Latest / Simply Bitcoin / Why the Media Hates Bitcoin with Alex Gladstein | EP 488

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Why the Media Hates Bitcoin with Alex Gladstein | EP 488 · Simply Bitcoin

0:04
Welcome back everyone. We're simply Bitcoin.
0:06
We break down the news. The daily fail mean review.
0:09
Software releases Hardware releases and the pleb sites
0:13
joining us today. Return guest very special guests
0:17
fellow Bitcoin, ER and chief strategy officer at the human
0:21
rights Foundation. I'm talking about Alex
0:23
gladstein, Alex to pleasure to have you back again.
0:26
Really appreciate it. Thanks for having me back, guys.
0:31
All right, here we go. We are diving into the numbers.
0:34
Let's do it. Nico not Matata.
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0:53
A Bitcoin node noddle today at the time of this recording, the
0:57
block height is Thousand, 114 the Bitcoin price. 20 8390 chain
1:03
rewrite day, 724, total public lightning capacity, 3700 94.1.
1:11
I'm pretty sure that's a new all-time high.
1:13
Definitely bigger than yesterday.
1:16
Anyways, Moscow, time 3522 blocks to the having 103 1886
1:22
and the samurai Whirlpool, unspent capacity, Samurai
1:25
Whirlpool is a coin or collaborative spend.
1:28
It is Not a mixing service. And the unspent capacity of that
1:31
pool is 4670, 7.7 E7 BTC. Nico, the uneventful numbers,
1:40
the numbers, man. It's another good day to stack.
1:43
Anyways, I picked a very interesting topic today to talk
1:46
about during the number time we've been covering this, right?
1:50
As, you know, events, transpired, we've come to this
1:54
conclusion, that there's clearly a combined effort worldwide.
1:58
You attack proof of work. You see that and European
2:01
politicians? They put out a vote it failed in
2:04
New York state. It looks like they're having a
2:05
little bit more success so I'm going to, I'm going to read a
2:08
tweet real quick to got kind of give a little bit of context,
2:11
but we all we want to ask. We want to take advantage of the
2:13
fact that Alex is on the show, we want to ask him what his
2:16
opinion is on that. So let me pull it.
2:18
Let me pull it up. So I tweeted this, not too long
2:20
ago. I said, have you noticed that
2:22
every single new political attack on Bitcoins
2:24
proof-of-work, also mentions, the alternative proof of stake
2:27
is a better solution. Ocean, right?
2:29
And just to kind of give you guys a couple of examples,
2:31
right? They had the senate had an
2:33
oversight committee on this, it was literally called cleaning up
2:36
cryptocurrency, EU security Regulators recommends ban on
2:41
proof of work. And even went to a vote.
2:43
Thankfully that fails right proposed ban on proof of work in
2:47
New York state that actually went through.
2:49
And, of course, you know, the world economic forum and, you
2:52
know, there are many many tweets and videos, right?
2:55
The famous one, where Bitcoins going to consume more energy,
2:58
Even exist by the year, 2022, they ended up being wrong on
3:01
that. So Alex, you know, the first
3:04
couple times or like this is it? Maybe this is a coincidence,
3:06
maybe these people are uninformed, but over time, it
3:09
starts to be started to become, clear to us that we believe, at
3:14
least and maybe, you know, maybe we're being a little bit
3:17
paranoid. I think bitcoiners are Paranoid
3:19
by Nature because they're so used to being attacked.
3:22
Is this a combined effort? Is this, is this an attack on
3:25
proof-of-work? Is it malicious?
3:26
Is it on purpose? Well, some of it certainly is
3:31
coordinated and paid for by companies like Ripple who issue
3:36
their own altcoins or whatever. That's very clear and obvious
3:41
and they've been able to sadly convince a lot of people to jump
3:44
on their train convinced might be unit view from ISM.
3:47
Sometimes they pay them to jump on their dream with them they
3:50
still have a lot of money even though their token is careening
3:53
you know over time towards zero let's not forget they were at
3:57
one point on paper. Richer than Bezos or something
4:00
crazy like that right? Several years ago.
4:04
So the problem is, these folks are still on huge amounts of
4:09
Fiat dollar capacity to burn on campaigns like this.
4:14
And their only hope is to criticize proof-of-work as
4:18
dangerous so that they can promote their own project that
4:23
goes for both the shit coiners and the central Bankers.
4:26
I mean they're both promoting their own.
4:29
Version as better right than Bitcoin.
4:32
So did we can expect the attacks on proof-of-work and on bitcoin
4:37
is wasteful and unnecessary to just accelerate.
4:42
I think the good news is that, over time, as more and more
4:45
people look at Bitcoin more deeply, they're going to start
4:49
to understand that, that's mostly nonsense, like yes, of
4:53
course. Bitcoin is going to use more
4:55
energy in the future but that's not a bad thing.
4:58
If She look at it in the total sum of what it's doing.
5:01
It's a very good use of energy in my opinion and electricity
5:06
and it provides enormous value for like, tens of millions of
5:09
people around the world. So, you know, that's going to be
5:14
something that you just see intensify.
5:17
I don't think it's all like, directed by one shadowy group.
5:20
I think it's generally speaking, The Establishment is already a
5:27
willing a By like they're already happy to if you ask,
5:32
anybody who works at a major bank or Central Bank, or a Davos
5:37
type organization, like hey, would you promote this like
5:40
attack on bitcoin for me? They're gonna be like, of
5:42
course, I mean, they don't, they don't need, you know, any
5:44
additional coordination or or persuasion to do so.
5:49
And I do think this will be the big.
5:52
The big narrative battle for a while is going to be this and
5:56
it's I wouldn't say it's the last one.
5:58
I still Going to have one around privacy and KY caml, that sort
6:04
of thing, but that seems to have taken a backseat to the
6:07
environment piece, which of course will intensify during
6:11
bull market periods of Bitcoin, you know?
6:13
Right now people are like, whatever.
6:15
But, but when Bitcoin starts at 6:00, you know, starts, there's
6:17
more visibly succeed in the eyes of the mainstream media, that's
6:20
when they go on the attack, right?
6:22
So, so we saw this all last year, like, the New York Times
6:24
saying, oh, we've heard Bitcoins, you approved switch to
6:27
prove a steak stuff like that. They had to retreat.
6:29
Tracked that cuz that's what's wrong.
6:31
But you know I think that this is this is the attack Vector
6:35
that they're going to go after thankfully.
6:38
It's also the like attack Vector.
6:40
That's that's not going to go anywhere.
6:42
Like they're not going to stop people from mining Bitcoin
6:44
globally and honestly they don't have a hook.
6:47
Like they being Ripple, obviously has an interest but
6:50
like u.s. jurisdictions don't necessarily have an interest.
6:53
In fact, a lot of u.s. jurisdictions have an interest
6:56
in incentivizing or subsidizing my name in Areas are districts
7:00
or States. So I mean I think that you know,
7:03
we're in this interesting time where you might have to bide
7:06
Administration or treasury come after Bitcoin in the coming year
7:10
or two but starting like in about a year in about a year
7:16
year-and-a-half summer 2023. Everybody's going to think be
7:20
thinking about the 2024 elections so I think even if we
7:23
have like some like Draconian laws put in place around
7:27
non-custodial use of Bitcoin or God knows what else?
