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The Monetary Singularity Is Here And Everyone Is Asleep! | Truth Block · Simply Bitcoin

0:00
Where are the blockchain servers located?
0:03
I've heard you say that you think bitcoin's going to zero.
0:06
Yeah, I think this is worrying. I think I have some Bitcoin.
0:09
We need to get back to hard money.
0:11
Printing money is just insane. It's just the the idea you just
0:13
print more money and people go OK.
0:15
A sovereign nation under wartime sanctions just chose Bitcoin is
0:19
the only money it trusts to collect tolls at the most
0:22
critical shipping lane on Earth. $2,000,000 in Bitcoin per ship,
0:26
as Iran has publicly claimed. Michael Saylor strategy is
0:29
absorbing 3 times global miner supply every month. 60% of
0:33
America's biggest banks are building Bitcoin products right
0:36
now. The financial singularity is
0:38
unfolding right out in the open and almost everyone is asleep.
0:42
Today I'm going to show you exactly why and why the people
0:44
who can't see it are accidentally making the
0:46
strongest case for Bitcoin I've ever heard.
0:49
Welcome to truth Block. I'm Hurley.
0:51
Let's mind truth. Bitcoin has been firmly in a
1:00
bear market for months now as the price crabs sideways in the
1:03
most painfully boring phase. We're still down 41% since the
1:07
all time high last October. Everyone has either forgotten
1:09
about Bitcoin or they've written it off long ago.
1:11
And that's exactly why today matters, because the most
1:14
powerful adoption signals in Bitcoin's history are converging
1:18
right now, and the loudest critics making headlines are
1:21
accidentally proving exactly why Bitcoin exists.
1:24
Let's start with something everyone can feel.
1:25
Steve Keen is a serious economist.
1:28
He predicted the 2008 financial crisis when the mainstream
1:31
couldn't. He was recently on Diary of
1:33
Aceo, an interview with over 5 million views and counting, and
1:37
the conversation quickly went to the economic pain people are
1:39
feeling. I got an Ubie yesterday and I
1:42
was with a, a wonderful guy who was actually weirdly, I sang to
1:46
the Uber at 2:00 AM and I looked up on the screen and he was
1:48
listening to the diary of a CEO. And then he clocked, he clocked
1:50
me in the back of the car. So we had a great chat and he
1:52
was saying to me, listen, this isn't actually my main job, it's
1:54
my third job. I do this because of the cost of
1:57
living and it really stayed with me.
1:59
He's doing 3 jobs 3. Yeah, three jobs and he picked
2:02
me up at 2:00 AM He's got a family.
2:05
And he's working his butt off to keep the family alive, Yes.
2:07
Yeah, and you know, I'm going to say something which I probably,
2:11
I don't say a lot, which which came to mind, which is in the
2:16
position I'm in now. I think it, it was a real
2:19
reminder of my own personal privilege that I think is really
2:22
important for someone like me that doesn't has an interview
2:24
show because you've got to be like intellectually honest with
2:27
yourself or just like honest with yourself generally.
2:29
That like, as a as someone in my position who's been fortunate
2:32
enough to be able to make significant money, I can
2:35
understand from having that conversation how detached.
2:40
You are. I am from the world around you.
2:42
Yes, you're. You're a very unique soul
2:46
because you've, I know I've read a bit of your history, of
2:48
course, and you've had that terrible period where you were,
2:50
you know, unemployed and what the hell do I do?
2:53
Lifting food and stuff and you're.
2:54
Ambitious, but you were OK. If you don't experience poverty,
2:58
you don't know what it's like. Yeah, but even if you have.
3:01
You can forget it. You can forget.
3:02
It, but you haven't yet. Well, This is why it's so
3:05
important for me to have those conversations because him saying
3:07
I'm working three jobs and this is in picking up at 2:00 AM in
3:10
his Uber and him telling me he's doing that because the cost of
3:13
living because he needs to pay the bills immediately made me
3:16
think of ahead of this conversation today.
3:18
Like Oh my God, if the prices go up 20% for people.
