold that baby in your arms for the first time and you're like
the first couple times you hear it but you hear it like a hundred times you're like okay I like I
get it guys yeah I get it already but you don't I didn't get I thought I got it I didn't get it at
all and then I'm holding my son there for the first time and it's like this singular moment
where you realize your entire life just changed and it will never be the same and I mean that in
the best possible way you flip on a light switch and then you rip the light socket out of the wall
and you can never turn that switch off,
but you don't want to turn it off.
You couldn't even dream of turning it off.
You have no idea how it changes you until that moment.
Like, no, you can't.
You can't be a father until you're a father.
There's no way to simulate it.
There's no way to imagine it.
You can think about the logistical ways like,
oh, well, we're gonna have to handle diapers now.
We probably won't have as much time
to do so with the friends.
But even there, you're kind of like,
you don't fully understand what's gonna involve.
But what I realized is that all the cliches were true.
Everyone who told me,
You won't really understand until you're there in that moment.
They were absolutely right.
I'm sorry to them for not realizing how right you were
because you were more right than I could have possibly imagined.
And it's like you, how do I say this?
Becoming a father made me want to become a better man.
Marrying my wife also did that and pursuing my wife.
That made me want to be a better man as well.
This took that to then another level
where it really just made me want to become,
I think, the best man that I can be,
the man I know that I need to be now for my family,
my growing family, the man that I'm perhaps was always meant to be, but didn't know that.
And that I don't have another option. Like it is my duty. It is my responsibility to do so.
And it also made me want to be a better husband because I realized like, what do I want my son
to see? What do I want him to see in me as his role model for how a husband should act,
how a good husband should act, how a man should treat his wife. Like you need to be that man.
So you want to be a better husband and a better father.
And then I'm like to bring it to the Bitcoin side of things.
I had a bit of a, say a revelation on this too,
which was just that I didn't realize,
I thought that I understood time preference.
When I read Saifedean's book, when I read the Bitcoin standard,
the whole idea of time preference, I think for a lot of people,
for me definitely was like kind of mind blowing.
I'd never thought about it that way.
I'd never thought about high time preference versus low time preference.
I never heard those terms used in that way.
And I thought I had a low time preference.
I thought I was thinking long-term.
I thought that I really was an enlightened guy.
And I had this idea of what it meant to think in generations.
But until the next generation of my bloodline was sitting there in my arms, I realized I
didn't understand it at all.
I thought I did, but I understood it in this perhaps academic way or this philosophical
way.
And that's fine too, right?
Everyone's going to understand things differently at different points in their life.
but I realized that, oh, wow, I wasn't actually thinking in generations before.
It also made me just really come to terms with my own mortality, even more so realizing
you will die, you know, memento mori, remember that you will die.
But now it wasn't just, yeah, you're going to die. Okay. But what are you leaving? What are you
going to do? How are you going to make sure that you have taken care of the people that
it is your duty to protect and provide for? How are you going to make sure that you take care of
them after you're gone? How are you going to set them up to make sure that whenever, you know,
whenever that clock strikes midnight for me and it strikes, you know, times, times funny, it's the
scarcest resource we have, but none of us knows just how scarce it is for each one of us. And
that's hard. So what am I going to leave for them? How am I going to make sure that I can still
provide for them after I'm gone? What legacy am I going to leave for my children? How are they
going to remember me? What will they inherit? Did I leave the world a little bit of a better place
than it was left to me.
And that's been also one of the biggest things.
It's made me realize even more
how important what we're doing in Bitcoin is.
Because I think it is fundamentally our duty
to leave the world a better place than we found it.
I think that's what each generation should try to do.
I think some generations abdicate that responsibility.
They say, that's not my problem, right?
And each one of us can do that.
And it's very easy to do that.
Say somebody else will figure it out.
But if they would have figured it out,
if they could have figured it out, they would have.
And we wouldn't be in this mess.
Bitcoin wouldn't have needed to be created.
But our world has been run by some very, as we've all seen, especially recently come to
light, all the conspiracy theories being, oh, look, there weren't conspiracy theories.
We really are governed and pay taxes to a cult of satanic pedophiles.
Who knew?
Are we going to let that continue?
Is that the world we're going to leave to our kids and their kids?
Is that what our story is going to be?
That we let that slide?
I hope not.
And so I'm ranting again.
But if I could sum it up, I would say, I know that having kids isn't for everyone.
It's not for everyone at this moment.
Maybe it is later.
Maybe it's not.
Some people can't have kids for various reasons.
I respect, again, everyone's decision.
Like you should do what you want with your money.
You should do what you want with your life.
I fully respect that.
I do not judge that one bit because I think everybody's circumstances are different.
Being a father, being a parent isn't for everyone.
But I realized, damn, it sure as hell is for me.
and I feel very blessed and very grateful every day to be able to live this life and I just hope
that I can do things in this world that make my son proud yeah I'm sure you make him proud every
single day walk you're an incredible man forever I'm walkers gone like the bitcoin podcast or the
the tick coin podcast aka I'm gonna put all uh walkers links below definitely give him a follow
over on x noster and um over on the podcast but anywhere else we should send send people
you know if you want to i narrated another audiobook recently this one is a fiction one
so i'll give a shout out to michael sullivan you wrote blood of the bourgeoisie oh dude awesome i
haven't read it yet i will listen to it it's good let me know what you think michael did an awesome
job with it and i think i love seeing bitcoin fiction fiction around bitcoin that's not strictly
about bitcoin but it's there i think it's a really interesting way to potentially orange
pill a heck of a lot more people. So blood of the bourgeoisie. I can't spell bourgeoisie. I swear,
I misspell it every time I try. Just, yeah, you'll find it if you search for it. Michael Sullivan is
the author. So I'd say, yeah, check that out. You can go to bitcoinpodcast.net for everything
related to the podcast. That's awesome. I can't wait to be able to listen to it. It's been on my
reading list for a little while, but just got so many books stacked up that I have to get through
at the moment, but a nice audio book will be good in the car.
Ladies and gentlemen, Walker, it's been an absolute pleasure.
Please go out there and do something nice for yourself today.
Then for somebody else out there, be blessed.
Peace.