7:31
Mining mining with a particular kind of energy, you may start to
7:35
see those start to change or be walked back before the 2024
7:41
General. Like if you've got somebody like
7:43
Trump who, who knows, he might start to buy into this party
7:49
line that's being parodied by an increasing number of Republicans
7:52
that basically Bitcoin is a good thing for Americans, who knows
7:58
if he starts doing that, Then I don't know.
8:00
I I see this as a thing that like in the future you're not
8:04
going to be want to be, you're not gonna want to be anti
8:06
Bitcoin like from a, from an electron, from a democratic
8:08
perspective from an electoral perspective, that's going to be
8:11
a losing proposition. In my opinion, just based on
8:14
trends of the number of sheer number of Americans that own
8:17
Bitcoin and that will continue to buy Bitcoin and use it.
8:20
That seems like a losing proposition which, which is good
8:23
for America and, and makes us diametrically opposed to China
8:27
where the Communist party doesn't have.
8:29
To have elections. They don't give a shit about
8:30
what its people think they don't have to.
8:32
They don't care their dictators. So I think it gives America like
8:35
a very interesting mechanism for Change and it gives me a little
8:40
bit of hope that we'll we'll be able to fight through this, but
8:43
be at the short answer is, yes, it's that lists all the stuff is
8:45
definitely an attack on bitcoin. Well, that's good to hear, man.
8:49
You confirm what, you know, to plebs on Twitter.
8:52
You know, came to that conclusion ourselves and it's
8:54
interesting because you're mirroring or you're basically
8:57
saying something similar, too. What mvk you know, the founder
9:01
of coin kite said, when he came on the show which is yeah in in
9:05
in democracies specifically it's going to be extremely unpopular
9:09
to go against Bitcoin. So I'm glad that you guys are,
9:13
you know, basically saying the same thing eventually eventually
9:16
it takes time but it's going to happen, you know gradually then
9:20
suddenly like 20 24. I think by the time the 2028
9:23
election is upon us like I'm assuming it's gonna be like
9:27
political suicide to be like super anti venom.
9:29
Bitcoin. But we'll have to see.
9:32
We'll have to say well anyway Phil you want to answer that.
9:35
I was just going to say, you know, time is definitely on our
9:37
side. And, you know, we just had to,
9:39
you know, to politics, while to aspiring politicians, join us.
9:43
And they are quote unquote, Bitcoin friendly.
9:47
I put that in quotes because politics so I don't like the
9:51
place too much importance on it. The Earth, the only other little
9:54
piece that I wanted to add about the attacks on proof-of-work, is
9:58
that This is attempting to work with the world economic forum
10:02
for a CBC design paper as well, right?
10:04
They presented some paper regarding this and we actually
10:08
covered it on the fail and it's absolutely horrendous, right?
10:11
They obviously bash proof-of-work, they barely
10:13
mentioned Bitcoin in any way, shape, or form.
10:15
And all they do essentially, is it's a giant marketing Ploy as
10:18
to why proof of stake and why we should be involved in this.
10:23
So, it's really scary stuff. And then, unfortunately, they
10:26
have the, they have the funds and they've got the, the Balls
10:29
for now. Anyways.
10:31
Absolutely. Anyways Phil that's a good time
10:34
for the daily fail brought to you by Swan.
10:37
Check them out Swan Bitcoin.com. That's right.
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10:55
The link is down below. That's right, we keep getting
10:57
tagged in. Or luna garbage as the debacle.
11:03
That is Luna is falling apart. So we're going to dive into
11:06
this, this latest article, which covers something else that's
11:09
happened with Luna. This is May 12th 2022, right
11:14
today, Luna issuer, Tara halts blockchain after week of losses.
11:20
Hmm. Interesting, super
11:23
decentralized, bro. It's interesting that you bring
11:26
that up Nico because we have a, we have a comment from one of
11:28
our from one of our viewers. Maybe it's even My Doppelganger,
11:32
I'm not sure, but here we go. The Luna governance.
11:34
Token and several algorithmic stable coins.
11:37
The price of Luna fell too low to prevent the governance
11:40
attacks. Citing, Luna inflation.
11:42
As one factor Luna fell in price from nearly 120 dollars in early
11:48
April to between 1 and 2. Cents on Thursday.
11:51
So no transactions with UST Luna or Tara's other
11:56
cryptocurrencies. Can be processed, token holders
11:59
will have to wait for the blockchain to restart.
12:02
This brings us to Copernicus son's comment.
12:07
He he asked us about this. Today goes, good morning, simply
12:10
Bitcoin. Can you please spend the next
12:11
fail segment? Explaining to us how this shit
12:14
coin was ever decentralized note.
12:16
They confirmed that they are not centralized and are in fact a
12:19
Centralized shit coin so you can use that as a reason go.
12:24
Okay, so I did some digging, here's how they're
12:27
decentralized, what found their, their the their docks, right?
12:33
The Tara docks they've got an active validator set of up to
12:37
130 validators and these validators, hold the most Luna.
12:43
So there you go, there's an argument for decentralization
12:46
and It's trustless. That's pretty much all we've
12:52
got. That's pretty much all we've
12:54
got. But the thing that we know for
12:56
sure, the thing that we know absolutely is is that they were
13:02
able to stop the blockchain today.
13:05
This decentralized organization was able to stop it, so that
13:10
obviously makes no sense. Copernicus.
13:13
And unfortunate, I can't pronounce your name even though
13:15
you're supposedly me and I'm you I can't tell you why it's
13:20
decentralized because it's Okay, so I'm sorry, I failed at the
13:24
fail. I can't do it.
13:26
Somebody else interestingly enough, a shit coiner did bring
13:29
up this chart, which I think is pretty funny.
13:33
And it just goes to illustrate how much bigger these scams are
13:36
getting. Okay.
13:37
This is from at trustless State. The 2022.
13:40
Collapse of Luna superimposed over the 2018 collapse of bit
13:45
connect. Take a look.
13:48
This is it dwarfs it, man. By magnitudes, this is in sane
13:55
completely completely insane. Okay?
13:58
Now before I finish this off, I just want to finish this off
14:00
with the Luna segment, of course, with just a quick tweet
14:04
from Adam back. Okay, of course, we gotta go see
14:07
because Adam always has great wisdom.
14:10
We just gotta go check it out, really sorry for those who lost
14:13
in Tera money. Luna UST, defy, please learn NZ
14:18
risk. Warnings are volunteer education
14:21
for Public. Safety.
14:22
Don't be fooled by maximalist retorts of promoters.
14:26
It's a marketing pitch from Ponzi promoters to take your
14:29
money. And guys, this is what we've
14:31
been telling you all along. Adam back is one of the original
14:34
people cited in the Bitcoin, white paper.
14:37
Now, I'm not saying that that's some, you know, you know, fought
14:40
believe his creds. No, believe his work, he has
14:43
proof of work, there's actual work that's in this, this guy
14:46
understands this, he well, so if he saying something like this,
14:49
quite possibly quite possibly, it's worth a little bit more
14:53
than a grain of salt and just maybe you should dig into it.
14:56
And not let yourself get rug pulled Alex.
14:59
Let me ask you. Have you been following the
15:03
debacle that is Luna. And and if so, what are your
15:08
thoughts for the listeners? Well, it's really funny because
15:13
Two years ago. I just want to try to pull up
15:18
this tweet. I I actually got into like a
15:22
back-and-forth about Luna with this guy who's handle is he
15:26
blocked me. So I don't kick qw Q IA.