3:21
He's out. He's he can't work 24 hours a
3:23
day. Can't work another, he can't
3:24
work more hours in the day. And it was just one of those
3:26
moments where you go, fucking hell, Steve, like, man, you need
3:27
to stay close to the plight of of people that are the
3:32
breadline, the breadline. Yeah, and so many people are
3:35
there so. Many people are in.
3:36
Advanced countries, not just third world countries, but
3:39
certainly like in America and the UK, there are huge numbers
3:43
of people who are basically living from hand to mouth at the
3:46
current system. So if we have a breakdown, they
3:49
can't afford it. And in that situation, you can
3:52
no longer use money as your way of deciding whether you can eat
3:56
food or not. That poor Uber driver is working
3:59
three jobs so his family can survive, and he's not alone.
4:02
The middle and lower class are getting destroyed right now.
4:04
The wealth divide is accelerating in every direction.
4:07
People who did everything right, they got a degree, they got a
4:10
job, they bought the house, are watching their purchasing power
4:14
disappear while the people closest to the money printer
4:17
keep getting richer. Everyone feels this.
4:19
Left, right, it doesn't matter. The math isn't working and it's
4:24
not just working people. Graham Steffen, A podcaster with
4:27
5 million subscribers and the face of buy and hold real estate
4:31
on the Internet, just announced he's selling his entire LA
4:34
portfolio. After taxes, insurance,
4:36
maintenance permits, his net returns is 4 to 5%, same as risk
4:40
free treasury. When the guy who is real estate
4:43
says it doesn't make sense anymore, that's a signal.
4:46
So what's causing this? Pierre Poliev, leader of the
4:49
Conservative Party of Canada, was recently on the biggest
4:51
podcast in the world, Joe Rogan, and he named it.
4:54
This is the biggest fraud perpetrated on the working class
4:57
people in the last 100 years. Printing money is just insane.
5:01
It's just the the idea you just print more money.
5:03
It's like and people go OK. Well, it looks, it looks
5:07
painless at first, but if you have an economy with 10 apples
5:10
and $10, it's a buck an apple. You double the number of dollars
5:14
to 20, but you still only have 10 apples.
5:17
Well, all of a sudden it's 2 bucks an apple.
5:19
It's not that the cost of apples has gone up.
5:22
It still costs the same resources to grow the and pick
5:25
the apples. Is that the the price has gone
5:27
up because the value of the money has gone down South in
5:30
America. Over the last 55 years, you've
5:34
doubled the number of homes in America from about 70 million to
5:37
150 million. You know how much the money
5:39
supply has grown 30 times. So you have twice the homes but
5:43
30 times the cash. So what's happened?
5:48
Housing costs have gone up 15 fold in 55 years and now an
5:53
entire generation of kids can't afford homes.
5:55
We have exactly the same problem in Canada.
5:57
This is the biggest wealth transfer from the working class
6:01
to the the elites, from the I say the have nots to the have
6:05
yachts. And Washington and Wall Street
6:08
love it by the way, 'cause it inflates the stock market,
6:10
inflates the bureaucracy. Politicians get to spend CE OS
6:14
get to their stocks inflated, but it destroys the working
6:18
people and we need to get back to to hard money.
6:22
Everything should be getting cheaper.
6:23
By the way, you know it takes 8060 to 80% less resources to
6:27
grow food. We grow four times the food on
6:29
the same acre, get the four times as much milk from the same
6:32
cow. We use 80% less water and
6:35
fertilizer. So why isn't it that food is not
6:37
less expensive? It's because all of those gains
6:40
are being erased by monetary inflation.
6:43
So it's not that food is more costly, it's that the value, the
6:46
money we use to buy it, has less purchasing power.
6:50
Now, he didn't say the B word, but I most definitely will say
6:53
what he can't. So if the diagnosis is this
6:55
clear, why did the solutions keep going sideways?
6:58
Later in the same interview on Diary of Aceo, Bartlett asks
7:02
Keene the obvious question If the system is broken, what
7:05
replaces it? And Keene's answer is one for
7:08
the ages. When you're thinking about your
7:10
own money as an economist, what are you doing to protect your
7:13
I'm? Not doing much.