15:30
Oh he's some prominent kind of you know, crypto crypto guy and
15:36
in the summer 2020. We got into an argument over
15:39
Luna like and and back then nobody cared about Luna.
15:43
He was trying to claim that it had like massive adoption in
15:45
Korea or whatever and I was just like, I was like, nah, dude, and
15:49
he's deleted all of his tweets. But it's interesting to go back
15:53
to that and that is just this glimmer of the future.
15:57
And, yeah, I mean, look, it started as even people who are
16:04
not maximalists and that will say, it's the most devastating,
16:08
collapse, and cryptocurrency history.
16:09
Essentially, I mean, we've never seen a top.
16:12
When asset before, go to zero so fast and it's true, you're right
16:18
that it's kind of amazing, the quality of quality.
16:24
I guess we call the quality into question but the let's say the
16:28
fame and prominence of the investors that were involved
16:30
like that were like like all the mainstream kind of Silicon
16:34
Valley Wall Street. Crypto firms were like investing
16:36
in this project and never there was talk like two days ago.
16:39
Them coming in with like a bailout guess the bailout didn't
16:42
happen. Yeah, so I don't know.
16:45
I think it's also interesting because there was this whole
16:48
back-and-forth in March right over like isn't it a big deal
16:53
that they're buying all this Bitcoin?
16:55
And it was an interesting period of time.
16:57
I think you had a couple people prominent people on bitcoin
17:04
Twitter, basically saying, It's a big deal and then you had
17:09
other people saying it's not a big deal for different reasons.
17:12
There's a huge dispute. So I think it's good to revisit
17:16
that in my personal opinion, is that I look, I believe in hyper
17:21
Bitcoin is ation overtime. So, in the far future or
17:24
whatever, I believe that Bitcoin will be the pristine Financial
17:28
collateral for all all economic markets, essentially, like,
17:32
it'll take the role not just in the crypto space, but in the
17:36
world, Well space of what the US dollar and the treasury do
17:39
today, which is act as kind of pristine Financial collateral.
17:43
Last Resort like countries today, run out of money when
17:47
they when they run out of money with they're really doing is
17:48
they're running out of dollars and they can't print dollars so
17:51
they can print their own money of course but they can't my
17:53
dollars. So this is why you see countries
17:54
like Sri Lanka collapse this was the whole story behind Asian
17:57
financial crisis like all those countries lost dollars and then
17:59
they lost the pegged to the dollar and they started printing
18:02
their own currency and it goes to 0 and this is similar to what
18:06
happened with Luna. Now the supply of Luna increased
18:08
from 386 million to 7 billion in just two days.
18:11
So, you know, you had hyperinflation of Luna based on
18:14
the mechanism broken mechanism that they tried to pack it up
18:17
by. But basically, I guess what I'm
18:19
saying is that, I think in the far future all things,
18:24
companies, crypto projects, trash altcoins whatever.
18:30
They're all going to Trend towards some sort of Reliance or
18:32
relationship on bitcoin whether they denominator themselves and
18:35
SATs whether they save SATs as the ultimate savings account.
18:41
And obviously, the Luna thing was like, A not not I would say
18:50
particularly hilarious, interpretation of that.
18:53
But I think it's a Tremor of what's going to happen in the
18:55
future meaning. Like if you're some trash,
18:58
altcoin promoter in two years, you're probably not going to be
19:01
saving in some other crypto. Like you're probably going to be
19:05
saving at as a company in any of in either the dominant fiat
19:10
currency or in Bitcoin. So I guess my theory or thesis
19:14
here is that You're going to continue to see all kinds of
19:18
companies that n organizations, including nation states, by the
19:21
way, which have armies and kill people.
19:23
You're going to start seeing them adopt Bitcoin.
19:25
And one of my takeaways was that like a lot of bitcoiners were
19:30
pissed off that the Ukrainian government started raising money
19:33
in Bitcoin. I was basically pick one doesn't
19:36
give a fuck, like, a lot of bitcoiners are pissed that these
19:39
all Corners were raising, Bitcoin Bitcoin doesn't really
19:42
care. My point, was that any kind?
19:45
Of rational economic actor, over the coming decade will adopt
19:49
Bitcoin regardless of who they are or who you care about, and I
19:53
view that as pretty bullish. So that's, that's my general
19:56
take away. I think it was important to be
20:00
to not be, it was a tricky time because you had to be if you
20:05
were trying to explain that you had to do it in a way where it
20:08
didn't sound, like you're promoting Luna or telling your
20:10
followers to buy, Luna, right. So there was a smattering of
20:13
like I don't know where He felt a where were you all?
20:16
Believe everybody fell on that scale but certainly like it was
20:19
a it was a highly discussed topic and everybody had to take
20:22
on it, you know, for about a month.
20:24
But generally speaking my thought was this is inevitable.
20:28
Like all these fucking people are going to get into, are going
20:30
to are going to be attracted to bitcoin at one level or another.
20:33
And it doesn't matter whether they're a nation-state you don't
20:35
like or whether they're an army, or whether they're at all kind
20:39
of trash all coin or whether they're, you know, a Fortune
20:45
500. Hundred company that you don't
20:46
like to me, it doesn't really matter they're all going to be
20:49
forced to overtime. Adopt Bitcoin either into
20:53
denominator what they're doing or as a savings asset.
20:56
So that's kind of my take on the matter.
21:01
So yeah, I know I really appreciate that.
21:04
And you know what? It's very interesting that you
21:07
mention the bitcoiners and Luna, just because I believe that we
21:14
talked about it, several Months ago and we had announced right
21:18
that they were going to have Bitcoin as part of their
21:20
reserves. And I remember saying make no
21:22
mistake, it's a shit coin at the end of the day.
21:24
This is all just a gimmick to get you to trust that, that's
21:29
the way I see it but to your point, right, if people really
21:32
want to save at the end of the day, all of these companies,
21:35
right? They may not say it out loud or
21:36
anything like that but in the background they are going to be
21:39
looking at Bitcoin and they're going to be saving in Bitcoin.
21:41
Wait, but like I guess the point is I think there's a group of
21:44
Bitcoin or two. Like we're under no Illusions
21:46
obviously, so Chic. When the question was, was it
21:48
good for Bitcoin? Yeah, I know.
21:51
But the question was like, and, you know, I'll just say that
21:54
some people were like, hey, I'm not gonna name names but some
21:58
people were like, this is good for Bitcoin because it will, you
22:01
know. Hey look they're going to buy
22:02
more Bitcoin that Michael sailor.
22:03
You know. Nick Carter was actually like
22:04
nah this is not going to be good for Bitcoin because it's
22:07
eventually going to blow up. I was with Nick about a week ago
22:11
and he was like telling me no. Is so bad.
22:16
Like for these reasons like you can't back a Fiat stable coin
22:23
with Bitcoin, it doesn't work. And you know, he listed all
22:26
these reasons and was very compelling and then, of course,
22:28
fucking two days later the whole thing, I don't even think he was
22:32
one of the more prominent people explaining why it wouldn't work.