7:14
I mean, I, I've been a, I've been a, a crusader for reforming
7:18
economic theory for my whole life.
7:21
I've sort of neglected this side of things to my detriment, I've
7:25
got to say. But I really am focused on
7:29
what's sustainable for everybody rather than what I can make as
7:32
my own cup. And I don't think we've got a
7:34
sustainable economy at the moment.
7:36
We have a philosophy of economics which leads to
7:39
breakdowns. I've, I'm asking that because
7:41
I've got so many friends and listeners that ask me often,
7:42
like, should I be buying a house right now?
7:44
Do you think I should be investing in gold?
7:46
Do you think I should be saving my money?
7:48
Should I be, I don't know, investing in technology
7:49
companies And I'm wondering if you had a perspective for them?
7:53
Not on that, no. Look, I've, I've really left
7:55
that area alone. I'm, I'm actually looking at the
7:57
overall system and saying how do we make the system sustainable
8:00
so that people can live within it?
8:02
And what we've got is an unsustainable system.
8:05
And you're asking me, how do people survive within an
8:07
unsustainable system? Answer is they don't.
8:10
We always think we can do something at the individual
8:12
level to cope with what's happening in the system around
8:14
us. That only works if the system
8:16
around us is stable. What is a better system then?
8:19
I think, I think what China has done is a better in a better
8:23
direction. They have a, They have a
8:25
collective focus as well as an individual focus.
8:28
Whatever system. Class.
8:29
It's called Communist. So you think communism is better
8:32
than capitalism? I think the system which
8:34
reflects the need for a cohesive society as well as individual
8:39
game is needed, and the system in China is closer to that than
8:43
the system in America in in. China, listen, I don't know A10
8:46
about this, but they have a leader who stays in power and
8:50
that's one. That's the potential weakness
8:52
and. Suppresses the people's decision
8:53
making entrepreneurialism. Equally, you've got a system to
8:57
get into the Communist Party. You've got to have, you know
9:01
highly, you've got to be educated to get in and you have
9:04
to perform to some extent in the region in which you begin your
9:08
role, but you're not. Saying you think the West should
9:10
adopt communism? Me.
9:11
No, I'm saying. There is West should adopt A
9:12
system which reflects the need for a cohesive society is that.
9:17
Socialism. Socialism is closer to I mean,
9:20
the words are all tainted, Keene just.
9:22
Described a system that fuses cooperation and competition that
9:26
builds for the long term that resist short term thinking and
9:29
narcissistic leaders he described bitcoins design
9:32
principles and then called it communism and this prescription
9:36
isn't theoretical it's being implemented across the world
9:39
right now even in your own backyard New York City recently
9:42
got a new mayor and it's tax day and there was a big announcement
9:45
when I. Ran for mayor.
9:46
I said I was going to tax the rich.
9:50
Well, today we're taxing the rich.
9:52
I'm thrilled to announce we've secured A Peer to tear tax, the
9:55
1st in New York's history. This is an annual fee on luxury
9:58
properties worth more than $5,000,000 whose owners do not
10:01
live full time in the city. Like for this penthouse, which
10:05
hedge fund CEO Ken Griffin bought for $238 million.
10:09
This peer to tear tax is specifically designed for the
10:11
richest of the rich, those who store their wealth in New York
10:13
City real estate, but who don't actually live here.
10:16
But Even so, they're able to reap the huge financial rewards
10:18
of owning property and, dare I say, the greatest city in the
10:21
world. But most of the time, these
10:23
units are sitting empty since, again, they don't actually live
10:26
here. This is a fundamentally unfair
10:28
system that hurts working New Yorkers.
10:30
Now it's coming to an end. This tax will raise at least
10:33
$500 million directly for the city.
10:36
It'll help fund things like free childcare, cleaner streets and
10:39
safer neighborhoods. As mayor, I believe everyone has
10:42
a role to play in contributing to our city, and some a little
10:45
bit more than others. Happy Tax Day in New York.
10:48
And Mandani's communist supporters would cheer this on.
10:50
But remember Graham Stefan, this is exactly why he left.
10:54
You stack this tax on top of insurance spikes, maintenance
10:57
costs, and carrying costs that are already bleeding investors
10:59
dry. And every wealthy real estate
11:01
holder in New York is doing the same math Stefan already did.
11:04
The answer is leave. Move your capital somewhere
11:06
liquid, somewhere portable, somewhere a may or can't get to
11:09
it. One of the solutions Keene
11:10
pointed to is to elect better leaders.
11:12
Well, this is what better leaders do.
11:15
They tax things that are already dying and call it progress.
11:18
Polyev already told us why this never works.
11:21
This is about internalizing the scarcity.
11:23
Every creature in the universe, every bird in the trees, every
11:26
fish in the seas has to live with scarcity, maximizing use of
11:30
scarce resources. The only creature who doesn't do
11:32
that is the politician, because he's always using someone else's
11:36
money. It's like, oh, I'll just print
11:38
it or borrow it or tax it. It's not my money.
11:41
And so they routinely show up to their cabinet meetings and say,
11:45
well, I've got a new idea. It's $100 million.
11:46
Where are you going to get it? I don't know.
11:48
We'll print it. We'll borrow it.
11:49
We'll, we'll tax it. Not my money.
11:52
But if you had a law saying you can't actually bring a proposal
11:54
to cabinet unless you have matching savings to pay for it,
11:57
well, then you'd have these politicians walking up and down
11:59
the hallways in their departments looking for waste
12:01
and, like, rooting it out. So instead of making the single
12:05
mom, the senior, or the small business owner live with
12:07
scarcity, I want the politicians and bureaucrats to live with
12:10
scarcity. And that's what I would impose
12:12
by law on my government. Well, it's just.
12:14
A rational way to deal with the problem.
12:18
Like don't spend money unless you could save money.
12:22
Exactly. Every.
12:23
Creature in the universe lives with scarcity.
12:25
The only creature that doesn't is the politician, because it's
12:27
never his money. That's a great line.
12:29
This reveals the flaw in Keene's entire prescription.
12:32
You cannot fix a system built on unlimited money by electing
12:35
better people to manage it. The problem isn't who sits in
12:37
the chair. The problem is the chair has a
12:40
money printer attached to it. Bitcoin doesn't need a law to
12:42
enforce scarcity. 21 million enforced by math.
12:46
The scarcity rule no politician can repeal.
12:48
So you'd think Keene would at least consider the possibility.
12:51
But when Bartlett asks about Bitcoin directly, his answer is
12:54
blunt and embarrassing. I wanted.
12:56
To come back to something you actually said earlier, you
12:58
talked about Bitcoin briefly. I've heard you say that you
13:00
think Bitcoin's going to 0. Yeah, OK.
13:02
This. Is worrying.
13:03
I think I have some Bitcoin. You're an.
13:06
Economist Yeah, you're saying that Bitcoin is going to 0.
13:09
Why? Because ultimately because of
13:11
its reliance upon energy. I mean, I'm, you know, GMX, GMX
13:15
Kaiser and Stacey Herbert. Have you met them at all?
13:17
No, they were sort of the original proselytizers for good
13:20
Bitcoin. And they're now living in, I
13:22
think, El Salvador, which has adopted Bitcoin as a form of
13:26
currency. When they told me about Bitcoin,
13:29
I could have bought it for a pound of of Bitcoin, which would
13:32
have been, I would have been a bloody would be wealthier than
13:34
you if I'd done that. The reason I didn't was they
13:36
explained that the way that the public Ledger is kept safe is
13:40
that it takes too much energy to break it.
13:43
So each transaction requires 10 minutes of computer processing
13:47
time globally, by the looks of it, to actually create an extra
13:51
Bitcoin. And that means it's too
13:53
expensive for somebody to try to break the Ledger.
13:56
That means it's got a huge requirement for energy use.