22:34
And it's not even like he was gonna say it's gonna blow up on
22:37
Saturday like that, that I think very, very few people thought it
22:40
would blow up now, I think the credit to him and many and many
22:44
others in the Bitcoin Community who were like Nah, this isn't
22:46
going to work but I think it's a good lesson that I mean again
22:53
it's hard to argue that anything is bad for Bitcoin, right?
22:55
If that's a difficult argument. And generally speaking again my
23:01
observation was that this is just the beginning of a
23:04
long-term trend of this whole Space, which I think is just
23:10
going to increase. Like today, you have I was
23:12
shocked. Like I don't know when I last
23:13
paid attention to work. 4,000 Crypt.
23:15
Nancy's a couple years ago, apparently, that was like 20,000
23:18
on coin market cap. All right.
23:19
So, most of these are 99.9. Nnnnn percent of them are like
23:22
floating space junk in there. Just like once humans.
23:25
Realize they can just with the three of us realize we can spin
23:28
up money and then just like, mint it and then like try to get
23:31
some exchange to Value it. Like that's I don't think you
23:35
can put that Genie back in the bottle.
23:37
Like I don't like people always seek immediate satisfaction and
23:41
the try they're always trying to be hustling for some sort of
23:44
easy money. Edge.
23:46
So it's going to be cyclical in my opinion but I don't I don't
23:49
buy a future in 5-10 years where there's like less
23:52
cryptocurrencies, they're probably just like a shit ton of
23:55
them and like, they'll all be completely fucking useless and
23:57
no value. But but like, I can't, I can't
24:01
imagine a world where, like, people don't continue to think
24:04
up of new schemes, like member, we had like grin and like
24:07
whatever. Yep, no.
24:08
It was like the Bitcoin friendly.
24:09
No. Not like.
24:10
So you're going to have we're going to go through whatever
24:13
this cycle is. And then on the other hand, And
24:15
the other side you're going to have the next grin or whatever.
24:18
Yeah, as you do this is the like coin that bitcoiners should
24:21
whatever. So it's just so cyclical.
24:24
I mean it's so so obviously cyclical.
24:27
So I think it's a good lesson though.
24:29
Like as a reminder like you know I've reflected on it certainly
24:35
if you're in if you're going to say this is part of hyper
24:38
Bitcoin ization or that it is inevitable that shit coins will
24:43
like you know whether it's by Bitcoin or whatever.
24:46
This is kind of you know stood this five.
24:48
You remember how he has raised four billion dollars solutely,
24:51
yes. Guess what?
24:52
Yes you have nothing. Yes.
24:53
Is now a dollar and they have 100,000 Bitcoin so you know you
25:00
don't want to be giving your Bitcoin to anybody whether
25:03
especially especially the enemy man is at the end of the day.
25:05
This was shit coins are that's their enemies a Bitcoin.
25:08
Just that's what they are. So I completely agree.
25:12
Yes you want to be careful but I think there's like I don't know,
25:17
I think that there's different theories on this.
25:20
I was talking with Carvalho today about this and he thinks
25:24
that there's like essentially that big dead chickens are just
25:29
competing with Bitcoin and they won't rely on them in any way.
25:32
And I'm not, I haven't, I haven't quite gotten the full
25:34
picture of what he envisions the world to look like in like 10
25:36
years. But I feel like, it's kind of
25:39
like he's saying that these things are all going to go away
25:42
or something like that. And sadly, I just don't think
25:45
that's the case. I think that that's like, Kind
25:46
of naive to think if that's what he thinks that we're not going
25:49
to have struck coins in the future.
25:52
I unfortunately think that's sort of part of human nature.
25:55
The good news is I think Bitcoin will become increasingly
25:58
dominant and and widely used by everybody.
26:02
Whether you're a good-faith businessman, making a business
26:06
that produces you know, capital income and is growing and is
26:10
providing jobs and stuff. Or whether you're a useless,
26:13
altcoin promoter it like you're probably going to use Bitcoin.
26:16
Either way in the future. And that's just something that I
26:19
think, is important to recognize that we're not going to get to
26:22
control who gets to use Bitcoin. Nope, it's just through.
26:25
And if you if you believe in Bitcoin, you must believe in
26:28
that. Right.
26:28
Absolutely. It's right.
26:30
It's a tough thing to wrap your mind around.
26:32
All right. I mean it, but it kind of
26:34
functions the same. And this is the, we always bring
26:37
the analogy, which is, it Bitcoin, it kind of functions
26:40
the same way as freedom of speech, right?
26:42
And there's a very, very famous Voltaire, quote, writers.
26:45
I might not like, what you have, Say, but I'll die trying, you
26:48
know, defending it or something like that, and I think it that
26:51
it functions with that similar principles, right?
26:54
You have to be okay with the fact that your worst enemy might
26:57
use Bitcoin and you have to be okay with the fact that he
27:01
should be able to transact, right?
27:03
Because I don't think there's any other way.
27:05
I'll leave it at that. Phil, it's time for the daily
27:08
meme review brought to you by Citadel 21, they make the best
27:12
Bitcoin cultural Zine stories articles Comics by a actual
27:17
bitcoiners. This is pure pleb signal in
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27:22
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27:24
This is artwork for volume 11, it just dropped and they're
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copies made per volume, so get your prints of Citadel 21 today
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before they run out. All right, everybody, Welcome to
27:36
the meme review where we review Bitcoin memes.
27:38
Anyways, check out this first mean by the legendary Lena,
27:41
sheesh, she's referencing. The start of the current cat
27:45
crash and here the plebs. Look it up.
27:47
It's more like an artwork. This one we got a the Bitcoin
27:51
class of 2017, class of 2017 class of 2020, to the first
27:56
cycle is always the hardest. And and this includes sailor by
28:00
the way. Anyways, for second mean, by
28:03
Third mean by Dennis hottel, do you remember when we called the
28:06
58 king bears? I remember, All right, moving on
28:12
to the next one. Bye doc Bitcoin Earth at 18
28:16
hours ago, rip Bitcoin. And then a tombstone, right?
28:18
They always say Bitcoins that but oh honey badger always comes
28:21
back. This is crustose.
28:22
They want to take your Bitcoin. Stay safe, just hottel cord
28:25
storage. Bitcoin plebs Wall Street signs
28:28
Luna. There was a rumor around that
28:30
Luna here. Let me go back because Alex need
28:32
to seeing it. Yeah, I see it, I see it.
28:34
So there was a rumor that Luna was taken by BlackRock and some
28:38
other but that that ended up that ended up being.
28:40
Not true. That's bunk.
28:41
Yeah it was it was BS. Okay so I wonder what the next
28:45
trick coin scam will be getting this is what Alex was talking
28:47
about. Not too long ago, right?
28:49
Ico's d Phi n ftes. What is next?
28:51
Who knows? Right?
28:53
Next 1 by Rd underscore BTC. Looks like the Bitcoin back
28:57
Caesar right again. Awesome Rd.
29:00
Alright last one by honk. Hold in Bitcoin plebs in 2045.
29:04
I don't think this is the future that Alex envisioned but I'll
29:07
take it. This is honks future.
29:11
The fed the Illuminati, the Black Rock.
29:13
Okay. Okay.
29:14
Awesome memes. Thank you plebs.
29:16
Appreciate it for that. I'm going to give it.
29:19
Alex is book. Check your financial privilege.
29:22
Look, at--look at that. Art works very nice.
29:24
That's my score. Alex, what would you give those
29:26
Beams? I would give a Bitcoin grenade.
29:31
Oh, whatever, that's it. That's our sponsor.
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You can take advantage of the promo code down below to get 5%
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off, Phil already give those memes.
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So, Zorn Zorn gave me a hard time on my terrible meme score
29:44
yesterday, so I came prepared. And I up the game, I am giving
29:48
it. This piece of artwork from and
29:52
the decks. Oh, that's right.
29:55
It's still in the rapping though because I haven't hung it up
29:57
yet. Very night.
29:58
Wow. You pulled out the big guns
29:59
today, Phil, I think we did. Anyways guys, we want to know if
30:02
you agree with our scores disagree, let us know down in
30:03
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30:14
But anyways Phil it's time for the Daily News brought to you by
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Cloaks.com. Alright guys, so Alex wrote this
30:43
awesome book and it's funny because we've actually been
30:46
covering some of his articles that a lot of that content made
30:50
it into the book. Correct me if I'm wrong.
30:52
Alex of course. Yeah yeah absolutely.
30:55
So and we've been talking about this that you know a lot of the
30:58
naysayers, a lot of the people that go against Bitcoin Alex
31:03
says it perfectly they come from a place of financial privilege
31:06
they don't live in a country where the currency is hyper
31:08
inflating or they don't live in a country.
31:10
That is totalitarian we've given you many examples, right?
31:13
Either the Cubans they Afghan he's the Venezuelans that
31:17
lunatics the lunatics right at the US government decided that
31:21
those people aren't worthy of having access to the Global
31:24
Financial system. So right that's where Bitcoin
31:27
comes in. So I'm going to read some of the
31:30
passages very quick and I'm going to ask Alex elaborate a
31:33
little bit of this. This is directly from the pre
31:35
the preface uses a preface and then fill corrected me.
31:38
Anyways it says for Sedan to Palestine from from Belarus, to
31:42
Nigeria, from the Congo to Cuba. Tens of millions of people are
31:45
currently using Bitcoin to escape from broken Financial
31:48
systems and lay the foundation for a brighter future for their
31:51
families and communities. But as we enter 2022, it is
31:55
still apparent that the mainstream media and political
31:58
discourse does not understand or even acknowledge this
32:01
phenomenon. Why is that Alex?
32:05
so first of all, I think that when it comes to the media, the
32:11
media has A mechanism inside of it, that has prevented it from,
32:19
from like, accurately covering Bitcoin.
32:22
And in part of it, is there that their attempts to be ethical,
32:26
right? So what has happened over the
32:27
last decade? Is that like ad major media
32:29
Publications? You weren't able to like hold
32:34
and own Bitcoin if you reported on it, right?
32:37
So this resulted in some extremely salty reporters who
32:40
may have done some good reporting on bitcoin 10, 8 7 6,
32:44
5 years ago but because Never allowed to use it as money for
32:47
themselves. They became really like sour
32:51
about it over time very salty. And this this partially explains
32:57
why 95 plus percent of all mainstream media reporting in
33:03
America and Europe. In Asia, Africa, Etc newspaper,
33:07
radio television over. The last decade has been hugely
33:10
negative on bitcoin that it's dangerous risky for criminals,
33:14
going to kill the world. Blow up, you know.
33:19
Good, you know, be be too volatile boil.
33:21
The oceans, whatever they've been like hammering this point
33:24
home, which is crazy. Given that it the reality is
33:29
that it was dangerous and risky to not have Bitcoin.
33:30
So I think that the media Is going to have a reckoning at
33:37
some point. I mean, they they, they
33:38
basically derailed the world on bitcoin.
33:44
As I do, it's sad a lot of things.
33:46
Also, it's not on a lot of other things to, a lot of other things
33:49
on. It's like the Gelman Amnesia
33:50
thing where like, you start to realize that the wrong and
33:52
Bitcoin and shit, maybe they're wrong on that.
33:53
All these other things, the internet just completely rip the
33:57
Band-Aid off, right? It was, it was Jack, the sobic,
34:00
he said something so fascinating, and I want to get
34:02
your thoughts on this. He said that if social media was
34:04
around, In 2003, the u.s. wouldn't have been able to go to
34:08
war in Iraq and mm-hmm. And I thought that was so
34:13
insightful. So Alex and chapter and just
34:17
just to talk just so that's the media, but the banks and
34:19
governments like they have a different agenda for going on
34:25
the attack of Bitcoin because Bitcoin takes the power, their
34:27
power away. So they're going to be extremely
34:29
self-interested. Make sense, text there, proof of
34:31
stake. Are you know Empire?
34:35
You're saying there's it like an evil Alliance there, right?
34:39
Yeah, definitely, it'll it's bitcoiners verse the world,
34:41
right? I'm big Corners, worst the
34:43
world. Okay.
34:43
So Alex and chapter 3 it's called The Hidden costs of the
34:46
Petro dollar system. Yeah.
34:48
And couple paragraphs down. It says the world relies on the
34:51
US dollar and us treasuries giving America, unparalleled and
34:54
outsize economic dominance kind of expect.
34:57
When you say that explains the Forty billion dollars, you know,
35:00
they're deciding to the send over to Ukraine as of to as a
35:03
2021 nearly 90% of Internet. National currency transactions
35:07
are in dollars, sixty percent of Foreign Exchange, reserves are
35:10
held in dollars and almost 40% of the world's debt is issued in
35:14
dollars. Even though the United States
35:15
only accounts are for around twenty percent of global GDP.
35:20
So I've read that Alex, right? And what I'm thinking is that
35:23
the u.s. government has a lot to lose and the people of the
35:27
United States as well. If the, if the US dollar loses
35:31
Global Reserve status, do you believe that the u.s. government
35:35
is Going to fight Bitcoin because of that, you mentioned
35:38
it earlier, how Biden and and potentially Janet Yellen could
35:41
demonize self custody or you know perhaps the energy usage of
35:46
miners, do you think that's why they would do something like
35:48
that? I think the narrative is going
35:50
to change over time, I think that today, yes, I think that
35:54
Elites who have benefited from the easy monetary policies of
35:58
the last 20, 30 years are going to fight it.
36:03
Yes. I think that Long-term though I
36:06
think Bitcoin is good for America.
36:08
I've said this many times repeatedly I think that Bitcoin
36:11
resonates with America's founding values, not actions but
36:14
values. What is bitcoin?
36:16
It's free speech property rights and peer-to-peer Global
36:19
Commerce. That's Unstoppable.
36:21
Those those Vibe very well with America's founding values, if
36:24
you read the Declaration of Independence, the Constitution
36:27
etcetera, if you look at a dictatorship like the CCP guess,
36:32
what guess what they need? They need censorship.
36:35
Infestation and closed Capital markets, so Bitcoin just doesn't
36:39
Vibe well with them. So I think you're going to go
36:41
through this initial phase of American policymakers, not
36:43
understanding what's going on, and fighting Bitcoin.
36:45
But eventually, there's going to be too many people in the US
36:48
government, who realize what's happening?
36:50
Whether it's worn David Center Cynthia lummis or has to purse
36:53
or you know, you know the mayor of Miami is going to run for
36:58
president as a republican candidate or Ted Cruz or any of
37:03
these young Democrats. Running all across the nation,
37:07
like Eric roads and all these other folks like that.