14:00
And I believe, knowing what I know from climate scientists,
14:05
that at some point we're going to realize we're using far too
14:08
much energy on the planet. We've got to cut the energy
14:10
consumption, and the two easiest things to cut out to reduce
14:14
energy consumption are cryptocurrencies and
14:17
international travel. So Steve could have bought
14:19
Bitcoin at 1 LB and he didn't and now he's telling 5 million
14:22
people it's going to 0 because of energy use.
14:25
Ouch. Where do I even start?
14:28
The climate alarmist view of energy as inherently harmful
14:30
took its final breath the moment AI arrived.
14:33
Every government and every corporation on Earth just
14:35
decided overnight that we need dramatically more energy, not
14:38
less. The cut consumption thesis went
14:41
from unlikely to absurd in about 18 months.
14:44
But more fundamentally, energy use is not inherently bad.
14:47
The universe is teeming with energy.
14:48
The sun outputs more energy in a second than humanity has ever
14:51
used in its entire existence. Energy is creation itself.
14:56
You can't demonize thermodynamics and arrive at a
14:58
coherent worldview. Bitcoin mining runs over 50% on
15:01
renewable or stranded energy. Miners stabilize grids.
15:04
They monetize flared gas. They're the buyer of last resort
15:07
for energy that has no other customer.
15:09
And the energy they use is the thermodynamic proof that no one
15:12
cheated. That's not waste.
15:14
That's the cost of running a monetary system you don't have
15:17
to trust. And Keene's not the only one
15:19
making ridiculous statements. This week.
15:20
A clip went viral from a professor based in China, of
15:23
course, with about 2,000,000 YouTube subscribers.
15:26
Professor Jiang, I'll be honest, I've never heard of this guy
15:28
before, but at least 2 million people have, and this is what he
15:31
told them so. The moment people people
15:33
recognize that this is ACIA operation, people won't put
15:37
their money into blockchain, people won't put their money
15:40
into Bitcoin, They'll they'll do like, I mean, why would I do
15:46
that? You have to actually solve this
15:48
question, where are the blockchain servers located,
15:53
right? Because I imagine if you're able
15:54
to control the hardware, you can also control the software.
15:56
I don't care what they tell tell me about open source and all
16:00
that. I want to know where the
16:02
databases are, where the servers are physically that.
16:08
Laugh at the end says it all. This one is definitely even more
16:11
embarrassing than the last one. Professor Jiang, there are no
16:14
servers, at least not in the way you think.
16:16
My node running right behind my computer right here is one of
16:19
the servers. That's the whole point.
16:21
That's what makes Bitcoin different from every system that
16:23
came before it. Bitcoin runs on 10s of thousands
16:25
of nodes distributed across every continent on earth.
16:29
There is no building to raid, no data center to shut down, no
16:33
switch to flip. Asking where are the servers is
16:36
like asking where the Internet is located.
16:38
It tells you the person hasn't spent 10 minutes studying the
16:40
thing they're dismissing in front of millions of people.
16:42
And his comment about not caring about open source?
16:45
The code has been reviewed by 10s of thousands of engineers
16:47
for 17 years. If this were a CIA operation,
16:50
which is the rest of his theory, the incentives for someone to
16:53
defect and expose it would be worth trillions.
16:55
That game theory doesn't hold for 10 minutes, let alone 17
16:58
years. Here's what both of these men
17:00
are doing. They're taking the lens they
17:01
already have Keene's climate framework, Jiang's institutional
17:05
skepticism, and forcing Bitcoin through it.
17:08
They never look at Bitcoin on its own terms.
17:10
Keene may claim to use different tools than the mainstream, but
17:13
he lands in exactly the same place.
17:15
More government, more planning, Trust the right people.
17:18
He never asks the deeper question.
17:20
Should anyone have that control? That's the blind spot, and it's
17:23
not unique to Keen or Jiang. It's the same blind spot shared
17:26
by mainstream economists, heterodox economists, conspiracy
17:30
theorists and brand new mayors alike.
17:32
Even the rebels end up in the same place.