37:10
There's just this wave of political interest.
37:12
So I do think eventually, you know, Warren Davidson.
37:15
I was on a panel with him and he told me that he thinks this will
37:17
like redeem America in many ways.
37:19
And I think what happens is that we decide to lean into Bitcoin.
37:23
We become a strong Bitcoin Nation, are separated
37:27
decentralized status with States, and strong states
37:31
rights. I think really helps there
37:32
because you're going to have competition for Bitcoin mining
37:34
Bitcoin companies. I just see like a future where
37:38
6102 is impossible, given what to do.
37:40
She gave us like, it's just it's just not.
37:44
Some people will be dumb enough to keep, you know, or ignorant
37:46
enough to keep their Bitcoin on coinbase or whatever, but a lot
37:50
of us won't be and we'll know. And the more we can educate
37:53
people the better and then that, that prevents us from getting
37:57
sucked into the 610 to route. But I think we'll be able to
38:00
fight that. I want to be optimistic about
38:03
that. I have to be.
38:04
We have to because The rosters. I mean, we're just toast.
38:08
I don't I don't I'm not so optimistic about friends of ours
38:10
who live under dictatorships. I don't I don't them.
38:13
I don't think it's gonna go so well for them.
38:16
It can be a Lifeline but like, I think that they're going to have
38:18
to try workarounds skate hide. It's going to be, it's going to
38:22
be rough, but at the end of the day, it does provide that
38:25
Lifeline to anybody. And ultimately, I think that if
38:28
America does go down, this route, becomes more of a, you
38:31
know, an Economy based on a Bitcoin standard or like, let's
38:34
say a Bitcoin. Exchange standard which would be
38:37
kind of similar to Bretton Woods.
38:38
We're like maybe maybe there's a couple Fiat currencies that the
38:42
whole world uses but there were pegged to like a redeemable rate
38:46
where they can exchange a certain number of dollars for
38:49
certain amount of Bitcoin. Then that kind of fixes what's
38:52
been happening with the us over the last five decades, which is
38:55
this like insane debt issue that debt problem that we have
38:59
because no matter how indebted we become our currency remains
39:02
strong because of the Petro dollar euro dollar system like
39:05
pee, People need dollars. So once once that system is
39:08
broken and the wheel brakes will become more like a normal Nation
39:14
where, where if we are very indebted or currencies going to
39:16
get week and then therefore, our exports are going to get strong
39:19
ever going to have a rising middle class and Manufacturing
39:23
base again until our currency gets too strong.
39:26
And then then we can again and this is a natural flow that
39:30
happens with the other states and nations of the world.
39:33
It happens with everyone except for us because we're like, Curve
39:35
currency. Well, I believe in a future
39:38
where 20 30 years from now, whenever it is, there is no
39:42
country that has the reserved at issues the reserve currency,
39:45
Bitcoin will be the reserve currency.
39:46
So I think it restores order I think in America and and in a
39:51
sense of justice and I honestly think I'm not I'm not someone
39:55
who believes in redistribution ISM or anything like that, but I
39:58
think America will be more than or equal.
40:00
I think they'll be less grotesques and less grotesque
40:03
inequalities. I mean if you think about the
40:04
pandemic, Monetary policy, what happened in the last few years,
40:08
the point 0 1 percent got like so much richer and the average
40:13
American didn't do well right and that, that that's a product
40:18
of monetary policy. And if the cantillon effect, I
40:20
mean, you know it, there are other reasons for it, but that's
40:23
one of the prime factors there. So once you remove that, I just
40:27
am more optimistic about the future.
40:29
So I would say that yes, in a short-term Bitcoin is a threat
40:33
to the existing system but like a Phoenix Rising From the Ashes.
40:37
There will be it'll be a better system on the other side.
40:39
So I hope that makes sense. That makes perfect sense.
40:42
And that makes me very bullish and it sounds like Bitcoin.
40:44
Fixes this. Like I like everything.
40:46
I think they couldn't fix is America.
40:47
Yeah, it really does. So Alex in chapter 4 is called
40:51
Bitcoin as a trojan horse for Freedom, by the way, it's
40:53
awesome article. Bitcoin magazine article, you
40:55
should definitely check it out and one of the passages says the
41:00
financial establishment is simply beginning to like the way
41:03
it looks. It promises, great rich.
41:05
Is, and that is no, and that is no Mirage, it will continue to
41:09
deliver. But most of the elites do not
41:11
realize what they are bringing into the inner sanctum, so you
41:15
could, you elaborate a little bit on that.
41:16
Yeah. When you see these billionaire
41:17
guys go on TV and talk about Bitcoin and how they like it as
41:20
a whether it's like Paul, right, Paul Jones or Bill Miller,
41:27
whatever. I mean they realize what's
41:29
happening they realized like in the next decade I'm sure of a
41:32
dahlia. Will eventually change his tune?
41:33
He'll start saying that coin. Or whatever.
41:36
But These Guys, these macro bester's that they they like it
41:40
because because they think it's going to be a hedge against
41:42
instability or, you know, Fiat ablation etcetera.
41:46
They could care less about cypherpunks.
41:48
They don't give a shit about, I mean, maybe they do.
41:51
But like, we should assume they don't care about privacy or our
41:56
ability to protest the government or protect ourselves
42:00
against government overreach or any of that stuff.
42:02
I don't think that they care, maybe, maybe.
42:05
Of them do like, maybe we start to think they're a couple
42:08
billionaires out there, like maybe Dorsey and a few others
42:10
who are like really. Like they get it, but we should
42:13
just assume most of them don't they're gonna they're gonna want
42:16
Bitcoin anyway because of the ngu part that that that's that's
42:20
all they care about. And look over the next 5-10
42:22
years. They'll be richly rewarded like
42:25
Bitcoin will continue to function that with its ngu
42:28
property. But my argument is that it's
42:30
connected to fgu, Freedom, go up like the more people who are in
42:34
Bitcoin the more resilient than ever.
42:35
Becomes the harder it becomes to stop the more Talent flows in
42:39
the better ux the apps, get the more robust.
42:41
It becomes, the more features it gets, I'm someone who believes
42:45
that when we look back you know, in 2050 at you know the first 40
42:49
Years of Bitcoin or whatever and we think about who are the 10
42:53
most prompt you know important bitcoiners like probably like
42:56
only two or three of them have even gotten involved yet in
42:59
Bitcoin like so the more that it like compels the world the more
43:04
talent and creativity. He comes into the space and the
43:07
better. It gets to use, like we
43:09
shouldn't forget that from 1997 to 2007, the internet went from
43:13
a dial-up, modem to the iPhone. So we're going to go through
43:16
that over the next decade, like we're in like the iPhone.
43:20
We're in, like the dial-up stage of Bitcoin right now.
43:22
Like, like you can sort of see where it's going, right?
43:24
Like we get the preet, the basic precept is there like you.
43:28
And I can communicate on the internet, like, we know ideally
43:31
with no intermediary and it's going to change the world.
43:34
That was that was like a You could have you could have that
43:36
conclusion in 95, like I was, I was playing Counter-Strike in
43:39
the late 1990s as a kid. Like I knew where we were going
43:43
we were going away from the internet, right?
43:45
So now we know we're not going away from Bitcoin, you know it's
43:48
going to change the world. We know the basic functionality
43:50
of it, we can send receive do Commerce save without the state
43:53
like we get that. But who the fuck knows what
43:55
we're going to be able to do within 10 years?
43:56
20 years. I mean it's just beyond our
43:58
comprehension. So I'm very excited about that
44:02
future and that future will be ushered in by unknown.
44:05
Ling Usher's is my point like the people who are going to pile
44:08
a ton of money into this thing. A lot of them are going to be
44:11
anti-freedom. I mean, look, we got, I would
44:13
say we received a reasonable draw with El Salvador, being the
44:16
first nation state. I mean, I'm on record obviously
44:19
is being very critical but Kayla, but I mean, it wasn't
44:22
North Korea. You know, it wasn't Saudi
44:24
Arabia, you know? And we're and eventually I
44:27
believe that all those states are eventually going to adopt.
44:29
So, we'll have to fight that battle later, but I mean things
44:32
are going to get dicey like People who don't care about or
44:36
even hate Freedom will be forced to adopt.
44:39
Bitcoin is kind of my thesis there and and I look forward to
44:42
seeing that continue to play out over the coming decades.
44:45
That made me incredibly bullish. Phil, do you want to go?
44:49
I saw you get interested a little bit.
44:50
Do you want to ask Alex a question before I read the next
44:53
Passage? No.
44:56
Actually what I was doing was I was writing down all of Alex's
44:59
quotes, the there's like, four, amazing things that that that he
45:03
said right there and that's what I was doing.
45:05
But I just wanted to go back to one of the points that that you
45:11
made, right about embracing fgu Freedom, go up technology.
45:17
So, okay, part of that, right? Part of that, what do you think
45:23
like When these okay, when places like North Korea,
45:29
reluctantly embrace it, what do you see are some of the
45:34
challenges that they're going to have?
45:36
Because I've played this over a thousand times in my head and
45:38
unfortunately all I ever come up with is this General?
45:41
Well the government's going to have to figure out a way to
45:44
provide value. Like that's that that's like as
45:46
far as my thinking goes but like what kind of challenges do you
45:49
foresee with with them having to do this reluctantly?
45:52
Because I'm also thinking like do they come out?
45:55
I'll tell the people that they're hoarding.
45:57
Bitcoind. I mean those are at those are
45:58
pretty communist, you know? Yeah.
46:00
No. No.
46:01
I think so. I think chivo is helpful because
46:03
it gives us a model of what governments might do.
46:05
And I'd honestly think she was probably the most, you know,
46:09
let's say, I hate to say it but more towards the freedom
46:13
friendly angle of or bald possibility of what other
46:17
governments are going to do. So I mean, the thing is Bitcoin
46:21
tivo's for all this warts, it's still connected to the open
46:23
Bitcoin Network, right? Like that, That's like it's like
46:26
the US government's going to come out with a fintech app and
46:28
connect it to bitcoin. That's not happening.
46:30
So I think when you look at Russia that right before the
46:33
war, they proposed a bill, which obviously will get past or
46:37
whatever, it's not like there's democracy.
46:38
And basically, like what what what you're looking at in
46:42
Russia, is a government that is okay.
46:43
With Bitcoin used but it, every single transaction needs to be
46:45
paired with identity. They want to control that they
46:48
want to create like white label Bitcoin, right?
46:49
Like they want basically chivo with no off ramps, right?
46:52
So I think that that's the dictator.
46:55
Like, you'll probably see is confiscation or theft of mining
47:00
equipment so that states can use their Monopoly of energy to
47:03
mind. That's probably going to happen
47:06
as safe. Set safety to said though that
47:08
the state is not going to be very good at mining like usually
47:11
centrally planned you know bureaucrats aren't very good in
47:14
competing with the open market so we'll see how well they do.
47:18
They're probably not that well but they may do that.
47:22
I think they're going to eventually wisen up and Save and
47:25
Bitcoin the reserves essentially, they'll be instead
47:28
of FX reserves instead of having dollars, or you want or
47:30
whatever, they'll have some Bitcoin and then they'll try to
47:33
like fend off the inevitable wave of Bitcoin adoption by
47:37
forcing people to use the state app.
47:40
With very harsh penalties, if you're caught not using it.
47:44
And that's kind of like I think it's a dark future but I think
47:47
it's one. We have to admit may happen.
47:50
Does that make sense? Yeah.
47:53
Yeah it doesn't. And I think you bring up a
47:54
really Interesting. Point about not letting people
47:58
off of those ramps, right? Or essentially limiting, the
48:02
type of wallets that they can use a, you know, stuff like
48:06
that. So yeah, I can definitely see a
48:08
bit of a, you know, a dystopian dark future for those.
48:11
Yeah, those countries right? As they adopt Bitcoin.
48:14
I mean, think about gold in the way gold.
48:16
Gold was killed like, you know, the government managed to
48:19
confiscate it all and essentially they allow outside
48:22
of holding. I mean, a smaller percentage of
48:24
gold is I think held like, you know in like in houses and
48:27
jewelry and stuff like a huge amount of it is held in by
48:30
custodians, right? And that stuff's
48:32
rehypothecation? It's, you know, it's paper gold.
48:35
I mean we don't really know how much gold there is like, enhance
48:38
these organizations and that that's allowed them to restrict
48:42
the price of gold. I mean, quite obviously depress
48:45
it over time. So you know I think the
48:48
government's are going to be, it's interesting with
48:50
governments, you know. May they may try to do something
48:51
similar. The cool part.
48:53
Is they they can't because Because there is no like like
48:57
the UK and the u.s. basically got together and they, but most
49:00
of the world's gold at the government level, like in the,
49:04
in Fort Knox, and a few other places, right?
49:06
That's not going to, you know, bitcoiners won't be so easily
49:10
give up the cool part is there's a bunch of crazy bitcoiners who
49:14
probably hold, I don't know. Millions of Bitcoin are in the
49:19
hands of bully like True Believers.
49:22
And yeah, the US government can scrap.
49:23
Its I mean look they could Mine. It look most Bitcoins been mined
49:27
right? So they could mine a little bit
49:28
of Bitcoin like relatively speaking, right?
49:30
You know, this is the good news is like we we got to like, 18 or
49:33
whatever million Bitcoin mind before government's got
49:36
involved. So that was key like that would
49:37
have been really shitty if we'd only gotten like one percent of
49:40
the way through and then they could mind 90% with their energy
49:43
of an OP. Ali's the good fucking news.
49:45
Is that the best they can do is mine a couple million out of the
49:50
out of the being a small part of what is out there and really,
49:54
they'll just be I mean even these evil government's, the
49:56
cool part is. If they try to do like some sort
49:58
of confiscation and mine Bitcoin, they're securing our
50:01
Bitcoin like that, like that they're working for us, like, as
50:04
people say they're slaves to the network, so they're going to be
50:07
willing slaves to the Bitcoin Network.
50:09
So I think that that's interesting to think about.
50:12
I don't think Bitcoin can fall the same fate as gold.
50:14
I mean we should definitely be adversarial and be vigilant and
50:17
think about how it could fail. But look man it was designed to
50:21
not to not fall the fate of gold and it's really up to us.
50:25
As bitcoiners and you guys as Educators to remind people to
50:28
hold their own Bitcoin. And if if enough people hold
50:32
their own Bitcoin, I mean it is going to be really freaking
50:35
tough to stop. I mean that that's that's the
50:36
truth of it man. I tweeted that the other day I
50:39
said taking Bitcoin into self custody is revolutionary in
50:42
nature for now. That's the revolution man.