17:35
But while the critics are debating whether Bitcoin has a
17:37
future, the future is already here.
17:39
Here's what's happening right now while most people are
17:42
sleeping. Iran, a sovereign nation under
17:44
maximum sanctions, chose Bitcoin to collect holes at the Strait
17:48
of Hormuz, the most critical shipping choke point on Earth.
17:51
On truth. Social today President Trump
17:52
said Iran has quote no cards other than a short term
17:55
extortion of the world by using international waterways.
17:59
And last night, he acknowledged reports that Iran is charging
18:02
tankers to pass through 2 million dollars in Bitcoin per
18:06
ship, as Iran has publicly claimed.
18:09
Quote, they better not be, the president wrote.
18:11
And if they are, they better stop now.
18:14
Iran, meanwhile, doubled down. The Strait of Hormuz will not
18:18
return to the pre war control system.
18:21
All movements, traffic, comings and goings in the Strait of
18:24
Hormuz are under strict, precise and calculated control of our
18:28
armed forces. Why Bitcoin?
18:30
Because stable coins can be frozen, gold can be seized, and
18:34
yuan has strings, Bitcoin cannot be frozen by any third party on
18:37
Earth. This isn't ideology, it's
18:39
survival logic, game theory at the highest geopolitical stakes
18:43
imaginable. And Trump said in a post, they'd
18:46
better stop right now. How do you stop Bitcoin, Mr.
18:49
President? Answer.
18:51
You don't, and that's the point. And then there's Michael
18:54
Saylor's strategy. In March, Strategy absorbed
18:56
roughly 46,000 Bitcoin, nearly three times what every miner on
19:00
Earth produced. SDRC just hit $1.1 billion in a
19:04
single day's volume. He built a machine that converts
19:07
fixed income demand into Bitcoin accumulation, and it's
19:10
accelerating during a bear market.
19:12
Let that sink in. And let's not forget about big
19:14
banks. 60% of America's top 25 banks now offer or are building
19:18
Bitcoin services. Morgan Stanley, E*Trade, Schwab
19:22
all entering spot trading. Bank of America authorized
19:24
15,000 advisors to recommend Bitcoin ETFs.
19:27
They're not doing this because they believe in freedom.
19:29
They're doing it because they can't afford to be left behind.
19:32
And the setup? Negative funding. 46 straight
19:34
days, rising open interest, crowded shorts. 850 million in
19:39
ETF inflows in 24 hours. Bitcoins up 12% since the Iran
19:42
conflict began and it's outperformed goal during that
19:45
time span. Every signal that historically
19:47
precedes major moves is flashing at the same time.
19:49
So let's put this all together. Keene described the cure
19:52
perfectly. Cooperation and competition,
19:54
fixed rules, long term orientation, resistance to
19:57
narcissistic capture. And then he called it communism.
20:00
Poliev diagnosed the disease perfectly.
20:02
Money printing, inflation, the silent destruction of working
20:05
people. But then he stopped short of
20:07
naming Bitcoin. Jiang applied first principles
20:09
reasoning and got the answer exactly backwards because he
20:12
never looked at the architecture.
20:14
And a brand new mayor is taxing luxury real estate while the
20:17
smart money is already walking out the door, likely towards
20:20
Bitcoin. Meanwhile, Iran is already using
20:22
Bitcoin. Strategy is already hoarding it.
20:24
The banks are already building on it. 60% of America's largest
20:28
financial institutions have decided they cannot afford to
20:30
sit this out. The financial singularity isn't
20:32
on its way. It's happening right now.
20:35
It's here. The only question is how long a
20:37
busted worldview keeps you on the sidelines while the rest of
20:40
the world figures it out without you.
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So what do you think? Are we past the point where the
20:44
critics matter? How long before the 2nd
20:46
sovereign nation follows Iran's lead?
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Drop your thoughts in the comments below and if this opens
20:50
your eyes, share it with someone who still thinks Bitcoin is
20:53
going to 0. Don't forget to like the video
20:54
and subscribe to Simply Bitcoin for more truth bombs and I'll
20:57
see you in the next one.