50:44
If enough people do it we went so Alex one.
50:47
Last question. Sure.
50:48
And I have to give a little bit of context so it's from the
50:50
chapter, the end of super imperialism.
50:53
I'm going to read a passage, says the unique.
50:55
Of the US government Hudson, says to borrow from the foreign
50:58
Central bank's rather than from its own citizens, is one of the
51:02
of the economic miracles of of Modern Times.
51:04
And when I read that, I connected with a buddy of mine,
51:08
right? With someone, I grew up with,
51:09
I've been trying to Orange Peel him for five years, but he works
51:12
at Goldman and I always wanted like why you know why it does he
51:16
not understand? And he brought up a really good
51:18
example the other day. He said he said Nico, imagine if
51:23
we went through the pandemic. And the Federal Reserve wasn't
51:27
allowed to print the way it does.
51:29
It did it would have been catastrophic so I think it comes
51:33
from you know the Keynesian perspective on the economy
51:37
rather than you know the Austrian which is like look,
51:41
there's there's Market Cycles, it is what it is.
51:44
You just have to let it crash and From the Ashes a new
51:46
businesses or born. So but I think he had a point in
51:49
the fact that maybe maybe right the federal reserve's ability to
51:53
print soften the So for some people, right?
51:56
And, you know, and they just out sourced all that debt.
51:59
What are your thoughts on that? Alex is was that a good thing?
52:02
Was that a bad thing? I think, right now we're
52:04
starting to experience the hangover as the, you know, the
52:07
Federal Reserve starts to raise rates.
52:08
But what are your thoughts on that?
52:10
What would your response be to someone in his position super
52:15
imperialism quote and chapter really discusses this incredible
52:21
thing that the u.s. government pulled off?
52:22
I don't think I don't think they knew it.
52:25
Would happen back then when they first did it, but through the
52:27
petrodollar pact which I cover. And then through the fact, that,
52:31
as a result of the petrodollar system, the US dollar became
52:34
like the the most desirable Financial collateral in the
52:38
eurodollar system. And in the financial markets,
52:42
we've built this like Unstoppable, kind of train that
52:47
just like runs itself. Like it's got this to be fair.
52:51
Very genius Dynamic where it forces other Chance to need our
52:56
Fiat money that we can print for nothing.
52:58
So they they have no choice but to fund our Wars and are
53:01
inefficient social programs, and all that stuff, because they
53:04
need our dollars. And they, they, as rational
53:06
economic actors, they want our debt more than any other
53:10
country's debt. And that was something that was
53:14
a political creation. Now, it later picked on a life
53:18
of its own, and now it's just like, obviously rather have
53:20
dollars than like shooting these pounds or whatever, but it did,
53:24
that was The political creation and I think that when you look
53:28
at someone who's basically supporting what you said, your
53:32
friend or whatever, that supports this idea of like this
53:35
system being beneficial, you have to look at who's
53:38
benefiting, we Bono, right? And, and yeah, Goldman Sachs has
53:41
certainly benefited. Big banks have benefited.
53:44
The moral hazard has been removed, they don't have to be
53:46
that careful anymore. They know that there's going to
53:48
be a fed put or a bailout so it makes their life much more
53:52
cushy. It's basically like their
53:53
bowling and they have No rails on the sides.
53:57
Now, they can't go in the gutter like literally literally, but if
54:01
you very hard to go in the gutter these days, right?
54:03
I mean look what happened to Mars 2020 as you say in a
54:07
traditional business cycle, guess what?
54:09
Like but the bond market is like a organism and it it sensed
54:14
disaster like it forget like your views on the virus or
54:18
whatever it sensed that the world was going to contract and
54:23
depress and deflate. And, you know, therefore Bond
54:27
started to lose value stocks, Etc, start to lose value.
54:30
So the FED came in artificially right and and disrupted that
54:34
natural cycle and tried to prop it up and back stock, the credit
54:37
markets and the bond markets and stock markets and stuff like
54:40
that. Right?
54:42
In an unnatural way right well guess who benefits from that.
54:46
Again we have to think the elites it's all cancel on
54:50
effects stuff like all the 1%, you know, two percent, whatever.
54:55
So for some people in arguably, the post 71 political economies
54:59
has been amazing if you work in defense or Finance or real
55:04
estate or whatever. Like I mean it's been really
55:06
good for you if you're a coastal Elite and United States someone
55:08
like me, right? Most of my friends like they've
55:12
done very well but if you're not if you're like a Working Class
55:15
Manufacturing industry kind of like family in America or if
55:20
you're an Emerging Market countries, etc, etc.
55:23
Maybe it hasn't been so great like Maybe, maybe you're living
55:26
standards have been like, kind of like actually essentially
55:31
stagnant that maybe your wages, haven't gone up that much, maybe
55:33
things are getting more expensive so I think it just
55:37
depends on who you are. I mean, it's a very like again
55:39
the petrodollar system and the strong dollar and the 30
55:43
trillion dollars in debt. We have have absolutely
55:46
benefited people and they've been if they've helped the US
55:49
government do things that would not otherwise unable to do be
55:52
doing like for example run. Costly forever Wars in Asia and
55:57
in other exotic places that have that, the average American
55:59
doesn't even know are happening. That's only possible with the
56:02
Fiat system. So I think that again many
56:06
people have benefited from this including the financial sector.
56:10
If you look in the 70s financial sector was like less than ten
56:13
percent of the economy now, it's like 20 more than 20 percent.
56:16
So, you know, we're the economy is moving away from productive
56:19
capital and and businesses that actually produce good things
56:23
that people use and it's moving to initialization, which is just
56:26
the sand, the shell game, which isn't in the end of the day.
56:29
That much different from what Luna was, right?
56:32
So the so the question is, you know, where do we go from here?
56:34
And I think the best recommendation is to read, Alan
56:37
Farrington, and Sasha Myers book Bitcoin is Venice because it
56:41
it's an incredible poem hundreds of pages that are very dense but
56:46
very enlightening on what that future might look like and why
56:50
doesn't the current system work and why isn't this actually
56:53
capitalism? So now My kind of closing
56:55
thought is to go read. Bitcoin is Venice.
56:58
It's an incredible work. So awesome.
57:00
That's that's a appreciate it or well guys that was the news
57:03
filled. It was an open source off early
57:05
today. I need to everybody about it
57:06
software releases brought to you by Cipher safe, check them out.
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Seifer safe dot IO don't trust your seed to that flimsy.
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Persistent wire and the grid comes with a punch tool.
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All right we've got go Lloyd, money version, 0.1, 0.1, 29,
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that was released. It just released today.
57:36
The link is down below in the show notes, guys, don't forget
57:40
to check us out on our Audio. Only platforms Apple podcasts
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57:49
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57:51
Awesome. Thank you for.
57:52
All right guys. Before we go when I give a very
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special shout-out to our awesome guest, Alex gladstein, he's the
58:11
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58:14
You can go get my follow on Twitter at gladstein and
58:17
definitely go check out his book if you want to know more about
58:20
what we were talking about in the news, it's called check your
58:22
financial privilege. It's on Amazon.
58:24
It's a great book. Anyways guys, I was our show if
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